In this episode of Real Talks on the Rocks, I sit down with Scott Hill, who is the owner of Hill Mortgages based in the Bay Area. Scott goes over his honest assessment of getting the right buyers in the right homes and talks about the difficulties of informing buyers when the price of the home exceeds their means. Scott also talks about what you can do to be able to afford a great home in a high cost off living area, such as the San Francisco Bay Area.
Chapters:
00:00- Preview
00:46-Intro
01:25-What you don’t know about mortgage brokers
04:48-Expectations people have about financing a home
09:19-the debts that most people are carrying
12:27-The 4 basic steps to wealth
15:30-Buying power examples
23:01-Do mortgage calculators work?
25:30-Buyers remorse
33:40-expenses: renting vs. owning
37:35-Buying for investment vs. primary residence
41:28-How much down payment do you REALLY need?
45:45-When housing inventory will SPIKE in the Bay Area
51:05-What the average Bay Area family can afford
54:55-Different home loans and their strategies
59:12-Is a 15-yr mortgage better?
1:04:12-What are reverse mortgages
1:16:38-How will Trump’s policies affect the interest rates?
1:22:30-ways to cover closing costs
1:29:11-Which homes appreciate the fastest