In this episode of The Jones zone, Darryl Jones sits down with Joe Omahen, a mortgage banker of Cornerstone First Bank (Mortgage Bank). Darryl discusses with Joe about the possibility of seeing 5% interest rates, why it's not necessary to put 20% down, and why a forced-placed insurance is something you should avoid.

Episode Highlights:

• Not necessary to put 20% down.
• Lock your loan.
• Be wary of the buyers policy.
• Impact on insurance from fires.
• Fall out of escrow because of no insurance.
• Beware of lenders.

Key Questions Asked:

• What are some of the bigger mistakes borrowers/buyers make?
• What advice would you give buyers in this day and age?
• What other costs are typical for a buyer?

Guest Information:

Cornerstone First Bank

Joe Omahen - jomahen@cfmtg.com

Contact Darryl:

Darryl & JJ Jones Real Estate

Email: darrylandjj@gmail.com

Phone: (714) 713-4663

In this episode of The Jones zone, Darryl Jones sits down with Joe Omahen, a mortgage banker of Cornerstone First Bank (Mortgage Bank). Darryl discusses with Joe about how to leverage your money using your credit, the maximum amount of a loan, and if rates are going to go lower.

Episode Highlights:

• Different types of loans.
• You don't have to be a first time buyer for an FHA.
• Positive economic news means rates go up.
• Not challenging getting a loan (available money)

Key Questions Asked:

• What other loan types are there?
• What is private mortgage insurance?
• What does positive economic news mean for rates?
• Who are buying these houses

Guest Information:

Cornerstone First Bank

Joe Omahen - jomahen@cfmtg.com

Contact Darryl:

Darryl & JJ Jones Real Estate

Email: darrylandjj@gmail.com

Phone: (714) 713-4663

In this episode of The Jones zone, Darryl Jones sits down with Joe Omahen, a mortgage banker of Cornerstone First Bank (Mortgage Bank). Darryl discusses with Joe about the debt to income ratio, the mistake of spending after being pre-approved, impact of AI, and how to leverage your money using your credit, the maximum amount of a loan, and if rates are going to go lower.

Episode Highlights:

• Difference between a mortgage banker and mortgage broker.
• Difference between pre-approval and pre-qualification.
• How credit has an effect on getting a mortgage.
• Debt to income ratio.
• Spending after being pre-approved.
• Running your credit doesn't lower.

Key Questions Asked:

• What is the difference between a mortgage banker and mortgage broker?
• What is the difference between pre-approval and pre-qualification?
• Does credit have an effect on getting a mortgage?
• What is debt to income ratio?
• Should you spend after being pre-approved?
• Does your credit go lower if it's ran?
• Has AI affected the industry?
• What is Fannie Mae and Freddie Mac?

Guest Information:

Cornerstone First Bank

Joe Omahen - jomahen@cfmtg.com

Contact Darryl:

Darryl & JJ Jones Real Estate

Email: darrylandjj@gmail.com

Phone: (714) 713-4663