303: The Secret Steps to Getting Qualified for the Best Mortgage Possible

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 23 May 2022

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source! Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals. No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property! In This Episode We Cover The easiest way to make yourself “attractive” to a lender Lender overlays and how to get around them so you can get preapproved The easiest way to raise your credit score so you can get the best loan possible The upside of PMI (private mortgage insurance) and how to purchase properties with low money down Why many investors put themselves in mortgage fraud territory and how you can stay out of it How to get a mortgage as a self-employed individual and when NOT to take deductions And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn Finance Friday: Should You Pay Off Your Mortgage Early or Invest? Ginnie Mae Website Credit Karma Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 303, where we interview John LaLonde
0:05.2	and talk about mortgages, lending, and real estate investing.
0:08.8	It depends what your goals are. So there's primarily, there's two different types of lenders, right?
0:13.6	You've got your residential mortgage lenders. They have three different occupancy types,
0:18.5	typically, right? You've got your primary residence, you've got your second home, and you've got your
0:22.7	investment property. So those types of lenders are going to be backed by agencies such as Fannie Mae,
0:28.1	Freddie Mac, Jenny Mae, and Jenny Mae does all the government loans at HABA. Fannie and Freddie
0:33.7	are doing your standard conventional loans. All of your, if you do a primary residence with them,
0:38.4	you can do a second home, or you can do an investment property. Hello, hello, hello, my name is
0:42.0	Nindy Jenset, and with me today is David Hip Hip Hooray. It's funny because there's such a tough guy.
0:51.1	David and I are here to make financial independence less scary, less just for somebody else,
0:58.4	to introduce you to every money story because we truly believe financial freedom is attainable for
1:03.2	everyone no matter when or where you're starting. Whether you want to retire early and travel the
1:07.1	world, go on to make big-time investments and assets like real estate or start your own businesses.
1:11.6	We will help you reach your financial goals and get money out of the way so that you can
1:16.0	launch yourself towards your dreams. David, I'm so excited for today's guest. It is John LaLonde,
1:22.4	who used to be my go-to lender until he left. He decided that he wasn't going to be in lending
1:28.7	anymore, but that doesn't mean that all of the information that he's had for years of being a lender
1:33.2	has just suddenly left his brain. So he is joining us today to talk about lending and how to set
1:38.9	yourself up to be approved for the most money, to have a smooth experience with your lender.
1:46.7	In today's market, you really need to be able to act fast in order to be able to close.
1:51.8	What I'm seeing when I'm making offers is that it's not necessarily the highest offer
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.