Welcome back to Nuanced Beauty!

INTERVIEW EPISODE

Join us in exploring the less glamorous behind-the scenes task of helping homebuyers secure a loan. I share our experience in homebuying for the first and second time, and how little I noticed the broker during our first home purchase. But when selling that first home, speaking with the broker to confirm financing before we selected a buyer was pivotal in making our decision. Cheryl and I discuss my experience here and if it were typical. And it turns out there are a lot of options when it comes to brokers and lenders, and further, a broker can shop different lenders and may find better options. Cheryl and I discuss the dynamics between her and the realtors, and her and the buyers. What does the communication look like between everyone throughout the homebuying process? Next, I ask Cheryl about the various home loan options and the guidelines for what percent down is needed to qualify for a loan today. Go figure, there’s room for nuance here too, and weighing the financial decisions related to debt-to-income ratios is something the buyer needs to consider. We then chat about the misconception of a buyer needing to show a steady income for two years in order to qualify for a home loan. There are options to take out an unqualified mortgage, but these have an added risk to the lender and will likely be at a higher interest rate. We talk about what an underwriter does and their role on behalf of the lender.

Next up, we discuss what happens on the broker side when the buyer has an accepted offer in hand, and all the people involved in making things come together for closing. Cheryl shares what she wished a buyer would do to make the process run smoothly: plan ahead! Perhaps secure your financial approval even BEFORE you chat with a realtor. And shop around, because not all brokers are created equal.

We shift gears and explore the process of becoming a broker in case anyone is interested in pursuing this career. Talking to people and being organized are at the top of the list for fitting traits. Then for the credentialing, the first step is landing your NMLS License, and it’s a hard test! There’s a course as well with hours associated with it to prepare for that test. Once a broker has that license in hand, they need to find a company or a mentor to get some training and experience. Most importantly, accepting that there is always more to learn, and things are regularly changing, so a good broker has to expect to not know everything.

I ask Cheryl some personal questions, like what she has enjoyed most and least about this job, and how she juggles the level of flexibility in her schedule and working from anywhere.

Wanting to connect with Cheryl?

Find her on Instagram: @cheryl.g.sell

or lookup Cheryl at ForeverHomeLoans.

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Thanks for Listening!