6 LIES About The First Time Home Buying Process

Рет қаралды 20,354

3 жыл бұрын

I share 6 truths all first time home buyers need to hear about the home buying process including information about first time home buyer programs, student loans and credit scores!
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Hi, I’m Nicole Nark, a full-time Realtor® at HomeWay Realty Realty in Little Rock. I came to Little Rock with the love of my life, I am a proud Mom of two furbabies (Mini Schnauzer Mix and German Shepard), a Graduate of Communications from the University of Arkansas-Fayetteville and Honor Graduate of Arkansas Real Estate School in Little Rock.
I believe that home ownership lays the foundation for a life of financial security and freedom.
From building equity in a home, to the tax benefits it provides, buying a home is the most important financial decision most people make during their life. For this reason it is important to work with a professional who is committed to act as an advocate for you and your best interests.
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Пікірлер: 84

@cassieshaffer8613 3 жыл бұрын

I've seen people with excellent credit and sizable down payment still be denied! Its all about the lender! Leinholders have all the power to make things happen. Then I've seen people with high debt and they bought a home!!!

@shirleyar2010 3 жыл бұрын

What?! 😱

@madmoni4262 3 жыл бұрын

I'm going through this process right now...June 14th is my closing date (fingers crossed) it is a stressful process. The lenders will ask you the explain something multiple times esp if they don't understand. Working with a great Realtor and lender makes all the difference. Great video!

@NicoleNark 3 жыл бұрын

Thanks for sharing and watching Monica! Happy to hear you will be closing soon! 🎉🏡

@lindasantiago8733 3 жыл бұрын

Good luck. I send you good vibes.

@iammarlishia5233 3 жыл бұрын

Congrats! Closing day june 22nd! Excited

@CeeJay-pr5eg 3 жыл бұрын

I've never really felt connected to others while listening to there channels, But Nicole you have a gift that draws a person in, to want to listen, your smile is real your body language is real we hear and feel the sincerity in your words along with knowing your being truthful that takes the cake. Thank you for education your guidance is very well appreciated wanted and need Thank you again Houston Texas

@NicoleNark 3 жыл бұрын

Thank you so much for your kind words! You just made my day. It truly is my mission to help others by sharing my knowledge and shining light onto the confusing world of real estate. Happy to hear the video helped you! 😊

@CeeJay-pr5eg 3 жыл бұрын

Your very welcome your greatly appreciated

@jaylenssimon7019 3 жыл бұрын

Awesome 👌job !!! Nicole; you're being globally more than helpful, making a whole lot of difference.

@eugenealfred6150 3 жыл бұрын

6 truths I definitely needed to hear Nicole you are always hitting it out of the park. Please keep it coming for a soon to be a new home buyer like myself!!!

@NicoleNark 3 жыл бұрын

Thanks for watching, Eugene! 😊

@tonya5516 2 жыл бұрын

Thank u so much for doing this channel!!! You’re a blessing❤️☀️

@biz4smitty 3 жыл бұрын

Really great information and yes your opinion does mean a lot! The IBR approved acceptance options surprising to me. Thank You very much!!!

@GUHAANANDH 3 жыл бұрын

Thanks for sharing great tips on your videos. Recently I have been following your channel as I and my wife are looking to settle down with a home in next few months. Thanks for all the valuable tips. Please keep Posting more specific about navigating this crazy 2021 housing market over the generic tips. 🙂🙏

@NicoleNark 3 жыл бұрын

Thanks for watching Guha! This is an interesting market to say the least! I will be sharing more tips and stories on how to navigate it soon!

@pomaikainaleo2530 3 жыл бұрын

AWESOME as always, Nicole. Thank you for always using a realistic example in your presentations. These examples give us the “aha” moment or a “wake up” call. Thank you very much.

@NicoleNark 3 жыл бұрын

So happy to help! I myself learn best from stories and examples so I always try to share some to further clarify topics! 😊

@lourdescadenas7359 2 жыл бұрын

I bought my house six months ant took me the same time to find one. I was blessed because I got an interest of 3% in Dec. 2021. I don’t regret because I’m planning to live there for more than ten years. If you’re are looking for one don’t give up. Your I’ll find one just be patient. I was ready since 2020 but I was listening to channels where they were saying about a housing crash. That never happened instead the houses went up. The house I bought was 18% up from a year ago and it was because listening to you tubers. I think the house will go down but not like 2008.

@NicoleNark 2 жыл бұрын

I am happy that you found a house and that you were able to lock in that low interest rate! 😊

@yvette3831 2 жыл бұрын

Thank you for the invite. You are awesome! I am interested in buying a home.

@CarlosDiaz-kn9tp 2 жыл бұрын

Thank you for the information 😊

@revilsdr 2 жыл бұрын

One of the biggest confusions is preapproval for a mortgage just because you get a “pre-approval” does not mean at all that you’re actually going to qualify for that amount or even qualify for the loan at all. Often once you start the loan process they run your credit and really start looking at your financial situation you don’t actually qualify for the amount they pre approved you for or it gets rejected during the underwriting phase for some crazy bank overlay. Unless your credit scores like 400 almost every banks gonna tell you that you’re preapproved for a mortgage. It’s always good to have a back up plan or another lender you can use if for some reason your loan gets denied somewhere in the middle of the process.

