Episode 82. Mortgages 101: A Basic Bitch’s Guide To Buying A Home
OUR HOSTS:
Corinne Foxx - @corinnefoxx
Natalie McMillan - @nataliemcm and @shopnataliemcmillan
What we're drinking: 2007 Chateau Suduiraut Sauternes
TOPIC:
Today, we’re breaking down the basics of homebuying. We define the key terms that are associated with the process, common misconceptions about mortgages and homeownership and how to determine which type of loan is right for you. We also give an overview of how the whole lending system functions and get to the bottom of who Fannie Mae and Freddie Mac are. Whether buying a home is top of mind or a distant dream, this episode is meant to help you decode mortgages and understand everything that goes down between pre-qualification to move out day.
In this episode, we discuss:
A step-by-step guide for buying a home, condo or property
What it means to be ‘pre-qualified’ for a loan and where to go to do that
Corinne’s homebuying experience
How banks and lenders get money for your loan
Pros and cons of fixed rate and adjustable rate loans
What happens when you want to move before you’ve paid off your loan
The process of refinancing a loan
END OF THE SHOW:
Corinne and Natalie introduce Hottie of the Week: Brad Pitt
WINE RATING:
2007 Chateau Luderante Sauternes = 7.5 / Brad
WRAP UP:
To wrap up the episode, we play an AIDTR original game called Facts and Hacks! Nat shares her discovery that you can get free audiobooks through your local library. Corinne’s hack is that you can schedule a Finance Friday into your weekly routine where you take 30 minutes or so to go over your financial portfolio.
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