Josh Montgomery, New Paradigm

09/04/2024

🚨 Here is the deal! Downpayment is not the the thing holding you back from being a homeowner. 🚧 Here are the 3 things that prevent you from access to homeownership.

1️⃣ Credit Challenges: Your credit score is key. Poor credit can limit your options and result in higher interest rates.

2️⃣ Debt-to-Income Ratio: High monthly payments, like car loans or student debt, can reduce how much home you can afford. Reducing debt can increase your buying power.

3️⃣ Competition: In today’s market, competition is fierce. You may have to act fast or face bidding wars, especially in popular areas.

💡 Pro Tip: While saving for a down payment is important, it’s often not as big of a hurdle as people think, thanks to low down payment options. Additionally, there is a window right now where rates are the lowest they have been in over a year, while still being a buyers market. Sellers concessions are still happening meaning you could get into a home with as little a 0% down.

Ask questions, and don’t let these challenges hold you back from your dream home! 🏡 If you are trying to get into a home, or have questions about the one you are already in, I am only a DM away.

08/12/2024

‼️‼️ATTN FIRST TIME HOMEBUYERS‼️‼️

What are some MORE myths about home buying that you need to be aware of in your journey to homeownership 🏠 🔑 😃

1. “You must buy your forever home” - ❌, my dream home has a pool, a three car garage, indoor basketball court and a helipad for my weekend trips to Turks and Caicos. 🏝️HOWEVER that wasn’t my budget.

2. “It’s to unpredictable right now” - ❌, think long term! Home values just in the last 10 years have an annual growth rate of about 7.2% avg. (for context the S&P growth rate in that same span is about 9.2% avg.)

Additionally the stock market is a higher Rick meaning more growth whereas real estate (DIRT) is a more stable and tangible asset.

3. “You should waive inspections to win a deal” - ❌, if someone is telling you to do this, I don’t like them. 😂

08/08/2024

3 Tips I have learned from an FBI Negotiator!
(from the book Never Split the Difference -Chris Voss)

When it comes to being a First Time Homebuyer negotiation on the price of the home, concessions, lender fees, home owners insurance, repairs etc.

The List GOES ON, as a first time homebuyer your Realtor, Lender, and Homeowners Insurance Rep will all be negotiating on your behalf to make sure you are getting the best house, the best terms, and the best coverage.

If you help first time homebuyers, here are three tips for negotiation.

1. The Power of Empathy - Understand the emotions and perspectives of your counterpart to build trust. This approach helps uncover hidden motivations and can lead to more successful negotiations.

2. Accusation Audits - Understand the emotions and perspectives of your counterpart to build trust. This approach helps uncover hidden motivations and can lead to more successful negotiations. You can do this by saying things like "it sounds like you feel ... " "I imagine that makes you feel ..."

3. The Late Night FM DJ Voice - a calm, slow, and soothing tone when delivering critical information. This helps to lower the emotional intensity of the conversation and can make your counterpart more receptive to your message.

What are some tips that you have learned when it comes to Negotiation?

06/28/2024

‼️‼️ATTN FIRST TIME HOMEBUYERS‼️‼️

I’ve said this a couple of times, a market crash is not happening! Escoecially locally here in Nashville! 🎵🌇

So “waiting for the market” is only trully affecting one person and its YOU 📰 🙋‍♂️

Sure its a tougher market and you cant buy a half a million dollar home like you WANT 🏡

But lets play this game, you soend 1,700 a month on a rental for 3 years starting now. Lets say it goes up 100 a year too. You would soend 64,800 on housing with 0 to show for it. 🎉😭🥹

Now lets say you get a 2,200 mortgage, in three years you would have paid off 79,200 off your loan and gained 5.5% year over year according to the annualized average growth rate. (Ex. 300k home in 3 years would be worth 349k) ‼️🙃‼️

Thats ALOT to show for 3 years of payments 📈🥖

Thats the true cost if waiting, you may bot be ready for the DREAM house, but a lot of people leverage their equity to GET that dream house. And that Rental wont provide any equity 🤯🤯🤯

