Ep. 29 - Thinking of Buying a Home? - Let’s Talk Money Strategy

Summary

In this episode of the RE Real Estate Podcast, host Clint C. Galliano discusses essential strategies for prospective home buyers. He emphasizes the importance of financial preparedness, understanding what lenders look for, and the value of consulting a real estate agent early in the home buying process. The conversation also covers budgeting, saving for down payments and closing costs, and the significance of maintaining a good credit score. Overall, the episode serves as a comprehensive guide for anyone looking to navigate the home buying journey effectively.

Takeaways

·         It's important to think about buying a house as a long-term investment.

·         Renting is often compared to paying for a hotel room without any return.

·         Lenders look at credit scores, debt-to-income ratios, and income stability.

·         A credit score of 580 is often the minimum for many lenders.

·         Having cash on hand gives you more options in the home buying process.

·         Closing costs can vary significantly based on location and property type.

·         You should plan for three buckets of money: down payment, closing costs, and reserves.

·         Consulting a real estate agent early can provide valuable guidance.

·         Credit scores from services like Credit Karma may not be accurate.

·         You can access your credit report for free to check your score.

Sound Bites

"You want to have cash on hand."

"You need three buckets of money."

"Keep an eye on your credit score."

Chapters

00:00 Introduction to Home Buying Preparation

02:37 Understanding the Financial Shift: Renting vs. Buying

04:12 Key Factors Lenders Consider

06:39 The Importance of Consulting a Real Estate Agent

08:51 Financial Preparation for Home Buying

14:13 Conclusion and Next Steps

15:45 Disclaimer

Hosts 

Ben Harang, REALTOR® La. 

License #: 36589 

Keller Williams Realty Bayou Partners 

Mobile: 985.859.2500 

Office: 985.262.4400 

[email protected]

benharang.com 

Clint C. Galliano, REALTOR® 

La. License #: 995704723 

Keller Williams Realty Bayou Partners 

Mobile: 985.647.4479 

Office: 985.262.4400 

[email protected]

clintcgallianorealtor.com 

Produced by Clint Galliano 

Music by Wiggins Studios

Keywords

home buying, financial preparedness, real estate agent, credit score, budgeting, mortgage, first-time home buyer, equity, closing costs, home loans

 
Click here to view the episode transcript.