Posted by Blake Montgomery on Dec 5, 2019 1:16:14 PM
Blake Montgomery

Watch Chad and Jaclyn to learn more.










From the October interview with Chad Hartsfield and Jaclyn House

No Headphones...No Problem.  See below for transcript.
now if you're thinking about buying a
home you've probably started to do your
homework asking friends and family about
their mortgage and looking online for
all your options so much information out
there and of course it can be confusing
and even sometimes maybe you're seeing
some contradictory information as well
to help us debunk some mortgage myths I
love that we've got Chad hartsfield's
senior branch manager from ROC mortgage
Chad welcome back thank you for having
me I love this that we're doing myth
busters but the homeowners version yeah
so let's just jump right into it what
are some of the biggest myth that you
have heard when it comes to home buying
the home buying well the one we kind of
laugh at people think they have to have
a traditional Monday through Friday 9:00
to 5:00 job okay and that's not true we
have a lot of people corporations think
they only they consider full-time 32
hours or more okay or less right and
they're full-time for them so what we do
we just look over the last two years and
average average that out for them so
it's more so have you worked for a
consistent year or several years okay we
just so if they work 28 hours a week for
the last two years we just use that as
their income now here's the deal what if
somebody like if I've worked for like
two years but maybe within that two
years maybe I had a six year gap where I
didn't work so what we do is get a gap
of employment letter from you saying
what happened I took time off to take
care of family or just taking time off
take care of my children so yeah we just
have to explain that gap sure
now here's another one the 20% down to
purchase a home yeah this is good
mythbuster but it's based in truth our
grandparents and parents told us save up
for a home put some percent down 20%
down and that's not the case anymore so
VA loan a USDA loan is 0% down okay
FHA is three and a half percent down and
across America now the average
downpayment people put in is 6% so the
20% is definitely not needed okay now is
the 20% helpful it's helpful what it
does is it gets rid of private mortgage
insurance if you financed 80% or more
it's required okay but there are
different ways for the seller to pay for
that for you or working into your
interest rate so there are different
ways to go
sure now I know some people as well what
they want to do is you know you buy a
home and you're like okay I'm paying my
mortgage on time and everything and
maybe I want to pay my mortgage off as
quickly as possible is that is is that a
good thing to do or as a home as a
homeowner should I pace myself what
paying off your home is the American
sure yeah but if you've got high
interest credit cards you don't have an
emergency fund set up what I like to do
is tell people get all that taken care
of first okay that way because your home
interest is usually the lowest interest
you're paying so get rid of all that
higher interest debt first and get your
savings account set up then attack
paying off that home okay
I like these myth busters that were kind
of us to say especially because if
you're out there and you're looking for
a home these are all the things that you
need to know down payment do I need to
pay everything off at once you know
working history what does that look like
the chat thank you so much and if you've
got some questions at home we've got
some information for you right here on
how you can contact ROC mortgage they're
on social media that's also I'm a number
that's local that you can use and of
course we'll have all the information on
our website nwa homepage com thank you
so much thank you