Episode 19: Alex Margulis Cross Country Mortgage

Episode Summary

Alex Margulis is the Vice President of Mortgage Lending with Cross County Mortgage in Chicago Illinois. How do you begin the process of buying a home? Alex explains how much money you should save for the house you want to purchase.

Episode Notes

2:00 What are you comfortable paying for a monthly mortgage payment?

3:12 What is your creditworthiness? Things to consider, your credit history, credit score, and your ability to repay the loan, or do you have steady employment?

4:15 What are you paying for at this time? This includes car payments or any monthly payments

5:10 How much does it cost to buy a home? Have you saved money? Are you receiving gift funds?

8:28 What is a credit check? Does it ding your credit score?

10:00  What is a VA loan? What is a conventional loan? What is an FHA loan?

10:45 What is a down payment?

12:00 Who are Fannie & Freddie?

12:45 Explanation of an FHA loan

13:32 What is Private Mortgage Insurance (PMI)?

16:17 What are closing costs? These will vary across the country

17:10 Why would a home buyer buy points? (on the loan)

18:20 What are escrow fees, recording fees, and settlement/title costs?

20:00 Explains buying down a rate a little more

22:00 Explains the options with different types of loan products

22:35 Why communication matters during the transaction

Learn more about Alex Margulis on his website with Cross Country Mortgage 

Learn more about Victoria Ray Henderson with The Buyer Brokerage  and follow Victoria on HomesBuyHendersons Instagram or at HomesBuyHendersons

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