Auburn Investment Properties Podcast with Chris Kearns

Episode 023: Mortgage Broker Interview: Barry & Gleason Jones (Part 1 of 2)

• Chris Kearns, Barry Jones, Gleason Jones • Episode 23

Share episode

In this episode, I share an interview Barry & Gleason Jones of Cross Country Mortgage in Auburn.  Barry has been in the mortgage business in Auburn for a long time, and his son Gleason is following in his footsteps.  Actually, Gleason worked for me one summer, about a year before I sold all of my apartments.  He was a hard worker then, and I'm sure he is still a hard worker now.  The information and wisdom we get in this episode is hard to beat, so if you want to learn about loans and the mortgage process, I think you'll get a lot out of this conversation.  ​It went so long, it ended up being a 2-parter, but you can see the breakdown of topics covered in each episode below...

PART 1:

  • Gleason's lessons from being a landlord
  • ARM's - are they still out there?
  • How do THEY determine your credit score?
  • Intro to Condo loans
  • Importance of accurate details on loan applications
  • How do you determine if it’s a 2nd home or investment property?
  • How are the loans different for a 2nd home or investment property?


PART 2:

  • Interest-Only & Construction Loans
  • HELOC - what are the maximum limits you can borrow?
  • Can you pledge other assets instead of / as a part of your down payment?
  • Approved sources for down payment assistance?
  • Let's talk about seasoning
  • Buying as an LLC vs buying in your personal name
  • Deeper dive into condos
  • Where are we in the loan cycle compared to 2-5-10 years ago?
  • A quick look at the reasons for so much development in Downtown Auburn
  • What type of loan would you recommend as the best for an investor?
  • Broker’s advice: How do I come into your office and get the best loan?


Links from this episode:​​