Original Show Notes: Elysia Stobbe from NFM Lending

Elysia Stobbe NMLS ID#: 146751 is a home loan originator from NFM Lending located down in sunny Jacksonville, Florida. Buying a home is one of the most stressful times in a person’s life. As millennials start settling down and wanting to purchase homes with white picket fences and a golden retriever, there are a lot of questions lingering around in the backs of young professional minds.  

Elysia, hopefully you can share some knowledge and make this transition seem a little easier.

[1:27] Tell our listeners about yourself.

• Originating loans since 2003
• Moved over 10 times
• Over 300 Million in residential loans

[1:57] I want to buy a house, but how do I know if I’m ready?

• Really personal decision, consider family dynamic
• Are you ready to be part of a community?
• Consider cost of buying vs renting in your area

[3:43] What are the different loans available? Is there a loan that is better than the other?

• VA loans, one of the best available, 0% down payment, no monthly mortgage insurance fee.
• If putting down less than 20% insurance required on other types of loans
• FHA loan, 3.5% minimum down payment but then mortgage insurance for life of the loan
• Conventional loan 5% down payment, however for first time homebuyers as low as 3%.
• Best way to make a decision is to apply for all the loans and see which is most favorable dependent on individual situation.

*All actual rate dependent on credit score and other factors

[6:12] When I was shopping around, there were special loans for certain occupations- can you tell us more about that? Teachers, firefighters, nurses…

• Much amount of information available Elysia wrote a book checkout:
• Book: How to get approved for the best mortgage without sticking a fork in your eye
• Not everyone has the same loan program available

[8:31] What is an approximate interest rate I should be expected to get?

• Primary resident will get you the best rate, focus on getting a higher credit score.
• Putting down a higher down payment can get you a better rate as less risky for the lender.
• Term of loan can change the rate as well, high 3- low 4% is approximate range

[11:10] How long does the home buying process usually take?

• A lot falls on the lender and borrower but can be as short as 14-30 days
• Other lenders can take 60-90 days depends on pipeline and staffing team
• Check out top 10 questions in Elysia’s book

[12:50] I keep seeing ads that Congress has a special mortgage plan- is this real or is it a scam?

• Yes, and yes J
• Based on HARP, it is for refinancing but most are already completed.

 [13:55] What are some things that I should be looking for on my closing disclosure that are junk fees?

• Sellers: Understand all fees that realtors will be charging
• Buyers: Ask good questions and try phone around

[15:05] How do I know if refinancing my house is a good option for me?

• Send the mortgage statement and see what options are available, work with a licensed loan originator.

Value Link Round

[17:38] Why do you think that people fail at achieving their dreams?

• Caught up in the manusha and the act instead of focusing on the outcome and enjoying the journey

[17:57] What books or other podcasts do you recommend to our listeners?

Podcast: Tim Ferriss

Podcast: Tony Robbins

Book: Empower you

[18:33] What is the best advice someone ever gave you?

• Mother: Do what you love and money will follow

[18:51] What is your favorite word or quote?

• Favorite word: Cool
• Watch your thoughts because your thoughts become your words, your words become your actions and your actions become your life.

[19:15] How can our listeners get in touch with you?

• Facebook: Elysia Stobbe Home Loan
• Email: [email protected]
• Book: How to Get Approved For the Best Mortgage
• Toll free: 888-574-7770

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