Key Notes From Our Podcast w/ Aimee Devries
Buying a home or refinancing your mortgage can be a daunting task, especially for first-time buyers. There are many moving parts and hidden fees that can make the process overwhelming. To help demystify the process, I had the opportunity to interview Aimee Devries, a seasoned mortgage broker with over 20 years of experience.
During our conversation, Aimee shared valuable insights and advice on how to prepare for a mortgage, negotiate better rates, and navigate the appraisal process. Here are some highlights from our discussion.
Preparing for a Mortgage:
According to Aimee, preparation is key when it comes to applying for a mortgage. She recommends starting the process early and working with a trusted mortgage broker who can guide you through the process. Aimee suggests that clients keep their finances stable and avoid making any big purchases or changes during the pre-approval process. This can help ensure that your debt-to-income ratio stays within an acceptable range and you don't encounter any surprises later in the process.
Negotiating Better Rates:
In today's market, interest rates can fluctuate rapidly. Aimee suggests that clients work with a mortgage broker who has access to multiple lenders and can shop around for the best rates. She also cautions against focusing solely on the interest rate and instead advises clients to consider the overall cost of the mortgage, including fees and closing costs.
Aimee also suggests that clients be transparent with their mortgage broker about any changes in their financial situation, such as opening new lines of credit or taking on new debt. This can impact your debt-to-income ratio and ultimately affect your ability to secure a mortgage.
Navigating the Appraisal Process:
The appraisal process can be nerve-wracking for buyers, especially in a competitive market where home prices are on the rise. Aimee recommends working with a trusted realtor who can prepare clients for what to expect during the appraisal process. She also suggests that clients be prepared for potential discrepancies between the appraised value and the purchase price.
In cases where there is a significant discrepancy, Aimee advises clients to work with their mortgage broker and realtor to negotiate with the appraiser and reach a fair valuation for the property.
Transparency and Communication:
Throughout our conversation, Aimee stressed the importance of transparency and communication between the client, mortgage broker, and realtor. She emphasized the need for clients to understand the breakdown of fees and closing costs and to ask questions if they don't understand something.
Aimee also recommended that clients work with a mortgage broker who prioritizes communication and is accessible throughout the process. She believes that this can help alleviate some of the stress that comes with the mortgage process and ensure that clients feel supported throughout the journey.
In Conclusion:
Buying a home or refinancing your mortgage can be a complex process, but with the right preparation and guidance, it can also be a rewarding one. Aimee Devries' insights and advice provide valuable guidance for anyone navigating the mortgage process. By working with a trusted mortgage broker, being transparent about your financial situation, and communicating openly throughout the process, you can help ensure a successful outcome and a smooth closing.
If you'd like to listen to the whole interview - please go to your favorite podcast provider.
If you'd like to watch - go to our YouTube Channel!