As a lifelong Chicagoan, entrepreneur, and real estate broker, I love everything about this city...but the one thing that makes Chicago so great is the amazing people. On this weekly podcast, We want to pull back the curtain and introduce you to some of the sharpest minds in business, education, and politics so that you can learn how to scale your business faster and more efficiently and achieve greater success in your professional and personal life! You are going to learn from some of the highest-paid experts, entrepreneurs, and business leaders about their specific tactics, strategies, and insider tips on leadership, leverage, technology, hiring, and building an amazing culture so that you can create the success and the change you’ve been looking for. I’m Young Lee…. Welcome to the Success Game. Also, be sure to subscribe, if you haven't already, so every podcast gets sent straight to you and you don't have to go searching for it! See you next week on the Success Game!
https://younglee.captivate.fm
episode 19: Mortgage Made Easy with Steve Smith
Steve Smith is a 15 year veteran of the mortgage originator business. He’s also a man of many talents: he’s a musician, singer, and award-winning fisherman! As a mortgage advisor he’s here to answer all our mortgage-related questions with Young Lee on this illuminating episode of Chicago Business Review.
Fannie Mae and Freddie Mac are federally backed home mortgage companies created by the United States Congress. They buy and guarantee mortgages issued through lenders in the secondary mortgage market. Steve is talking about Fannie and Freddie and where interest rates are likely to go, as he encourages first-time buyers to lock in a rate early on.
Don't just take property advice from a family member! There are more options available to consumers than ever before and people like Steve Smith are expertly positioned to walk you through the mortgage process and prepare you for owning property.
Perspective has a lot to do with how we view the interest rates and the changing property landscape, and thanks to Steve's 15-plus years of experience, his perspective is worth its weight in gold!
(on having a fixed mortgage rate) “It’s worth not having sleepless nights. Because when rates go up, they can go up in a day. We can start today at 6.125 and end today at 6.5. And we’ve seen it happen!”
In This Episode:
- What is going on with interest rates?
- Steve’s real estate background and how he got into the mortgage industry
- Understanding ‘flow down’ – renegotiating a lower mortgage rate
- The value of having your property underwritten by a lender
- Misconceptions and mistakes that first-time buyers make
- The importance of being fully underwritten
- Flawed buyer mentality of believing you can't get a loan
- Refinancing your property and renegotiating your lending rate
- Understanding the benefits of owning property sooner
- Setting up a home equity loan for family emergency spending
And so much more!
Connect with Steve Smith:
- Website - Steve Smith at Proper Rate (NMLS #217419) - SVP of Mortgage Lending Bannockburn, IL 60015
- Email - steve.smith@properrates.com
Connect with Young Lee:
- Facebook - Young Lee | Facebook
- LinkedIn - Young Lee - Host of the Chicago Business Review Podcast/Show