MoneyWise Live | February 25, 2019

Mortgage Approval Problems with Dale Vermillion

Show Notes

The spring real estate season is just around the corner and you’re thinking it’s time to buy a house. What’s your first move? Get an agent? Start cruising for open houses? Nope. Step one should be getting pre-approved for a mortgage. But just because you’re pre-approved, doesn’t mean the house you want to buy is. Our host Rob West welcomes mortgage expert Dale Vermillion today to help you avoid problem properties that could derail your home loan. Dale Vermillion is the author of Navigating the Mortgage Maze: The Simple Truth About Financing Your Home. It has everything you need to get the best mortgage possible for your home purchase. Don’t take our word for it; read the reviews at Amazon.  Rob goes over these topics with Dale:

  • If you have a decent income, little debt and good credit. Is getting pre-approved for a loan still a good idea and if so, why?
  • What is the difference between pre-approved and pre-qualified?
  • What exactly does it mean to be “pre-approved” for a mortgage? Is that a guarantee?
  • What if the appraisal comes in low?
  • Are there problems that could negate your pre-approved status?
  • What's the positive note for folks who get pre-approved for a mortgage?
  • What do you have to bring with you to get pre-approved?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If time might be tight for your son who's selling one home and buying another, should you consider getting a HELOC to provide them with a safety net?
  • If you wish to do about $50,000 on a home improvements to your house valued at $250,000, should you consider a refinance or a home equity loan?
  • If you wish to use your RMD to tithe, what organization can assist you getting this set up?
  • What is a QCD?
  • Can you distribute your RMD to a variety of charitable organizations?
  • If you're 66 and just received a small inheritance, should you start a Roth with the proceeds?
  • If your 11 year old son has already saved up $1,000, should he invest in bonds instead of a savings account?
  • If you're a single mom in your early 50s, own a 4000 square foot home that you owe about $94,000, utilities are high and it needs $50,000 repairs and you're struggling a bit financially, should you sell your home and downsize to a more efficient and updated home?
  • if you're currently enrollied in a debt management program, don't have a good feeling about it and want to build a house on some land you have, should you get out of the program?
  • Line of credit for $50,000 on your home that's valued at $380,000 and owe $180,000 on the first mortgage, and things are pretty tight because the HELOC rate is rising, should you refinance all the debt for a lower rate?

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