Buying a new home may seem like a daunting task.Knowing the 4 C's will make it much easier. Watch Tina, Martin and Chris to learn more.
From November KNWA interview with Tina Sewell and Martin Perez
No headphones? No problem! Read the transcript below!
Chris: "you watching knw a today I love
back of
course a home will be the biggest
purchase that anyone will make in their
lifetime and if you're looking for a
home well of course having the right
information is key and help here to help
you navigate through the home buying
process this morning we have a Tina
Sewell and Martin Perez from ROCk
mortgage they're here to kind of give us
some information on that and of course
guys thank you for joining us first off
buying a home of course can be a
daunting task but it's not as difficult as you think of
course if you have the right information
and you're telling us this morning about
the four C's if you have the four C's
all in order the home buying process can
be simple so let's start first with
capacity Martin we'll start with you
capacity kind of tell us what capacity
means and how folks can achieve that"
Tina: I'll take this one
okay capacity is the ability to be able
to repay your loans so what we're
looking at is your debt to income ratio
right so we're gonna look at your
current debt plus your proposed future
house payment to make sure that your
debt ratios in line we want to make sure
that's new if not too high so that we
can make sure you qualify for a loan"
Chris: "we here the debt in debt to income ratio
all the time a home by a first-time home
buyer so I heard that a lot during the
home buying process let's talk about
capital always a big deal when
purchasing a home just kind of explain
what folks need to have as far as
capital is concerned"
Tina: "capital is the
amount of funds that you're gonna need
for your down payment and closing cost
and we're gonna look to see in your
checking account your savings account
investment accounts or do you have
something that you can sell such as an
automobile to come up with liquid cash
to make sure that you do have those
funds to cover those items"
Chris: "collateral is always important because
you don't want to buy a home that you
can't afford so just talk about
collateral"
Martin: "so collateral is a value
having your home basically plus you put
your home up as security in the case
that you will forfeit your home you're
able to pay"
Chris: "yeah there you going which is obviously
important and then most importantly out
of everything that we've talked about
you got to have good credit you have to
have some kind of established credit so
what can folks do to at least feel
secure about their credit in purchasing
their home"
Martin: "yeah your credit so it's
gonna be the most important C out of all
of them so you know the better to credit
you have a better price and you're gonna
get on a mortgage but you know you know
life happens so just the better
credit you have the better price you'll
get off"
Chris: "are there other ways that folks
can purchase a home away from the four
C's that maybe that makes the home
buying process easier or are you saying
just basically stay within those
parameters of the four C's and buying a
home should be but not simple but it
should be attainable"
Tina: "yeah if you know the four C's that helps
you to understand the process that
you're gonna go through then we're gonna
look at your credit we're gonna look at
your assets you know your debt to income
ratio and then the collateral of the
property"
Chris: "there you go a lot of great
information I have to say for a lot of
people buying their first home maybe to
end a year or the beginning of 2019 is
always important but knowing this
information can be beneficial we'll have
more information on the four C's from
Rock Mortgage that will be on our website
later this morning
that's NWAhomepage.com Martin and Tina
we appreciate it."
Martin/Tina: "thank you for having us"
