Here’s our own Paul Apostolakis discussing mortgage tips for newlyweds. Whether buying a home, or refinancing, here’s some insight Paul shared during The Ultimate Wedding Show on WXYZ-TV Channel 7.
Video Transcription – Mortgage Tips for Newlyweds
Host: If you’re a couple looking to buy your first home, Paula pasta locus co founder of omega lending can take the stress out of buying your first home together.
Paul Apostolakis: It’s so important for newlyweds to have the right team around them. That’s why it’ll make a lending. We pride ourselves on our ability to get people into homes, effectively and efficiently. As opposed to having that to be another stressful situation for you. It is stressful, getting married, it’s stressful, having getting a home, it’s stressful getting a mortgage, we try to alleviate that with being informational, and giving these newlyweds the proper time needed for them to understand what’s going on. We don’t want to breeze through things and you don’t want to breeze through things being really wet. When you’re buying a home. It’s really important. The first question they ask is, how do I get pre approved, you want to make sure you have your money secured, you know what you can afford, before you look for a house, there’s four parts of getting qualified, just so everybody knows that you’ve got your credit, you’re gonna have your down payment 5% is good enough equity on the appreciation today, you’re not going to probably lose on that on that house, you’re going to have how many how much money you have saved in assets. And then you’re gonna have your debt to income ratio, which a lot of people might not understand what that is. But that’s how much money you put out every month, compared to how much money you make. And you really want to be around 45% of your income should go to your outgoing expenses, including your housing expenses. One of the main things that I always stress is understand what it costs to buy a house, how much you have to save, and what it looks like because you don’t want to drain your savings to buy to buy a home. At the same time. You want to have enough money to get the house so newlyweds right now, I think in our market even as hot as it is can find homes still that are affordable. And it doesn’t mean that because you can’t afford a $300,000 house that you shouldn’t buy a home there are 100 $150,000 homes where your payments are going to be comparable to some rents where you can get in an entry level. But what that’ll do is you’re going to build equity and then you can skip over and start upgrading year over year depending on what you decide to do.
Host: If you already own a home, check your mortgage rate and consider refinancing.
Paul Apostolakis: You’re refinancing and you’re pulling cash out of your home. What I see a lot of newlyweds do is they will reinvest that in another home it’s going to be more appealing depending on where you put it. If you invested in basements kitchens and bathrooms or additions, then you’re going to add value to your house for sure.
Host: So if you are a newlywed looking for a mortgage lender omega lending is going to go one step further to help you land that first home.
Paul Apostolakis: If you are either getting married in the next year or have been married for a year, what we’re going to do is we pay for their appraisal for the first one that will help them get into the home without having to pull cash out of their own pocket to do that. So we’re really proud to be able to do that for our newlyweds.
Host: Along with the pre approval, Paul says another key part of landing that first house is a good real estate agent. He suggest taking time to find one who is a good fit and we’ll help you navigate through this hot housing market.