Real Talk with Cory Segall, Real Estate Agent: Ep. 1 Purchasing Process with Ed Woolery
Cory: Hey guys, Cory here with Cory Sells San Diego and I got my close friend Ed Woolery. He’s our in-house lender at Coldwell Banker and Ed, thanks for being on the show today, I appreciate it.
Ed: Good morning Cory, my pleasure.
Cory: Morning. Thanks man. Um, so today we’re going to talk specifically on first time home buyers and what the process is to purchase a home. Ed can you tell us a little bit kind of what to look out for, what people should look out for as far as you know, just what is the process of purchasing a home.
Ed: Sure, sure. Yeah. And that’s a great question Cory, and I let all my agents know: the first thing you want to do as an agent and as a client, as a borrower, is to get pre-approved. Meaning you need to talk to a lender, whether it be me or anyone else about your qualifications. It doesn’t do any good to go look at these million dollar homes on top of the hill if you can’t afford $1 million home on top of the hill. So the first thing I would do is get pre-approved. Meaning we’re going to check your credit, we’re going to check your income, your assets and things like that. Uh, I let my agents know we’re good to go and you can go out shopping. So that should be the first step any buyer takes in the process.
Cory: Awesome. Well, during the process, what are certain things that people should look out for? People should be aware of when the process is actually going.
Ed: Yeah, it’s very important. Like I said, credit, you’re want to make sure you’re credit is up to par. You want to make sure that obviously you have a stable job and you want to make sure that you have some sort of assets. Now, you mentioned first time home buyer programs. There are programs that you acquire as little as 3% down. There’s government programs that are home set financing for a VA if you’re eligible. Um, so it really, there’s a loan for everybody, but if you’re getting ready for it, I would pay as much debt down as possible. I would make sure you’re in a position so you’re comfortable with a monthly obligation because it is a commitment.
Cory: Yeah. And I know there’s, there are scary times throughout the process. What are some of the things that people should just understand during the process? More towards the middle of the end of the buying process? What are things that you know, maybe they should or should not do?
Ed: Sure. Well, one of the most important things that I taught clients to do is make sure during this process you do not go acquire more debt and then don’t go get a new lease on a car. Don’t go buying a new car, don’t shop for your appliances, for your new house that you don’t have yet. You want to pay down as much debt as possible and not increase it during the process. Extremely important. You wouldn’t believe, believe how many people don’t do that.
Cory: Oh, awesome. Well, I appreciate you kind of giving us a little recap of kind of how it all works. You are my first show, expert person here, so I appreciate you coming on to the show, Ed.
Ed: Yes sir.
Cory: So, um, Cory Sells San Diego, give me a call if you ever have any questions about purchasing a home. I’m right here in LA Jolla, California, and uh, can’t wait to hear from you.
Give me a call now (858) 361-2547