#56 Give Me Some Credit

Path to Progress with Paul Heintzman and John Ackerman

JON SANDERS, MORTGAGE LOAN OFFICER AT STOCK YARDS BANK & TRUST, SITS DOWN WITH US TO EXPLAIN MORTGAGES. JON BREAKS DOWN THE TERMINOLOGY AND GIVES US TIPS ON HOW TO GET A MORTGAGE FOR YOUR DREAM HOME.

Some questions answered in this episode?

• How did Jon Sanders first get into the mortgage business?
• How are mortgage rates determined?
• How often do rates change and what are the current rates?
• What are the most important things to think about when you're looking to buy a house?
• How do you know if you're ready to purchase a house?
• What advice would Jon give to somebody purchasing their first house?
• What is the debt ratio and why is it important?
  • What is a good debt ratio?
• How much should you save for your down payment?
• What is Fannie Mae?
• What is mortgage insurance and how big does your down payment need to be to avoid it?
• What information do you need to provide to get a mortgage?
  • How does it change if you're an entrepreneur?
• What is a good credit score and when should you be worried about it?
• What is Jon's opinion on 15-year vs. 30-year mortgages and people paying off their mortgages early?
• What is the biggest issue Jon sees with millennials purchasing houses?
• When is somebody ready to reach out to Jon about purchasing a house?
• What is refinancing and when should somebody refinance?
• What is a home equity line of credit?
• How does an escrow account work?
• What are unexpected fees when purchasing a house?
• Who is the perfect person to buy a house?
• Should somebody pay off their mortgage early?

LAST CALL QUESTIONS AND ANSWERS:

• What's the best career advice you've received?
  • Be yourself.
• What advice would you give to your 22 year old self?
  • Be yourself.
• What's the best purchase you've made in the last six months?
  • Begonias (flowers).
• What is your definition of success?
  • Doing something you genuinely care about.
• What book/documentary would you recommend?
  • Wendell Berry poetry
• What's your favorite thing to drink?
  • LaCroix with Vodka
  • West Sixth IPA

SHOUTOUTS:

• Brewgrass Homebrew Supply
• El Mundo
• Frank Otte

Be sure to learn more about Jon and say hey by connecting with him on Linkedin or Twitter, or email him at [e-mail].

Have any topics you want to be covered or amazing people you’d like us to interview? Let us know! You can email us at [e-mail]. You can also find us on Facebook, Instagram, Twitter, and Linkedin. Please be sure to subscribe to our weekly mailing list at drunkenmoney.com/subscribe.