06/25/2024

Dear First Time Homebuyer the best time to buy a home (post 2008 housing crisis) is when you can! 🏘 📣

The reason I say that is because the Franklin Dodd Act passed in 2009, which requires lenders to take into account how much you can afford to pay for a mortgage month to month; so it may seem annoying that lenders are asking for all your documents but in the end it is to your benefit! 💸 🗒

When you are buying your first home, especially if you are planning on using the home as a WEALTH BUILDING tool!!! You do not want to move into the new home feeling house poor. Lenders have Debt to Income Ratios that they have to consider that actually take this into account. However you still need to consider a couple of things when getting preapproved for your first home! 👩‍👩‍👦‍👦 🗝

1. YOU WILL BE PREAPPROVED for the tip top of your budget! So if you are preapproved for a $450,000 dollar house, I would recommend finding something well under that range

2. YOU WILL BE PREAPPOVED of your gross income, lenders will not take into consideration how much is pulled from your paycheck for things like healthcare, taxes, retirement etc. (for instance if you make $5,000 a month gross you may only make $4,000 a month net)

3. YOU WILL BE PREAPPROVED off of the debts in your credit report, so expensive monthly obligations like heating/cooling, groceries, daycare, car maintenance are NOT included in your affordability.

All of this to say you may be preapproved for a$450,000 home but that doesn't mean you can afford the payment. This is why you need to tell your lender your monthly budget for a mortgage and specifically look for a home in that price range, even if you could preapprove for more. 👜 💰

05/24/2024

As a lender, I CANNOT stress this enough! 😩 😡 🙏

If you are a first time homebuyer, you need representation and it needs to be a pro! 🤓

The statistics are proof that if you want the home buying process to go smoothly, and in your favor; representation matters. 📊

So when you are looking to buy your first home, don’t just google “Realtor in my area”, instead get preapproved through a lender and ask them “who do you work with that would be a good fit for my situation” and I promise you!! The experience will be much better! 😊

05/22/2024

Did you know that in Nashville, there is such a shortage of homes that natives are being pushed out of state? 🤯

According to WZTV Nashville, reports show that Nashville has to create 5,000 extra units a year to keep up! 🔨 🏠

Nashville Chamber of Commerce said 70% of workers make on average $60k or less a year, while numbers show that you need to make 70k a year to live comfortably especially if you’re close to downtown! 🌆 💰

Pair that with construction being down about 34%, and we have a simple supply and demand issue when it comes to housing in the Greater Nashville Area! 🎵 🌃

08/16/2023

🏠 Don't let rising rates 📈 hold you back! It's time to tackle the problem faced by those of us in the pursuit of first time homeownership. Now is the time where competition is small in terms of people purchasing homes.💪🌟 Take charge of your dreams – partner with a trusted advisor and expert to map out your path to owning a home & kickstart generational wealth. Let's Get Started, I am cheering you on!

08/09/2023

5.0 star review received on Experience.com for Joshua Montgomery by Gustavo C - I would say Joshua is a very professional and knowledgeable guy and I would highly recommend him to do your loans.

Click to see all 12 reviews of Joshua Montgomery, Loan Officer | NMLS # 2271557

06/12/2023

Hey guys!!! Rachael O'Neill and I will be hosting a free first time home buyers webinar on June 21st at 6pm via Facebook. You can learn all you need to learn to get in a home, right from your phone! Use the link below to sign up!! Also please reach out if you have any questions!!

https://furthermoreacademy.ck.page/9128eb9c8a?fbclid=IwAR2wwqeUY0HXEOSg7PeWzNu7MtXvaNlaiLWP8m2Y9hehsZLFRNWzXAau3Ys_aem_th_ARh5dyDc0-3IivcguUtz-yrGn7Tgbm2-J__vE5BE8gp8GDq1ajBGZydC54ZHmgfqkSQ&mibextid=Zxz2cZ

Get all of your questions answered and learn about the home buying process from two experts with tons of experience. We will teach you everything you need to know about buying your home, whether it's your first time or your first time in a long time.