You know, buying a new home these days may seem daunting. But, you may be surprised. Armed with the right information, obtaining a mortgage on a home is very possible. Joining O2 Media ™, with over 20 years’ experience in the financial service industry is Lisa Foradori, from JPMorgan Chase mortgage banking. Lisa has some excellent advice on the process of getting a mortgage in today’s economy.
O2 Media: Good morning.
Lisa Foradori: Good morning.
O2 Media: I’m so glad you’re here, because a lot of my friends, to this day, they still rent; and I remember when I was 21, I wanted to buy a home, and I was able to. So, I was very fortunate, and my mom walked me through the process.
Lisa Foradori: Right.
O2 Media: But, today, things have changed. Today’s economy, for example, has impacted the housing market. Is the present still a good time to buy?
Lisa Foradori: Absolutely. Rates are at historical lows.
O2 Media: They still are?
Lisa Foradori: They are. The home affordability index is better than ever.
O2 Media: So, let’s say, I’m ready to go. I want to buy. I’ve got the cash, or let’s say I’ve got the credit. What is my first step?
Lisa Foradori: Educate yourself.
O2 Media: Educate yourself?
Lisa Foradori: Yes, always. Educate yourself. There’s a wealth of information, out there, especially online. There’s information around affordability. There’s information about the different products available, the rates, and the terms.
O2 Media: Ok.
Lisa Foradori: The next thing is to know your credit score.
O2 Media: The higher the credit score, the better you are.
Lisa Foradori: Absolutely. The credit score defines you. It defines you as the borrower that you are; and it really will, in the end, determine the rate that you’re going to receive on that loan.
O2 Media: Ok.
Lisa Foradori: Finally, know what you can afford for a down payment; and know what you can afford, overall. It’s really important that you really know, financially, where you are. Those three factors, combined, are really what will empower you to looking for a home, as well as getting the mortgage.
O2 Media: I remember my mom always telling me, “Be realistic of what you can afford.” You know, we all want that lovely two million dollar home; but let’s be realistic on what you can afford. So, let’s say we’ve done that. From there, how would one start this process?
Lisa Foradori: Get pre-qualified.
O2 Media: Ok.
Lisa Foradori: Getting pre-qualified helps you understand what mortgage you can afford, and real estate agents love it. They love to work with buyers who are prepared to go out there, who know what they can afford, and go look. And, it’s a very simple assessment. It’s your credit score, as I mentioned. It’s also your assets and your debts. It really, then, decides what you may be able to qualify for from a mortgage perspective and buying a home.
O2 Media: What about tools online that one can use to help themselves get better prepared?
Lisa Foradori: So Chase, specifically, focuses not only on tools; but also on the education. We recently launched a tool that we’re really excited about. It’s a very unique mobile application; and it’s called the Chase My New Home℠ app.
O2 Media: There’s an app for everything.
Lisa Foradori: (laugh) There’s an app for everything. Absolutely, and Chase is in it. It’s a great tool. What it does is help you to both find and finance your home. So, we’ve combined all those great real estate apps that are out there, allowing you to search for the home; but it’s also all the tools and mortgage calculators that you need to really understand what your payment and rate will look like. Then, it also allows you to connect live to a mortgage banker. So, it tries to bring it all together for the customer. You know, for education, we really focused some time on our website to have that education. To help, again, empower you to really understand what that mortgage process looks like. We have what are called workshops, in our branches, where first time homebuyers can come in and work with mortgage bankers; or if you’re a repeat buyer. Times have changed. Getting that education, again, really helps. So, again, very much about educating you and getting you going on that home journey.
O2 Media: Thank you, so much. Great advice, Lisa.
Lisa Foradori: I’m happy to share it.
O2 Media: To learn more about shopping for a new home and getting a mortgage, go to chase.com/mynewhome, where you can find all the information and tools Lisa just mentioned.
O2 Media ™ is a Florida-based production company that specializes in creating original television programming for women. In addition to The Balancing Act, the award-winning production company produces Designing Spaces, which also airs on Lifetime Television. O2 Media has been producing quality television programming for fifteen years and is currently working on a new culinary reality show called All Mixed Up.
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