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How to Choose the BEST Mortgage Option with Brenna Carles

There are many mortgage options available to people these days. However, not all of them are suitable for every individual. Find out how you can choose the best mortgage option for your STR business in today’s episode with Brenna Carles, Founder & CEO of The Mortgage Shop.

Choosing the right mortgage option for you can be difficult. There are many factors to consider, such as down payment, interest rates, Debt-to-Income (DTI) ratio, and closing costs. It’s important to know what these factors mean so you can make an informed decision about your mortgage choice. Brenna explains the different types of loans for people investing in short-term rentals and the best types of mortgage loans for people with a low down payment.

Additionally, she explains the difference between mortgage preapproval and mortgage prequalification and gives strategies you can use to keep your Debt-to-Income (DTI) ratio low.

 Tune in for valuable insights!

STR Sisterhood Survey: https://b5074ntfg57.typeform.com/to/YDldB8gU

 Timestamps for the key highlights in the episode

[03:43] Who is Brenna Carles? Her backstory and how she got into short-term

 rentals & mortgages 

[07:50] The different types of loans for people investing in short-term rentals

[11:30] The second home loan/ vacation home loan requirements

[15:45] What is a conforming loan, and how is it different from Debt-Service

 Coverage Ratio (DSCR) loans?    

[17:17] Projected rental income vs. established rental income

[19:20] Which loan products require projected rental income, and which products

 require established rental income?

[20:36] Best types of mortgage loans for people with a low down payment

[23:27] Strategies you can use to keep your Debt-to-Income(DTI) ratio low

[27:44] The difference between mortgage preapproval & mortgage prequalification

[29:27] When should you start the preapproval process if you are looking to

 purchase a property?

[31:17] The lightning round:

●     Where is your favorite place to vacation?

●     What’s one place you’ve never been to that you want to visit?

●     What’s one thing you know now that you wished you knew when you

started out in the short-term rental business? What’s the best piece of advice you’ve ever been given?

●     What’s one thing and/or person that you are grateful for today?

●     [38:47] How to connect with Brenna Carles

 

Notable Quotes

●     “You need to have a purpose in what you are doing, and you need to see how that can make a difference in other people’s lives as well.” [34:21]

●     “Do everything you do with your heart. Look at why you want to do it, and be honest with yourself.” [34:51]

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Let’s Connect!

Follow Brenna Carles on;

●     Website: https://mortgage.shop/

●     Email: [email protected]

●     Facebook: https://web.facebook.com/themortgageshop.co

               : https://web.facebook.com/groups/213655084107624

●     Instagram: https://www.instagram.com/the.mortgage.shop/

●     YouTube: https://www.youtube.com/@themortgageshop7615

Connect with Stacey St. John

●     Website: https://staceystjohn.com/

●     Instagram: @stacey_st.john

●     Facebook: https://www.facebook.com/stacey.s.john.9/

●     Female Short-Term Rental Investors Facebook Group: https://www.facebook.com/groups/911671659592801

 

 To book a free consultation with Stacey: https://bit.ly/3FUd454