Homes By Chris Harter brokered by eXp Realty talks mortgages with Erin Trescott First National Bank

Homes By Chris Harter brokered by eXp Realty talks mortgages with Erin Trescott First National Bank
Chris Harter:
Hey, everyone. This is Chris Harter with Homes by Chris Harter and eXp Realty. I have the pleasure today of speaking with Erin Trescott with First National Bank.

Erin Trescott is a mortgage loan expert with First National Bank, and she’s been helping clients for 20 years. I really enjoyed our conversation. I think you’ll find the information very informative. Let me know what you think of our conversation. You can reach me at 402-378-9462. I look forward to speaking with you.

In this real estate market, it is crazy and I rely upon a lot of experts in the field today. I have Erin Trescott with me from First National Bank. Erin, I have a lot of buyers asking me, “Chris, how do I even get started? I don’t even know where to start.” The first thing that I tell them is you really need to talk to a mortgage lender. Today, Erin, I would really like to know what do you tell a buyer when they call you and ask you, “How do I buy a house?”
Erin Trescott:
Awesome. Yes. Get pre-qualified. Going out and looking for homes in today’s market, it’s just going so fast. You want to be prepared. Pre-qualification is the key. Meet with an expert loan officer like myself. I’ve been in the business 18 years. I’ve seen a lot of different markets, and the best way to get started is a pre-qualification. You go through an application with me. Some people prefer to just go online and do it themselves as they get scared or want to do it late at night or over the phone.

I even meet with people in person still and go through things like employment history and income history and your debt to income. And then a big one is going through credit. Credit sometimes scares people, I think a little bit. They’re excited about buying a home, but not excited about seeing where their credit is.
Chris Harter:
How do they find out what their credit is? How many places can you go to find your credit? You see all those things online.
Erin Trescott:
You do. You do. You see the Credit Karma’s, and you see your credit cards have all this, but we go through a process where we pull all three credit bureaus. And with that, we can get your scores. I take pride in going over that stuff with everyone. Be it that they have a great score, or it’s something they need to work on. But knowing where your credit score is for qualifying for a home is key. You don’t want to go out and fall in love with a house before you know that you can get it.
Chris Harter:
Absolutely. And that’s what I’m telling buyers too, is that they won’t even look at your offer right now without a pre-qualification letter. And if you can talk about what that means.
Erin Trescott:
A pre-qualification letter, some people use the word pre-approval. Some people use pre-qualification. Pre-qualification is what I like to use, because what it is, is you’re with your loan officer, you go through an entire application. You go through credit. You go through what your down payment is, and things like that. You are turning in W2’s and pay stubs to your loan officer, so they have a full picture of what they can do for you.

And at that point, that loan officer can give you a letter that you can take with you to the offer. Something I do is also give them a cost worksheet. A My cost worksheets go over all the numbers. It can be a little overwhelming sometimes, but I feel like when you’re getting into something as big as a home ownership, you need to know all those numbers when you go through it.
Chris Harter:
I certainly like to see that cost worksheet as well when I’m working with buyers, because then you can kind of let them know that there are going to be some outside costs to purchasing a home. You cannot roll everything into your mortgage, right? There are some closing costs and some fees, and maybe you can talk about that a little bit, and that worksheet just outlines it perfectly.
Erin Trescott:
It does. Some people don’t think that there are closing costs that are involved, or some people still think that you can roll it into the loan. Well, when you’re buying your home, you need to be prepared for a down payment, and then you also need to be prepared for closing costs. Typically in this area, you’re looking at anywhere between four and $6,000 just for closing costs. But you think about that and you’re like, “Whoa, that’s a lot,” but it’s also setting up your property tax escrow and it’s setting up your homeowner’s insurance.

So there’s a lot of things that go into it. It’s also taking care of any lender costs that would be there. Some people aren’t prepared for knowing that there’s that much that’s involved with that, the cost of it on top of a down payment.
Chris Harter:
Absolutely. That is just great information. I think definitely in this market, you will need to talk to a lender and get pre-qualified and know where you’re at, and then I can step in and help you. Because if you don’t even know what you can afford or want to afford, then we won’t even know how to break that down. I mean, you will maybe know your bedrooms and bathrooms, but if you think you’re at this price point, but really you’re here, that might open some more doors for you, or vice versa.

Once Erin gets through doing all of her magic, then I step in and we can start doing the research on the homes that are available within your price range and within your target area and bedrooms and baths, et cetera. And then really I take it from there and we put you in your perfect home. And then we really partner with the lenders through the whole entire process to ensure that everything goes smoothly with your loan.
Erin Trescott:
Getting pre-qualified is the first key. I tell people call me, go online, just find a local expert. There’s many of them in town. I’m one of them, so give me a call. And we’ll just go over all the application information and make sure you have that pre-qualification so that you can be like, “Hey, Chris, I’m ready to go. I know exactly where I’m at. I know exactly what I can afford and want to afford,” and then you guys can find that dream home.
Chris Harter:
Well, thank you, Erin.
Erin Trescott:
You’re welcome.
Chris Harter:
This has been very informative. And yes, I hope that we are going to work together on a few more of these just to improve and expand your knowledge and get you ready to buy a home.
Erin Trescott:
Sounds good. Well, thanks for having me.
Chris Harter:
You’re welcome.
Erin Trescott:
Until next time.
Chris Harter:
Bye! I hope you enjoyed Erin and I’s conversation. You can reach Erin at 402-981-2011 or email her at etrescott@fnni.com. Thanks for your time. And if you have any questions, you can feel free to reach out to Erin or myself at 402-378-9462 or email me at chris@homesbychrisharter.com. Thanks for watching.
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