WATCH PATRICK AND VIKTORIA TO LEARN MORE
From the October KATV interview with Patrick Dennis and Viktoria Capek
No Headphones. No Problem. See below for transcript.
From the station that's on your side
this is channel 7 news good morning
arkansas
welcome back to good morning arkansas
everyone it is safe to say the
coronavirus pandemic has
kind of upended our lives in more ways
than just one
as arkansans stay home working many find
themselves maybe rethinking their living
arrangements right so
more and more arkansans are now
considering purchasing a new home with
more land a backyard oasis
a good place to be a space for home
offices and here to discuss why
purchasing a home is something everyone
can do
even during a global health crisis is
patrick dennis
loan officer bank of little rock
mortgage thank you patrick for joining
us
let's go ahead and jump into this why
buy when you can just rent
you know right now currently uh
rates are super low so by buying rather
than paying
high rental prices you can save a couple
hundred dollars a month
easily uh on a purchase and why not take
advantage of that right now
um plus you know discussed outdoor oasis
um things of that nature you know
building building the home that you want
to stay in
let's face it we're staying home a lot
more
you can't really make improvements to a
rental property without a landlord's
permission
so when you buy you can do whatever you
want to your surroundings and improve
that
and when you make those improvements
you're actually improving your future
wealth
because you're you know you're you're
putting money into your
property rather than the landlord's
property absolutely it's not like buying
home is kind of the perfect diy project
right
well you do have to put down uh kind of
a certain amount of funding when you
buy a home but what if buyers can't put
down a full 20
when they're looking to buy yeah so
there's there's always been this myth
that you have to have a
you know 20 down to uh to buy a home and
that's just not true now twenty percent
down will
will help you avoid uh mortgage
insurance but we have
a ton of different options for people uh
even
no no money down options uh for our
deserving veterans we have va loans with
that are a hundred percent uh also no
mortgage insurance on
monthly so it's just an incredibly low
payment
uh rates are in the twos right now on
those on those loans
uh rural development that's a hundred
percent loan
that's you know property eligible but a
great low mortgage insurance for for
those people that qualify
uh and and one of the better loans out
there is just three percent down
on what we call a home ready or a home
possible that's for new home buyers
first time home buyers and a first time
home buyer is constituted by
you haven't owned a home in three years
uh so
three percent down low mortgage
insurance
you know credit scores as low as 620 so
lots of opportunity to not have to put
that 20
down okay that's a good thing to know i
feel like i'm taking a lot of mental
notes because i know i'll be buying a
home here in the next few years so this
is definitely
definitely good stuff patrick well okay
so a lot of potential home buyers
they're still maybe kind of hesitant
what do you think
might be giving them this hesitation or
holding them back a little bit from
actually making the jump to buy a home
yeah so it's a huge commitment there's
no question and i think we've
all all have these uh preconceived
notions that it's a daunting task to buy
a home
uh i don't qualify it's not gonna happen
well you know what you got to take that
first step and we try to make it as easy
as possible when we go out and
and and get you pre-approved for a loan
um
it makes more sense to go after it now
it's well worth it to buy a home
money magazine came out with something
that said um
that homeowners spend 15 percent of
their
income on their monthly mortgage payment
whereas
renters uh pay 30 of their uh monthly
income on on their uh home payment
so i mean that's a vast difference as i
said earlier you can probably save a
couple hundred bucks
a month and set yourself up for the
future by
by purchasing a home at this point in
time absolutely and if
someone does maybe make that decision
okay we are going to buy a home
what is that very first thing someone
should do when beginning
the home buying process you know the
first thing that you want to do
especially now
houses are selling i mean sometimes
within 24 hours
sometimes within hours they're getting
multiple offers
so the first thing you want to do is get
your get your ducks in a row
get pre-qualified do an application with
a qualified mortgage lender
figure out what your income is figure
out what your debt is figure out what
you can afford
and you want to be ready for this and
this happened you know in the last two
weeks i had somebody
call me right away and and the house had
an offer within two hours and they
weren't unable to
you know to get their application in
that quickly so
before you start looking at homes let's
get you pre-qualified let's get you set
up and figure out what you can afford
and and how we can make it all happen
for you absolutely
one more time patrick if you could just
remind those viewers at home
uh maybe where they could learn more or
reach out to you in the bank of little
rock
yeah give us a call at bank of little
rock mortgage at
ninety 501-219-911 hundred um we're at
uh blrmortgage.com
as well facebook twitter uh all those uh
usual suspects
good stuff this morning well thank you
so much for joining us and telling us
all about that i know i definitely
learned a lot i hope a lot of you at
home did as well
more good morning arkansas when we come
back from this break
