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Interview with Michelle Oteri of Allied Mortgage - YouTube
Channel: Jen O'Hanlon, Martha's Vineyard Realtor
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okay so you just were all started and
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ready to go should I start see like all
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this is gonna get cut out hi everyone
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I'm Jen O'Hanlon's with Wallace and
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company Celebes international realty and
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I am here today in Edgartown with
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Michelle Oteri with allied Mortgage
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Group and she is going to tell us a
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little bit about what she does and so
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Michelle can you tell me how you got
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into the loan business and mortgages I
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have been doing it for 28 years now I
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started out as a receptionist when I was
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19 it was just a temp job and I just
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liked it and just kept you know moving
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up the reigns and so what what what sets
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you apart from you know going to a bank
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and or working with you yes I am a full
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service mortgage lender so same as a
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bank but when the program doesn't fit
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into that perfect box like a bank they
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would say we can't do financing for you
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I have the opportunity to be a broker
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and go find a bank or an investor that
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will do the loan so I can essentially
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just about finance anybody and what is
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the number one question that people you
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know when they first call you and
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they're thinking about making a purchase
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what is you know question they usually
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get from people I would say the biggest
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thing is downpayment people think you
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need to put 10 to 20 percent down and
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that is just not true you can put 3
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percent down you there are programs with
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no money down and it really you know
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opens up the doors to a lot of people
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for buying a house with three and a half
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percent down or right 5% down so yeah I
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know of a lot of people who ask me and
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they'll say oh do I need 20%
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and so what is the difference so when
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you know I know there's more good
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private mortgage insurance that people
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pay sometimes and when does that come
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into play when you don't put 20% down
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you do have to have mortgage insurance
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or if it's FHA if it's private mortgage
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insurance premium those are two
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interchangeable words okay if somebody
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is purchasing that for their primary
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residence yes is that when you can do
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less than the 10% correct
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second home and investment properties
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require larger down payment because it's
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a higher risk so you're going to be
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looking at 10 to 15% down for those
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programs okay and on the island you know
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we have a lot of people who are buying a
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second home or an investment property
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and you know sometimes I have this
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question asked of me is what's the
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difference between investment property
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and a vacation home or a second home
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well if it's an investment property you
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can actually use rental income to
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qualify where a second home you would
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have to carry your primary mortgage and
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the second home okay so that would be a
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difference and that just really depends
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on incoming qualification oh great okay
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can I drink water okay so you and I were
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talking the other day about construction
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loans and something that I found really
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surprising was the rate that you had was
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I think similar to something for primary
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residents that true regular loan as
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opposed to a construction loan yes yes
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that that's an investor that I use and
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they are just trying to get into the
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construction market so they're just
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offering excellent rates oh great oh
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this question is another not a question
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but this is something that I've learned
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mostly is talking to you over the past
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several years but there are certain
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things that buyers should not do what
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are the things that somebody needs to be
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aware of that they should not do before
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they close very important definitely do
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not quit your job do not buy a new car
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do not get any new credit if possible a
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lot of people have gone out and gotten
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all-new appliances all new furniture and
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that you get to the closing table
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we repol credit and they don't qualify
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anymore so any major purchases wait
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until after the closing any job changes
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I mean if you have to change a job
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that's fine but don't quit a job without
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another one lined up and maybe call you
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first oh that's what I tell people call
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Michelle okay so anything else you want
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to talk about I know I can tell
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everybody where your office is you are
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in Nevin Square in Edgartown and people
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can just stop by you're upstairs
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anything else so something that some
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people don't really like to talk about
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but let's put it out there credit
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score's
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some of us aren't awesome about paying
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our bills on time and or we have things
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that happen to us in life so I am
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wondering you know what do people need a
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really great credit score or how does it
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work can you can they buy a house if
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they don't have perfect credit they can
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I mean it's best to have as high credit
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score as you can get I work with people
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doing that beforehand if they do have a
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few credit blemishes but I can do loans
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for people in the 500s so if they
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absolutely they're going through a
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divorce and they got horrible credit but
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they have money to put down get into the
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house work on their credit for a couple
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months and then refinance to get a lower
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rate because we can do loans in the 500s
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it's just that the rates are gonna be
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higher okay and what do you recommend
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for people if they do need to work on
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their credit call me before they want to
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buy a house I worked with some customers
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a year depending on how bad a shape
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they're in I can give them pointers I
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can tell them exactly what to do so just
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get in touch I'm happy to just consult
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with people and go over a game plan okay
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perfect so to close I would love to know
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what you love about the business I do
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love helping people they love educating
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people about the process because it is a
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scary scary huge thing that you're
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purchasing so just it's fun too
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help people buy at home too so it's
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rewarding okay
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it's great asked like how many years
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she's yes those the beginning I don't
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know where you were
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