Welcome to another episode of the Denver Wealth Podcast. This week we had the pleasure of sitting down with mortgage extraordinaire, Norah Lile. Norah is the owner of Integrity Mortgage Company. Her background is in underwriting, but switched things up to have more interaction directly with her clients. Her talents truly come to light in this interview as she takes the daunting, intimidating process of home buying and makes it sound like a walk in the park.
We hope you enjoy; as always, please send us your questions, comments, fears, thoughts – or all of the above.
“How should someone prepare for the mortgage process?” [1:49]
Optimize your credit score [2:13]
Don’t acquire new debt at all [5:55]
- Pay down your credit cards [6:28]
Does having multiple credit cards affect the process? [7:33]
- Three to five open lines of credit
“You need some debt” [10:24]
How far in advance should you consider having your credit pulled? [11:53]
Who should you go to for help with your credit score? [12:49]
“Don’t make any major appointment changes” [14:27]
What if you get transferred? [15:04]
How does moving money between accounts effect the process? [17:18]
“Are there specific terms a homebuyer should be looking for?” [20:10]
- Mortgage Insurance (PMI)
Is it typical for mortgage brokers to sell loans? [29:31]
“The sooner you get into it and the longer you can stay in it, the better” [30:44]
- CHFA: Down Payment Assistance
“What can perspective homebuyers do to try to save money on their home loans?” [36:09]
- CFPB Report [36:47]
Are there people who represent multiple different mortgage companies? [37:20]
Mortgage Bankers Association (MBA) Performance Review [39:04]
“Go to someone who takes the time to get to know you” [49:53]
Should you consider no closing-costs loans? [40:47]
What should a perspective homebuyer expect when they go through this process? [43:32]
- What is earnest money?
“Start with the lender” [46:30]
- Be the richest person in your neighborhood!
How do you choose between a 30 year fixed-rate vs. a 15 year fixed-rate mortgage? [50:26]
Thank you for joining us on the Denver Wealth Podcast, Norah! If anyone is in the market to buy a new home and would like Norah’s information, feel free to give us a call; we would be happy to get you in touch.
Thank you to all of our listeners; we hope you enjoyed this episode. As always, follow us on Twitter: @DenverWealth, check out our website, subscribe to our podcast, join our email club, and please let us know what you want to learn more about! How can we help you to feel more in control of your finances?
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. You are under no obligation to use the services of Norah Lile and Integrity Mortgage Company, and may choose any qualified professional to provide mortgage services. Norah Lile and Integrity Mortgage Company and their services are not affiliated with LPL Financial and Denver Wealth Management.
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