Ep. 36 John Charlton The Mortgage Guy

In this episode Realtor Adam Kruse and Realtor Shannon St. Pierre talk to John Charlton The Mortgage Guy. Find out why John almost never sees a contract in the St. Louis area without concessions from the seller . Email Questions To: [email protected] Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/ Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/ Lender John Charlton https://www.facebook.com/TheMortgageGuySTL/ ITUNES-http://goo.gl/rs1q9X Blog-https://hermannlondon.com/podcasts/ Website http://hermannlondon.com/ Producer - Joey Vosevich Theme Song by Trastornobeats 3:00 Agent tips and tricks from a recent deal 4:00 Shannon is working on a lease/purchase deal 8:30 What’s the first thing to do when deciding to buy a house 9:00 How are the rates 13:30 The markets were already prepared for the tax reform bill 11:40 6.5 used to be considered a good rate 14:25 What is a 1031 like kind exchange 17:00 Closing costs credits and changes to the Realtor contract 18:00 John Charlton almost never sees a contract without concessions from the seller 19:00 Denver is a seller’s market and John almost never sees concessions 20:25 Special wording on the VA Rider 21:25 Banks don’t charge bank fees on VA Loans. It’s meant to be 100% free financing 22:33 A VA Loan is a sweet deal and all military personnel need to be looking into it 23:00 3% closing cost is a good benchmark unless the home is over $250,000 26:21 What are the credit thresholds 30:00 People with damaged credit need to know they can fix it. It’s an algorithm, not voodoo 30:30 Can you get a loan with no credit 31:15 The ideal buyer has a credit score higher than 750 31:50 What is the minimum credit score 32:03 Buyers want to know what they can afford 32:42 Don’t avoid talking to a lender if you have bad credit. They could be helping you fix it 33:13 A lender wants to know what the buyer is paying now and if current home fulfills needs 35:26 A Realtor doesn’t want or need to know how much the client makes 37:07 A safe harbor in U.S is 43% of income can go to a mortgage 39:49 What is a bridge loan 43:38 When is a reverse mortgage a good idea 45:20 Is it still a good time to refinance 46:32 How to get rid of PMI (private mortgage insurance) 47:00 Recasting a loan on a shorter mortgage 48:38 What is the rate difference between a jumbo loan and a 30 year fixed 50:57 Why do refinancing terms vary by lender