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BiggerPockets Money Podcast

121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 20 April 2020

⏱️ 67 minutes

🧾️ Download transcript

Summary

In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments. We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender. Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan. We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal. Seth even shares a mortgage checklist below. If you need more information about the mortgage process, this episode is a must listen! In This Episode We Cover: The right time to take mortgage forbearance His thoughts on refinancing How a first time home buyer should approach their first mortgage Cash outlay Barriers to closing besides income disruptions Five categories of fees The difference between financing a primary home, secondary home, and an investment What mortgage fraud is And SO much more! Links from the Show Consumer Finance Protection Board Credit Karma Mortgage News Daily BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins BiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin BiggerPockets Money Facebook Page Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hello hello, hello, and welcome to the Bigger Pockets Money Podcast. My name is Mindy Jensen and with me as always is my comfortably mortgaged co-host Scott Trench.

0:08.0

Oh, what an equitable introduction, thank you, Mindy. Oh my God, Scott, that's awful.

0:12.0

Bottom line is if you have great credit or if you have the ability to improve your credit to a position where you are 700 or greater, you're going to have a unique opportunity to take advantage of some great rates.

0:26.0

Scott and I are here to make financial independence less scary, less just for somebody else,

0:32.0

and show you that by following the proven steps you can put yourself on the road to early financial freedom and get money out of the way so you can lead your best life.

0:40.0

That's right. Whether you want to retire early and travel the world, take out a mortgage or go on to make big-time investments

0:46.3

in assets like real estate will help you build a position capable of launching yourself

0:50.9

towards those dreams. This is episode 121 featuring Seth Jones from Movement Mortgage.

0:54.0

Seth is joining us. episode 121 featuring Seth Jones from Movement Mortgage.

1:04.2

Seth is joining us today to clear up some of the confusion about mortgages in general

1:07.9

and the current mortgage situation specifically.

1:10.8

We're going to talk about mortgage forbearance and how that can affect you in the future.

1:14.8

We're also going to talk about refinancing, what qualifications lenders are looking for, and how

1:19.2

you can make the most of these low rates.

1:22.0

Are you tired of spending endless hours managing your

1:24.5

rental properties? Inago is here to simplify your life by saving you time and

1:28.8

money with its free property management software, whether you have one unit or 1,000 residential or

1:35.2

commercial properties, Enago is built for you. With Enago, you can say goodbye to

1:39.9

complex and costly solutions. Enago is free and easy to use.

1:44.1

There's a reason Inago was rated

1:45.8

the number one property management software

1:47.7

by G2 for ease of use.

...

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