Real estate is desirable to just about everyone either to own a home of their own, get a commercial property for a business, or to get into real estate investing! In this episode Dustin Mistelske, Senior Loan Officer at North Pointe Bank, makes financing a first home or investment property easy to understand. There is more than one option, and your situation determines what is best for you. Your goal may be closer than you think. Come join the conversation and let's grow. Don’t forget to grab the free 5 Step Process to Goal Tending download at https://goalswithwill.com

 

Key Points

*Understanding credit will help you know where you stand

*Your credit is used as a measuring stick for bankers and lenders

*Credit is the 3rd most important piece to buying a house

*Using a credit card with intention, and carrying a 10-30% balance from month to month is an easy way to build credit

*Financing a car improves credit score by showing a history of on time payments

*Amount of debt you have and your income are the 2nd and 1st most important pieces to buying a house

*Different kinds of debt don’t impact your score differently, the most important thing is history of on time payments

*If you have your own down payment you can do a no score loan

*There are home loans that don’t require a down payment (VA Loan and living in a rural county)

*Live in your residence for at least 2 years to avoid capital gains tax

*When you sell your home you will, in most cases, get your down payment back plus additional equity back from the payments you made on the principal, and then you also get whatever value the property has appreciated to

*Goals of refinancing can be paying off debt, reducing the loan term, or adjusting your monthly payments

*It is worth refinancing if you can get your interest rate 1% or more lower

*A good way to start investing is by turning your primary or secondary residence into an investment property after 2 years

*You can cash out your equity or get a home equity line of credit to access the money tied up in your house

*Home Equity Line of Credit (HELOC) is like a credit card on your house

*A rehab loan can save you money up front to do a flip

*Don’t be afraid to ask for help from a professional to make an informed decision on the what is best for you

*Waiting to buy can cost you money in the long run

*You can buy up to a 4-unit property for your primary residence. This gets you a home and investment properties at the same time

 

Chapters:

00:00 Introduction

01:11 Meet Dustin

05:35 Financing your first home

07:45 Understanding Credit

11:27 Most Important Considerations for Financing

18:47 Upgrading or moving to a second home

25:57 When is a good time to refinance

32:25 Moving up to investment properties

34:14 Cash out Equity vs HELOC

36:13 Financing to Flip

42:11 Mortgage loan vs construction loan

43:28 Advice for before real estate

44:49 Waiting for interest rates to drop

46:58 House Hack

49:59 Contact Dustin

51:27 Closing

 

Links

https://goalswithwill.com

Contact Dustin

502-422-2150

Dustin.mistelske@northpointe.com

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