Original Show Notes: Elysia Stobbe from NFM Lending Elysia Stobbe NMLS ID#: 146751 is a home loan originator from NFM Lending located down in sunny Jacksonville, Florida. Buying a home is one of the most stressful times in a person’s life. As millennials start settling down and wanting to purchase homes with white picket fences and a golden retriever, there are a lot of questions lingering around in the backs of young professional minds.   Elysia, hopefully you can share some knowledge and make this transition seem a little easier. [1:27] Tell our listeners about yourself. Originating loans since 2003 Moved over 10 times Over 300 Million in residential loans [1:57] I want to buy a house, but how do I know if I’m ready? Really personal decision, consider family dynamic Are you ready to be part of a community? Consider cost of buying vs renting in your area [3:43] What are the different loans available? Is there a loan that is better than the other? VA loans, one of the best available, 0% down payment, no monthly mortgage insurance fee. If putting down less than 20% insurance required on other types of loans FHA loan, 3.5% minimum down payment but then mortgage insurance for life of the loan Conventional loan 5% down payment, however for first time homebuyers as low as 3%. Best way to make a decision is to apply for all the loans and see which is most favorable dependent on individual situation. *All actual rate dependent on credit score and other factors [6:12] When I was shopping around, there were special loans for certain occupations- can you tell us more about that? Teachers, firefighters, nurses… Much amount of information available Elysia wrote a book checkout: Book: How to get approved for the best mortgage without sticking a fork in your eye Not everyone has the same loan program available [8:31] What is an approximate interest rate I should be expected to get? Primary resident will get you the best rate, focus on getting a higher credit score. Putting down a higher down payment can get you a better rate as less risky for the lender. Term of loan can change the rate as well, high 3- low 4% is approximate range [11:10] How long does the home buying process usually take? A lot falls on the lender and borrower but can be as short as 14-30 days Other lenders can take 60-90 days depends on pipeline and staffing team Check out top 10 questions in Elysia’s book [12:50] I keep seeing ads that Congress has a special mortgage plan- is this real or is it a scam? Yes, and yes J Based on HARP, it is for refinancing but most are already completed.  [13:55] What are some things that I should be looking for on my closing disclosure that are junk fees? Sellers: Understand all fees that realtors will be charging Buyers: Ask good questions and try phone around [15:05] How do I know if refinancing my house is a good option for me? Send the mortgage statement and see what options are available, work with a licensed loan originator. Value Link Round [17:38] Why do you think that people fail at achieving their dreams? Caught up in the manusha and the act instead of focusing on the outcome and enjoying the journey [17:57] What books or other podcasts do you recommend to our listeners? Podcast: Tim Ferriss Podcast: Tony Robbins Book: Empower you [18:33] What is the best advice someone ever gave you? Mother: Do what you love and money will follow [18:51] What is your favorite word or quote? Favorite word: Cool Watch your thoughts because your thoughts become your words, your words become your actions and your actions become your life. [19:15] How can our listeners get in touch with you? Facebook: Elysia Stobbe Home Loan Email: info@bestmortgagebook.com Book: How to Get Approved For the Best Mortgage Toll free: 888-574-7770 Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip