Tony Umholtz, a Mortgage Manager for First Horizon, discusses getting under contract in a competitive home buying market.

Key Points From This Episode

• Hear about Tony's background and the work he's doing right now with First Horizon.
• How we're still at historically low-interest rates, even with the recent rise we're seeing.
• Some context on the current market and why we currently have a housing shortage.
• Tony shares why it matters what type of loan you get.
• Important factors to consider when evaluating and considering the lender that you choose.
• What an escalation clause is and some of the potential pros or cons to look out for.
• Tony comments on the recent trend of waving inspection contingency.
• Whether the earnest dollar amount is going up in this market and if offering more makes a difference.
• The three pieces that will allow you to get out of the contract and not lose your earnest dollars.
• Some advice on what to do if you're looking for an option with a lower down-payment.
• Why there are so many cash offers out there at the moment.
• We talk about some great strategies to help out with the seller cost.

Links Mentioned in Today's Episode

• Learn More About First Horizon's Pharmacist Home Loan and Start the Pre-Approval Process
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP 136: The Ins and Outs of a Pharmacist Home Loan
• YFP 154: Getting a Home Loan in a Pandemic
• YFP 169: Helpful Tips for Getting a Mortgage
• YFP 191: 10 Common Mortgage Mistakes to Avoid
• YFP 204: The Current State of Buying, Selling, and Refinancing a Home
• YFP 216: Common Credit Blunders to Avoid When Buying a Home
• YFP 230: 5 Steps to Get Ready for a Home Purchase
• Apply for Pharmacist Home Loan
• Schedule a Free Call with Nate Hedrick
• YFP Concierge Service
• Homebuying Resources
• Your Financial Pharmacist Disclaimer and Disclosures