First-Time Homebuyers: Paying Off Debts, and How Lenders Should Treat You

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Licensing info: Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611 Branch Address: 1750 N University Drive, Coral Springs, Florida, 33071 Equal Housing Lender
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Timestamps:
0:00 Questions I Always Get Asked
0:42 Do You Need To Pay Everything Off To Buy A House? (Credit Cards, Student Loans, Planning, etc.)
7:30 How Lenders Are Supposed to Treat You?
10:46 How Much Should You Know About Mortgages?
12:00 My Advice To You
Hashtags:
#firsttimehomebuyer #firsttimehomebuyertips #mortgagetips #mortgagelender

[@StephanieOliverREservices]

Another great video! Love the content, the tips (pay them at closing!), and how you’re so real and down-to-Earth…and that’s a great color on you!“Not all lenders suck”🤣

[@JenniferBeeston]

Thank you. I appreciate you!:)

[@digimodelseth]

"you guys are like 'wth is she talkin about'" lol I applaud Jennifer's candidness! I appreciate how genuine and authentic she is! I'm definitely trusting Jennifer with being my Lender for my first home purchase in a year or two.

[@sandycalame]

There is a path to homeownership! It may take some work but you can get there! Planning calls are one of my favorites to do!

[@russlea6383]

I paid off my card each month for peace of mind and to show that I can manage debt.

[@zenlife321]

Jen can you do some content on buying a home after a bankruptcy. Especially new bankruptcies. This is a very un covered topic here on KZbin. For those of us who are moving past our “seasoning” period and applying…it’s nerve wrecking that no one talks about how it’s going to work for us. Especially when it’s a new one (2-3yrs ago)….🙏☺️

[@WorryDontAbout]

Great question

[@JenniferBeeston]

Great call. Depends on type of BK as well as loan type. Grab a point on the calendar and we can give you the guidelines specific for your situation. I will do a BK guide as well as a video. Great idea!:) calendly.com/jennifer-beeston/preapproval-q-a.

[@lmw1009]

Thank you so much for the comforting and hopeful message. Thank you, to you and your team. My husband and I have been leaning so much. This pep talk helps! ❤

[@JenniferBeeston]

❤️❤️❤️❤️

[@TZR95035]

Right on time I just finished paying my car and student loans.

[@JenniferBeeston]

😱

[@DrFinancialLiteracy]

Awesome information Jennifer.

[@JenniferBeeston]

Glad it was helpful!

[@khadijahdavis1572]

This is great information l, thank you, I'm nearing closing on a new build manufactured home so this is all new to ne, new sub here

[@JenniferBeeston]

Glad it was helpful!

[@j.n.8153]

Your hair dresser is awesome!

[@YourDailyRunner]

Great advise

[@JenniferBeeston]

Thank you!

[@CBG3000]

I would like to see a video on. Having a zero debt, low debt income ratio,lump some of money in the bank for a down payment; but your income is low or lower then what you were previously making.

[@JenniferBeeston]

If self-employed in your income has decreased dramatically, even with perfect credit and money in the bank, it can make a traditional loan unlikely. I am talking about like a 30% plus decline. If your income is lower and your W-2 or maybe you switched to a job that has a lower hourly rate we would just qualify you based off your income and see what your debt income is. Having great credit and money in the bank is excellent, but we have to have that ability to show repayment as well. Great idea for a video. I will definitely film one but I wanted to make sure I got an answer back to you and of course I am always happy to talk and brainstorm. My number is 707-478-0637.

[@CBG3000]

@@JenniferBeeston thank you and your team for taking time out your busy day to recognize my comment. Definitely looking forward to the video. You guys are great and best on KZbin with the best consistency.💯

[@cokasin2000]

Hi Jen, I was approved for a mortgage and then at cost of shopping for a HOME, I paid off a delinquent acct of 800 and my credit score took a noise dive. Few 3 weeks later my Equifax score RISE supper high, but TransUnion and Experi stays low.. I closed the acct on 19 Dec 2023. Do you have any idea why? Thank you

[@YouTubetail]

great 😂

[@bimbpr]

Ohh this applies to me, shoot I was about to pay off the whole loan Lol

[@ashleymcdaniel8273]

Hey Jenn, if I’ve worked over 2 years and want to change to a tech position with more money will I still have to wait 1-2 years to purchase?

[@JenniferBeeston]

No if it’s the same line as work we should be fine as long as income is guaranteed etc. Sometimes if you are gettting a lot of RSU as comp but don’t have a history that could be an issue but straight salary should be zero problems. Grab a time to walk through:) calendly.com/jennifer-beeston/preapproval-q-a

[@antoniovazquez1975]

Hello. What if you owe state taxes. How does that work Do you need to pay that off first ? I have a property and I'm looking to purchase a multi. Antonio

[@JenniferBeeston]

If you are not delinquent, or if you are in a payment plan, we may be fine but if you’re delinquent or it’s a new payment plan, it can be an issue. Happy to discuss and get the guidelines for you. Feel free to reach out. 707-478-0637

[@rogervaughn142]

How about telling folks to be debt free (minus the car) before buying a house. Adding the debt of a house to existing debt is not smart and a recipe for major problems down the road. And my wife was told to pay off her car due to debt to income ratio before she bought her house didn’t affect the score at all

[@JenniferBeeston]

As a lender, we would want you to pay off the car at closing as that is lower risk to hurting the score. You are lucky that your wife scored did not drop. She must must have other lines of credit. Not everyone can say that. Yes, in a perfect world no one would have debt, but that’s not the reality in America.

[@franciscotrujillo529]

Hi Jenn is business office in the South Fl area?I really want to go with without a doubt,but my wife is a little concern due to the language barrier,do you have in your someone that speak Spanish,so can explain my wife the steps that we have to consider,in order to be on the right track,I got all my paper work almost ready,soon I will be in contact with Jennifer,who is supposed to review the apl.according to Sandy Cálame,thanks.

[@JenniferBeeston]

My office is in Coral Springs. I do not speak Spanish but the company I work for has loan officers that do so we can introduce you to one if you would like. :)

[@franciscotrujillo529]

Thanks Jen,we will go ahead and file that application soon.

[@KINTOSOL007]

I got pre approved for $170,000 I had collections in my credit the I did not know I had I payed off the debt now the I paid off can I ask for a higher loan

[@JenniferBeeston]

Totally depends on how the lender calculated your debt to income and the type of charge offs. I would chat with your lender as they can advise best.

[@KINTOSOL007]

@@JenniferBeeston thank you

[@AlexRodriguez-np4xx]

Im using a FHA loan. What down payment should i give to get the lowest interest rate ?

[@JenniferBeeston]

With FHA the down payments not gonna affect your interest rate really

[@cokasin2000]

Hi Jen, I was approved for a mortgage and then at cost of shopping for a HOME, I paid off a delinquent acct of 800 and my credit score took a noise dive. Few 3 weeks later my Equifax score RISE supper high, but TransUnion and Experi stays low.. I closed the acct on 19 Dec 2023. Do you have any idea why? Thank you