Ramez Fahmy Branch manager and lender with Caliber Home Loans talks with Victoria Ray Henderson. Are we in a housing bubble? Will the housing market crash? What are the benefits of a VA loan? All these questions and more answered on the podcast
Episode 30: Listen Up Homebuyers – Mortgages and Market Conditions
Ramez Fahmy Branch manager and lender with Caliber Home Loans talks with Victoria Ray Henderson on Listen Up Homebuyers!
:45 rates are going up as they did in 1992
:1:05 the current rates are still historically low but not what we’ve been seeing during the pandemic
1:47 Are we in a bubble or is the market going to crash?
2:14 All clients today have been fully vetted not like in the past
2:30 The movie the Big Short gives a good example of what happened before when the market bubble happened
3:08 Some buyers are modifying their home search due to the interest rate increase
3:39 Inflationary signs
4:25 What are you comfortable qualifying for? What are you comfortable paying every month?
6:19 Don’t get caught up in the competitive market
6:15 Escalation Clause explanation
7:11 FOMA fear of missing out
7:58 Waiving the appraisal? Explanation
8:29 What if the appraisal comes in under the sales price?
9:12 Ramez Fahmy explains how waiving contingencies need to be a decision made after consulting with your lender
10:00 What does an appraiser do?
10:41 The importance of choosing a lender who is communicative and local to the market
11:48 What about online lenders?
12:15 How quickly will your lender get you to settlement?
13:00 Provide the lender with your documents
14:00 Listing agents frequently call the lender to ask questions about the contract deadlines
15:32 VA Loans
16:04 VA financing has no maximum amount which means home purchases can be as high as the buyer can qualify for-zero down a 2 million dollar property
17:34 The VA appraisers
On an FHA or conventional loans use local lender panels
VA has its own panel of appraisers
Many of the VA appraisals are coming in the same amount of time as the conventional and FHA loans
18:46 Change the hearts and minds of listing agents
19:23 The VA funding fee
21:00 People need to educate themselves on the loan process
Victoria Ray Henderson