@OsalamiOmisoore 3 жыл бұрын

Great information as always!

@kachindubuisi2333 3 жыл бұрын

So true Nicole! I wonder why lenders use gross income as opposed to net income Thanks for the information!

@NicoleNark 3 жыл бұрын

It's crazy! 🤔

@evangelistaalbertomercedes7905 3 жыл бұрын

Hi Nicole, great information thank you. I have a brother that have a car loan balance of $17,000 for which he pay $351 every month. That is his only debt every month, he is in the $85,000 range annually. would that car loan affect his chances to buy a house, or should he bring down the car balance first before getting a pre approval for a house?

@creolediva65 Жыл бұрын

Just finished application for Rural Development

@chelseaj9286 3 жыл бұрын

Could you do a video of the paperwork for a loan and the process to get from loan to Home?

@NicoleNark 3 жыл бұрын

Hi Chelsea, check out my video on the 12 Steps to Buying a Home. You will find a lot of the information you need here. kzfaq.info/get/bejne/gLh4mbpknZyRXZs.html

@mr.castillo2310 Жыл бұрын

Good afternoon I enjoy the information that you're giving out one of the lies that lenders have been telling me for awhile is that I don't need to wait 2-years when it comes to hourly employment Plus overtime pay I went from a salary job to an hourly job and was told 3-4 months ago that I didn't have to wait two years but I've been getting back and forth from different lenders and finally decided to wait a few more months at my job and it will be 2 years I actually see that as a benefit because I will have more overtime for them to average just wanted to know your thoughts about that issue if you have the time to respond thank you

@jacebeleren3591 3 жыл бұрын

Is grant education a thing you do? I would like to understand all of the pieces before I play the game.

@abisanchez9676 3 жыл бұрын

Girl this video was not good for my anxiety. But it’s the truth!!

@NicoleNark 3 жыл бұрын

I know! 🥺 But trust me, you will be a better home buyer with your knowledge! Knowing the truths of the buying process and market will help you make the best decision for yourself!

@1onsight852 3 жыл бұрын

You are always on point. I cut through the chase and got my pre approval through the credit union. Easy process no back and fourth BS. The only one not doing the right thing is the broker. I do virtual viewing now, so tired of driving out to see 🗑️.

@aemc2932 3 жыл бұрын

Hello, I'm new to your channel, your so informative with everything and I appreciate it all!!! me and my husband are in the process of buying a house right now first time homebuyers and I was wondering if you already or can you make a video explaining what a ( SELLER MULTIPLE COUNTER OFFER IS) and what to look out for tips etc thank you❤️

@NicoleNark 3 жыл бұрын

Welcome to the channel Aemy and thanks for watching! 😊 A seller multiple counter offer means that a seller has received multiple offers and in order to get the best terms for themselves, they will counter multiple of the best offers currently on the table with new terms. When a seller does this, they must also send you as the buyer a disclosure saying that they are countering other buyers in addition to you. If you do not agree to the seller's terms on the counter, you can walk away and find a new property. If you do agree to the seller's terms on the counter, you would sign off on the counter and submit it back to the seller. At that time, the seller will review the multiple counters that were sent out and choose only one to accept. So long story short, even if you agree to the seller's counter, in a multiple counter offer situation you are not guaranteed the house until the seller has chosen your contract and re-signed it! Hope that helps!

@aemc2932 3 жыл бұрын

Thank you so much for replying and taking the time to respond makes sense now!!!. Thank you !

@esmondb 2 жыл бұрын

I remember my first home. Ugh that was the worst. The lenders put you thru the grinder even if you have a great credit score and 20% down. I almost cursed out my lender for how tedious the process was lol!

@cartyleadershipcenter8321 3 жыл бұрын

Great video. I really liked the explanation and examples behind each item. I am excited to share with my friends and family. Off to the next video.

@wildrosecottage9844 2 жыл бұрын

You are like the only person who can pull off red lipstick 💄🤩

@Homesteadhappyhour 3 жыл бұрын

Another great one

@NicoleNark 3 жыл бұрын

Thank you!

@exterMEnator83 3 жыл бұрын

Who or why would anybody thumbs down this video🙄🤔

@NicoleNark 3 жыл бұрын

Haters...🙄

@amomentofjenn 3 жыл бұрын

So I have a question about student loans- I have student loan debt, but my husband does not. But we’re married. We applied for our pre-approval through his name. So do we have to worry about the student loans being factored in if everything is in his name? Thanks so much for taking the time to make such an informative video! I really appreciate it! 🙏🏼

@phamryder 2 жыл бұрын

Student loan is considered a debt so it will affect your DTI. My wife and I both had student loans and they took that into our DTI. They basically use that to check how much you can actually afford based on your income and debt responsibilities

@phamryder 2 жыл бұрын

But to your question, if your husband is applying for the loan, they will look at his DTI and credit score and not consider yours since you’re not the one applying for it.

