178: How Do You Buy a House? With Mortgage Advisor Tyler Howe

Feb 8

In this episode, I sit down with mortgage advisor and my old high school friend, Tyler Howe, to discuss the financial must-knows of the home buying process, the basics of mortgages and loans, how pre-approvals work, and much more. Tyler walks us through the steps of a hypothetical home buying situation from pre-approvals to closing and explains typical down-payment amounts, common red flags with realtors, and how taxes come into play. He also discusses what sellers look for in offers, how to use the market to your advantage as a buyer, and what you can do now to best position yourself for a loan and to successfully make mortgage payments.

Key Takeaway / Points:

Catching up on our high school history, including when Tyler was my mom’s assistant
Why the mortgage and home buying process is confusing and overwhelming for so many
The basics of what a mortgage is
Tyler walks us through a hypothetical home buying process and gives his advice on essential first steps
The pre-approval process and the basics of getting a loan
On typical mortgage down-payments and how mortgage insurance works
How taxes come into play with home buying
The value of reputation and referral for brokers and realtors
Red flags to look out for with realtors
What sellers look for in offers and homebuyers, including contingencies
The hectic nature of the housing market right now
What happens once an offer on a house is accepted, from attorney review to closing
Why you want to invest in thorough inspections as a homebuyer
How appraisals work and how they influence contracts
How to use the market to your advantage as a buyer
Tyler’s advice for best positioning yourself to get a loan and make mortgage payments