You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source!
Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals.
No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property!
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Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney ~~~~
Need a Lender Recommendation?
Email mindy@biggerpockets.com
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Connect with Jon on BiggerPockets:
https://www.biggerpockets.com/users/jonlallande?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
7 Mortgage Qualification Tips for Borderline Borrowers:
https://www.biggerpockets.com/blog/mortgage-qualification-tips-borderline-borrowers?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Ask These 19 Questions to Find the Best Mortgage Lender:
https://www.biggerpockets.com/blog/questions-ask-mortgage-lender?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
5 Tried-And-True Ways to Improve Your Credit Score:
https://www.biggerpockets.com/blog/improve-your-credit-score?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Connect with Jon on Instagram:
@jonlallande22 or
https://www.instagram.com/jonlallande22/ ~~~~
Work with Jon’s Preferred Lender, Jale:
jale@alsedteam.com
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Find a Local Bank Near You:
https://directory.icba.org/11928/Map ~~~~
Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests:
https://www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none Finance Friday:
https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Connect with David and Mindy on BiggerPockets:
David:
https://www.biggerpockets.com/users/usmc3140?utm_source=youtube&utm_medium=description&utm_campaign=none Mindy:
https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none Episode 303
Show notes at:
https://www.biggerpockets.com/blog/money-303?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Intro
03:36 Mortgage Qualification Tips
11:00 Getting Around Lender “Overlays”
18:11 Boosting Your Credit Score BEFORE You Apply
27:26 PMI and Buying With Low Money Down
30:07 The Downside of Deductions
38:15 Getting Preapproved Out of College
40:31 DTI (Debt-to-Income) & VA Loan Myths
52:36 How to NOT Commit Mortgage Fraud
59:52 Final Financing Tips
01:01:26 The Famous…2
01:02:44 Wrapping Up Jon’s Lending Lessons
