In our second episode, Michael and Brad discuss the format of the show:
- The Rundown - Mortgage and maryland market information and Michael's rate prediction
The Scoop - The main topic of the episode (this week: First-Time Homebuyers)
The Unreal - Something unexpected, unprecendented, unbelievable, or just unreal in real estate
The Spotlight - Showing some love to local businesses
In The Scoop, Michael and Brad review some of the "normal" challenges first-time Maryland homebuyers face, like saving for a down payment and closing costs, other checks buyers write before closing, the 20% down payment myth, plus some of the "extra" challenges buyers face in today's market. In the second half, they discuss some solutions, sources of funds, mortgage rate buy-downs and mortgage assumptions, and how to make your offer stand out.
In The Unreal, the guys discuss new home construction contract cancellations. It's unreal!
In The Spotlight, it's Michael's Cafe in Timonium!
Episode Highlights
- Michael loves rainy-day football
- Activity is up...from the chasm we fell in - but it's improving
- The doves in Japan
- The art and science of when to lock a loan
- Buyers are finally getting some seller help, and sellers are waking up
- Sellers still getting close to list price, but it's not like the Covid mania
- Who "they" are
- What "they" announced about loan-level price adjustments (LLPAs)
- There are too many acronyms in real estate
- How interest rates and inventory affect affordability
- Geography is challenging
- Brad's daughter is a financial wizard
- Michael's kids like iced coffee
- How much you'll spend on your home search and where you'll spend it
- Did you know you don't need to be a veteran to assume a VA loan?
- Shout out to our partners at Blue Crab Inspections
- Why you don't need 20% down to buy a home
- Minimum down payments by the type of loan
- Don't drain your savings to buy a home - keep an emergency fund
- What NOT to do when buying a home
- The impact of interest rate on your monthly payment and purchasing power
- We're not in Boise anymore, Toto
- Savings, Gifts, and Grants - oh my!
- We don't do love letters
- It's a tough time to be a home builder
Hosts
Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (o)
Links
Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod
