Episode 3 "Debunking Myths for Mortgage Rookies" with guest, Michael Spitkovsky

Welcome to Life Plus Up by Kevin Yang Episode 3 “Debunking Myths for Mortgage Rookies!”. 

First, I want to thank all the listeners for their supports as we have just officially crossed the 100 downloads milestone. Your continue support through subscription and follow will help us improving our contents. Remember this podcast is dedicated to you by helping you to achieve success in the three core components of life: Personal, Finance, and Career.

Positive News from MSN Good News

Sonya Brown-Tillison, the owner of NOLA Vegan Café, has put her two passion: Food & Helping foster kids together through her new restaurant.

https://www.msn.com/en-us/news/good-news/restaurant-owner-works-to-help-kids-in-foster-care/vi-AAIurd0

Main Segment "Debunking Myths for Mortgage Rookies

For many people. owning a home is an important personal goal. For others, investment in real estate may be crucial part of their financial plan. In this episode, I have the fortune to invite one of the most experienced mortgage experts in New York, Michael Spitkovsky, to our show to debunk some of the popular myths and provide guidance to all the listeners out there.

Myth No. 1 "Is getting pre-qualified is the same as getting pre-approved?"

A: On basic term and all practical purposes, yes. Most lenders or realtors  will consider these two both acceptable to get started. The main difference of the two on a more technical term for some lender is that Pre-Qualified does not run credit or review income documents yet and Pre- Approved will be completing all the review processes to produce a Pre-Approval Letter.

Myth No.2 "Shopping around for lenders will hurt your credit score dramatically"

A: Anytime when a lender (not on your own internet sites) runs your credit, it will be a hard inquiry and impact your score. However if multiple lenders run your credit in the same 30 days period, it will just be counted as one on credit report. 

Myth No. 3 "You need perfect credit to buy a house"

A: No, you don't need perfect credit, however your rates and credit are directly tie to each other. Higher credit, lower the rate. 

Myth No. 4 "You can't be in debt and buy a home"

A: To answer the question probably, the lenders will consider your debit to income ratio as part of the process for approval.

Myth No. 5 "You need to put 20% down"

A: That is not true. Like previous mentioned, there are programs for people to place as low as 3.5 % of down payment.

Myth No. 6 "Is the down payment the only cost to worry about?"

A: There are absolutely other costs. Normally there are closing costs which consists: Bank Fees, Title Fees, Mortgage Tax, and Escrow Costs

If you will like to contact Michael for more information, please below for his contact:

Michael Spitkovsky

Premier Mortgage Consultant, NMLS: 410155

Phone:   917-538-6714

Fax:        212-382-7140

Email: [email protected]

https://www.us.hsbc.com/home-loans/mortgage-consultants/michael-spitkovsky/

If you will like to submit your questions in regards to the show, please email [email protected] or Instagram @Lifeplusup

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