@yaseenms 2 жыл бұрын

You should get the loan whoever has the best credit and include both in the title. If you both are in the mortgage the credit is calculated on your average. But this needs lot of trust.

@MsTee-eh1qn 3 жыл бұрын

Love the info!

@NicoleNark 3 жыл бұрын

Thanks for watching, Ms Tee! 😊

@MsTee-eh1qn 3 жыл бұрын

@@NicoleNark thank you your content really help ease the anxiety in this convoluted process we don’t have to wonder and worry so much. 💫

@tanyaherrill9571 3 жыл бұрын

Thanks for info🥰

@NicoleNark 3 жыл бұрын

@@tanyaherrill9571 you are so welcome! 💕 Thanks for watching!

@sanhitasuraneni2549 2 жыл бұрын

Hello Nicole. Thank you for making such videos, it's definitely helpful. Me and my husband are planning to start our home buying journey. We live in Washington state which is a very hot market right now. Can you please connect with some realtors in this area. Appreciate your help. Thanks

@NicoleNark 2 жыл бұрын

Hello, Sanhita! I would love to help you find a great agent! Please fill out this form so I can learn a little more about where you are in the process 🙂 HomeWayAR.com/agentmatch

@sanhitasuraneni2549 2 жыл бұрын

@@NicoleNark hey Nicole, I have filled out the details on the form you shared. Looking forward to hearing from you back. Thanks 😊

@Rosalva24 2 жыл бұрын

I love you videos!

@NicoleNark 2 жыл бұрын

Thank you so much 😊

@sharonburton2850 3 жыл бұрын

Could you send me the list for me to look at it so I could find me a home

@CyFi6 3 жыл бұрын

You need to collaborate with Javier Vidana

@NicoleNark 3 жыл бұрын

I agree!

@sharonburton2850 3 жыл бұрын

I want to buy a home in Kingsport Tn I have no money for a down payment an this will be my first time home an my premernit home

@JKL0223 3 жыл бұрын

please be my real estate agent lol the market in California right now is so crazy

@WandaResende 2 жыл бұрын

🙏🙏🙏🙏

@moneymanfernando1594 3 жыл бұрын

Yeah, just wait until after the bubble pops .

@lindasantiago8733 3 жыл бұрын

Im so sad now. 😭

@pauledward7023 2 жыл бұрын

Please tell those to wait a year, the cost will save them money This market is done

@maryprater9218 2 жыл бұрын

I thought that the government changed the 1% to .5% concerning students loans.

@NicoleNark 2 жыл бұрын

The change from 1% to .5% is only applicable to FHA loans! I made this video before that rule was changed. You can find a full video on the FHA changes when it comes to student loans here: kzfaq.info/get/bejne/oqihnpedqMXbeaM.html

@maryprater9218 2 жыл бұрын

@@NicoleNark Thank you Nicole, you are a blessing!

@jussgotlifted3822 3 жыл бұрын

Question...I went to the American Credit Council site and was directed to a First Time Homebuyers program available through a company called FRAMEWORK. I assumed it was a legitimate company and paid $75 to take the course. I have completed 2 of the 6 courses in a couple of hours and the info just doesn't seem very indepth. Did I waste my money or is it the certificate I am truly paying for?

@gelic428 3 жыл бұрын

We are also under process to get the Bank of America grants ($17,500) and one of the requirements is the First Time Homebuyers certificate through framework which cost $75. We completed all the courses, moved through it pretty quickly bc I've been researching most of the covered subjects. After completion we also had a counseling that lasted about 2 hrs. Our counselor discuss everything we needed to know about the whole process. She also went through our budget and gave a few pointers, and really made sure are ready. After that we received our certificate right away and submitted to the bank.

@jussgotlifted3822 3 жыл бұрын

Well, it sounds like Framework is legit. Thanks for your response.

@BirdFinder100 3 жыл бұрын

I make 6 figures with a credit score over 700. My students loans are literally blocking me from buying a home. I’m so angry and frustrated about that. This economy is backwards. I got the degrees, in order to land a job, that would allow me to purchase things like a home but the same thing that’s supposed to help me, is hindering me. If you can, avoid accruing student loan debt at all costs.

@TheBumshack 3 жыл бұрын

6 offers made, all 10k over ask price... all denied. Fml

@TheBumshack 3 жыл бұрын

Ah, that's also me paying sellers closing, 3k earnest minimum. And lease extensions

@TheBumshack 3 жыл бұрын

Use letters as well... sellers don't care

@yeseniacollier6476 3 жыл бұрын

They don't. Its sad right now 😢

@Wisdomkey7 3 жыл бұрын

The title of this should be 6 truth not 6 lies

@donotthecat6075 2 жыл бұрын

Wish this video was plain and simple. This didn't have to be 12 mins😐

@gulfportgyrl8798 2 жыл бұрын

Is your name missing a word? "Do not the cat" do not what the cat?

@donotthecat6075 2 жыл бұрын

@@gulfportgyrl8798 its a cat meme I saw, its a sign in a vet i believe. It said "Do not the cat", but i think it meant to say "Do not pet the cat" but someone probably misspelled it haha