Do I Need a Mortgage Broker? with Jill Wagner

This month, I've got a mixed bag of topics, and I'm tagging in my amazing training team at Financial Gym to help me Gymsplain some of them and also give perspective on what they see on a daily basis from clients. In these first two episodes of this month, I'm talking about home ownership. I always say that it's expensive to get into a home, and it's expensive to get out of a home. Given how expensive it is these days, it's a decision not to be taken lightly, and honestly, it's a decision that is becoming less and less important for many of the clients we see.   

Joining me today is Financial Gym Trainer Jill Wagner, who is also a licensed real estate agent and mortgage broker, to talk about what mortgage brokers do, why and when you would want to utilize a mortgage broker, and common mistakes and misconceptions when people are buying homes, especially first time home buyers.  

What are we drinking? 

Jill – Lacroix Passionfruit  
Shannon – Black Cherry Schweppes  

Podcast Notes 

Jill's Background  

  • Background and Passion: Jill's interest in real estate started early. At 19, she purchased her first home, renovated it with her husband, and sold it for a profit. Her love for HGTV shows like This Old House fueled her passion.   

  • Career Path: After moving around the world and spending 30 years in education, Jill's interest in real estate investing was reignited. She became a buyers agent, helping people get into homes, and later, a life coach, combining all of her talents, passions, and interests.   

  • Becoming a Mortgage Broker: Jill took the opportunity to become a mortgage broker, studying and passing the exam. She enjoys learning and helping clients through one of their most expensive and impactful purchases. Her goal is to help people feel comfortable and understand the process.   

  • Role as a Trainer at The Gym: At The Financial Gym, Jill combines her skills in coaching and finance, assisting clients with their financial goals. Her experience and expertise in real estate and mortgages is a huge asset as a Financial Trainer.   

Working with a Mortgage Broker 

  • Advantages of Using a Broker: A savvy buyer will use a broker to shop around for the best rates and programs rather than relying solely on a loan officer at a bank who might offer limited options. They learn about your needs and can provide options best suited for you.  

  • Comparing Offers: Brokers can often secure better rates because they work with wholesale lenders. They can help you compare different mortgage options. This is something you can do on your own, but it takes time. They do the research and shopping for you.   

  • Understanding Loan Types: Jill briefly explains the nuances of different loan types (FHA, VA, USDA, and conventional). The best loan will depend on each person's finances and goals. There are many mortgage details, and a broker can explain everything in depth to ensure you understand the whole picture.   

  • Shopping Around: Buying a home is one of the biggest expenses of your life. It's important to shop around and compare different loan options to make sure you're getting the best fit. A mortgage broker can do this for you, which can be especially beneficial for folks with untraditional income or other circumstances.   

Practical Mortgage Advice  

  • Down Payment: You do not need 20% down to purchase a home. Homeownership comes with more expenses than just the mortgage, so it's important to have liquid cash after your purchase, even if that means a smaller down payment. 5% is a great goal, but some loans require even less.   

  • Private Mortgage Insurance (PMI): This is typically required for conventional loans with down payments less than 20%. PMI premiums vary based on the loan amount, down payment size, and credit score. Once enough equity is built in the home, PMI is no longer required.   

  • Gift Rules for Down Payments: Saving for a down payment is a big goal. You can receive a gift to help you with the down payment. Receiving help from family is common when purchasing a home, and your loan officer will have the information needed to complete that process.   

  • Pre-Approval and Pre-Qualification: Pre-qualification is the initial step to gauge your potential loan amount. It's more of a rough estimate. After pre-qualification, the pre-approval process provides a more accurate and reliable assessment. The amount of money you're approved for is not necessarily what you can actually afford.    

  • Choosing a home: You may be pre-approved for more than you're actually able to afford. When you're searching for a home, you're looking for one that's in your budget. If buying a home is one of your goals, don't let interest rates scare you. Refinancing is always an option later on.    

Takeaway: My biggest takeaway is that if home ownership is a must-achieve goal for you and your financial situation is less than ideal, maybe you need to look at alternative lenders or resources like mortgage brokers to find a solution that's right for you. 

Random Three Questions 

  1. Are you adding more properties to your portfolio? 

  2. What do you do to relax? 

  3. If you were given $20k for travel, where would you go? 

 
Connect with Jill Wagner  

Jill Wagner, Financial Trainer & Loan Officer
Email - jill@mortgage-trust.com 
Jill is licensed in: WA, OR, CA, & MN 
Website: mortgage-trust.com 
Company licensed in: AL, AZ, CA, CO, CT, FL, ID, MN, MT, NM, NC, OR, SD, TX, UT, WA 

 

Company name: Mortgage Trust (and/or Mortgage T in AL, FL, MN, NC, SD, TX, and UT) 
Company license number: NMLS 3250 
Loan Officer: Jill Wagner 
Loan originator license number: NMLS 2479786 

If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear. 
 
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way. 
 
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and Retirement. As a reminder, we work with individuals, couples, or business owners.  
 
The exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services, available for people looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company. We literally have a solution for you, no matter where you’re starting from. So what are you waiting for? Head over to or send friends to financialgym.com to get started today. Our warm-up calls are free of cost and judgment, so you have nothing to lose. 

Shannon McLayComment