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07: Making Your Finances Mortgage Ready with Kim Bean


Episode description

A home is one of the biggest purchases you’ll make in your lifetime, so why do people know so little about it? Todays’ guest, Kim Bean, has been a mortgage loan officer for decades and has seen the ups, downs, and behind the scenes of the industry. 

Today, Kim shares tips on things like how to improve your credit score, analyzes options to consider when looking at your mortgage, and offers advice on how to go about your own process. To learn how you can apply these insightful tricks to your own financial life tune into this episode of Your Best Financial Life with Scott Malbasa.

Show Highlights: 

  • What Kim does and how she got into the business 
  • Different hats mortgage loan officers wear 
  • Being on a team with underwriters and mapping out the process 
  • Making deals make sense and supporting that 
  • How things differed before and after 2008  
  • The process clients go through for a mortgage 
  • Tips for raising your credit score 
  • The “what if” scenario 
  • Keeping up with your history of past credit 
  • Going through the process of unfreezing credit and Equifax 
  • Consumer credit score vs. the mortgage credit report 
  • Evaluating the down-payment and different scenarios 
  • Factors that apply outside of the mortgage and the interest rate 
  • Analyzing common scenarios and having two mortgages 
  • Overlooking pre-approval and rushing the process 
  • Bridging the gap between buying a new home and selling the old one 
  • Understanding what risks clients are comfortable with 
  • Approaching the process of building a house 
  • Keeping an eye on interest rates and locking it in on permanent financing 
  • Keeping up with multiple clients 
  • What changes in the mortgage world as rates increase
  • The process that occurs when a child is the primary buyer with parental support 
  • Determining mortgages for retired individuals 
  • Conservatively balancing funds and setting up payments 
  • The biggest reoccurring surprises 
  • Being educated on your finances 
  • Tools to get transparency in your credit 
  • Checking your statements and evaluating your amount to live comfortably 



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