Tony Umholtz talks through five steps for getting ready for a home purchase.

Key Points From This Episode

• Why now is a good time to buy a home.
• Where you can find out the average interest rates in the home loan industry.
• Tony explains what discount points are and why you need to understand them.
• The importance of reading the fine print.
• Know your budget!
• How lenders determine how much they are going to lend.
• What the 28/36 rule is.
• Tony runs through the pros and cons of a 20% down payment.
• How savvy investors look at returns.
• Comparing pre-approval and pre-qualification.
• The value of a credit report.
• How lenders work out your credit score, and why this differs from what you will see if you use a monitoring service.
• Examples of the different types of lenders that exist.
• Information that you will need to provide to the lender you choose once you have a property under contract.

Links Mentioned in Today's Episode

• Learn More About IBERIABANK/First Horizon's Pharmacist Home Loan and Start the Pre-Approval Process
• YFP Planning: Financial Planning for Pharmacists
• 5 Steps to Getting a Home Loan
• YFP 216: Common Credit Blunders to Avoid When Buying a Home
• Freddie Mac
• Fannie Mae
• Your Financial Pharmacist Disclaimer and Disclosures