How To Get Approved for the Best Mortgage

A mortgage is one of the best ways to leverage you money, especially for real estate investors. Today, I have one of the most knowledgeable people I know when it comes to mortgages. Elysia Stobbe is a mortgage expert who has closed over $300 million in residential mortgages. During the real estate downturn of 2006, Elysia not only survived, but she thrived.

She is an expert in VA mortgages and helping first time home buyers. She has been featured on FOX, ABC, NBC, CBS, and more. She is a national speaker and bestselling author. We talk about different types of mortgages, the importance of good credit, real estate for investors, the state of the real estate market, and the new tax laws.

Ask LoralElysia Stobbe Books

• [01:17] Elysia started in sales about a quarter century ago. She started investing in real estate on the side and loved it.
• [01:38] She transitioned over to the mortgage industry about 15 years ago.
• [01:46] She's done everything from cash flow investing to notes.
• [02:33] We are long overdue for a market correction. If you look at the market cycle, every 8 to 12 years there is a downswing.
• [02:54] It looks like a slow decline may have started in March. It's not a big huge crash.
• [04:00] Seattle, Washington is on fire they are not experiencing any type of decline. Big cities like New York are seeing less transactions closed.
• [04:43] The average sale price is also starting to decline.
• [05:33] A lot of new investors are jumping into the market. These people definitely need guidance.
• [06:18] From an investor standpoint, there are still great properties available that cash flow.
• [06:42] Stick to your system with real estate investing.
• [07:11] Money rules that investors frequently break. Investing without having a plan. Having money discipline and having a budget or financial freedom plan. Living above their means.
• [09:07] How to pick a mortgage that is right for you. Go through the options and choose the plan that is right for you. Not asking enough questions and doing enough due diligence.
• [11:10] Credit is critical to your interest rate and how much you can qualify for. Credit is fluid. It is critical to keep an eye on your credit.
• [12:13] People with great credit scores have more access to money across the board.
• [12:50] Don't spend more than you can afford pay your bills on time every month.
• [13:13] For investors, the down payment is a function of their specific plan. The great thing about real estate is that it is an amazing opportunity to leverage.
• [14:31] Any mortgage is a personal decision. Over all reverse mortgages depend on whatever cash is available and can help some people.
• [16:30] The number of mortgages you can have depends. The economy right now is ripe for investors to take advantage of leveraging.
• [17:28] People used to be capped at 10 mortgages, but now the cap is back up to 20. A married couple could leverage on 40 mortgages.
• [18:43] IRAs are a great opportunity, and people don't do enough of it.
• [20:24] The new tax laws do help several states benefit. The more people educate themselves, the better things will be moving forward.

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