WATCH PATRICK AND CHRIS TO LEARN MORE
From the July KATV interview with Patrick Dennis and Chris Kane
No Headphones. No Problem. See below for transcript.
From the station that's on your side
this is channel 7 news good morning
arkansas
after this break we're going to share
some home buying pandemic
myths with you stay with us we'll be
right back
welcome back to good morning arkansas
our buddy patrick dennis a loan officer
at the bank of little rock mortgage
joins us now
he's going to be talking about some home
buying pandemic myths maybe these are
things you've read about you've heard
maybe you've talked with neighbors or
friends
and we've got an expert on to explain
what you need to know about buying a
home renting a home
different options with the home buying
process or if you already own a home
maybe some of the things you could look
at
today patrick thanks again for joining
us let's talk about the safety of
purchasing homes right now in an
uncertain market and certainly things
have
looked better in terms of stock market
and
what the economy might look like but
things trending on the
opposite direction the bad trend is what
we're seeing with cobit 19 numbers
in the last month or so so what can you
tell us about the safety of purchasing a
home right now is it safe
yeah so it's it's as safe as can be so i
think we've taken the proper precautions
in the industry as far as realtors go
title companies uh mortgage companies
you'll see
a lot more showings of homes
that are being you know via zoom like
we're doing now
skype uh they're also making contactless
uh showings physically where you know
you're not touching anything you're not
touching the door
you got booties on and face masks so i
really think the industry has stepped up
to make that happen
and as well as the title companies doing
contactless closings
and i do everything virtually and online
uh
as well from start to finish all right
one myth can you talk about today
uh no one is buying true or false
completely false it is a booming market
right now it's crazy we're working night
and day which is a great thing
um overall in may uh of
2020 the uh the home index uh rate has
risen to
99.6 on sales which is amazing
uh it's the busiest i've been in the 15
years i've been doing this
um so there's just you know there's
several reasons
to we're seeing you know incredible
rates out there
when that when the stock market is
having a tough time rates tend to get
lower
and that's working for a benefit whether
it's purchases or refunds
uh i also think you're seeing a
different kind of buyer out there so
you're seeing people that are buying
houses with yards they're moving out to
the country a little bit more
they're looking for pools um you know
a place to put a basketball court up
just to stay at home thing looking for
space uh what about this myth
true or false better to be a renter
right now or a homeowner
you know it it's just about always
better to be a homeowner than a renter
um you're really limited on what you can
do you know in
in this time where we're staying at home
uh you're limited on what you can do
whether when you're renting
and you paint paint something in your
house and you
and you put that basketball goal up can
you do something to your backyard you
really can't you're controlled by
whoever owns the home so home owning in
that case is uh is it is a better option
and now if you're looking at rates the
way they are
uh and what you're paying in rental fees
you're gonna pay just about always
you're gonna pay
less for a mortgage and part of that
you're paying yourself you're not just
paying the bank you're paying down that
principal
when you're renting you're just paying
that to the
the homeowner and really not getting
enough out of it so
if you can afford to i would say give us
a call get
pre-qualified we'll get you there
speaking of qualification how about this
is it a myth that you can't qualify for
a mortgage
if you don't have a full-time job yeah
so that's a complete myth we've
for years uh we we always hear that uh
there's 25 million americans out there
that
qualify for a mortgage with part-time
income
so whether you have that 45 hour a week
office job or you're a nurse and
you're working 25 hours a week
as long as we can we can do three things
we want to
um to verify that it's stable income
it's reliable income and it's really
likely to continue in the future
those are the key aspects if you've got
part-time income it's been for two years
or
you know it's but it's part of your
given field that you went to school for
give us a call we'll get you qualified
now the twenty percent
uh for a down payment is something that
was always
you know kind of pushed from my family
hey do what you can try to get to twenty
percent
explain again right twenty percent the
necessity or
uh it's not necessity the different
programs available i know that that
might be an older way of thinking about
it but there's a lot of different
options these days where you don't need
20
right it really is yeah there's it's a
it's a myth now you want to put 20
down if you're trying to avoid uh
private mortgage insurance
but you can still invite avoid that
private mortgage insurance
with 5 down we have programs to be able
to do that so
one one program that uh we're really
keying in on too
is a home ready program or a home
possible program
they're both geared toward first-time
home buyers uh
it's three percent down the mortgage
insurance is
is really low they've they've knocked it
down significantly
your rate is in the low threes for the
most part wow um
yeah there's it's it's an incredible
program and it
and it also goes toward that uh multiple
people living in the home scenario where
you can
you can count some of the income from a
border or a renter
uh and right now we're seeing a lot of
this uh
you know multi-generational uh
cohabitation
in houses since daycare is a little iffy
it's good to have that grandparent in
there who can take care of the kids
while the parents are off working
uh little things like that and that
helps
so uh but there's other programs we have
va loans
no money down for our deserving veterans
who have fought for our freedom
um rural development is no money down so
yeah truly 20 down is a myth
all right patrick thank you so much for
joining us go to blrmortgage.com
for more information we'll talk with you
next time that sounds great chris thanks
for having me
all right thank you
