Terrance and Demeeka Cobb are the Founders of the BGW Home Team, also known as @marriedrealtors_florida to their large social media following. This real estate power couple started posting on social media in November 2020 with the mission of helping everyone Build Generational Wealth through homeownership, and since then their vision has taken off with almost 700k followers and over 200 million video views across Instagram and Tiktok in the last 18 months.

From homeownership to investment opportunities, many families have been excluded from the American Dream and BGW Home Team is here to change the narrative one social media post at a time. Demeeka, the face of BGW Home Team, aka @marriedrealtors_florida, is very intentional about providing tips and step-by-step videos that make buying a home simple, which provides a window into real estate that most of her followers wouldn’t know about. Her energy radiates through every video and she’s not afraid to look silly and show off her lack of dancing skills to get her message across.

In a recent interview, Demeeka said, I genuinely love what I do, and being able to serve my community has been therapeutic for me. Even if I don’t get to meet each person, I know many people wouldn’t have purchased their first home without my videos and that gives me all the energy I need to keep going.

Terrance and Demeeka make it clear that having the right Realtor and lender is the key to becoming a homeowner. The Realtor you choose should be educated on the different ways to qualify and should be able to explain these options to you. Many buyers don’t know they can qualify with less-than-perfect credit and those with less than 20% down can still become a homeowner. For those with minimal savings, there are also options for down payment assistance and seller assistance that can help too.

Buying a home is a big decision that requires careful thought and consideration, but it can also be one of the most rewarding decisions. BGW Home Team is big on industry transparency and their comedic approach helps their followers make informed decisions that give them the extra confidence they need to become a homeowner.

For nationwide real estate news, tips and information, follow BGW Home Team (@marriedrealtors_florida) on Instagram and Tiktok or visit www.bgwhometeam.com to start your journey today.

Demeeka Cobb breaks down why you can’t qualify for a mortgage

      

Demeeka, COO and Founder of BGW Home Team (@marriedrealtors_florida) takes pride in educating her clients through the home-buying process. Today she’s sharing the top 3 reasons why most clients get approved for a mortgage.

#1 – Debt to Income Ratio (DTI)

Most lenders are looking for a 50% or less DTI, including all of your existing debt on your credit report and your new mortgage payment. For instance, if you make $5,000 per month you can only safely use $2,500 towards your current debt and your new mortgage payment. If your current debt is $1,500, that leaves you with $1,000 to use towards your mortgage.

#2 – Credit Score

Although most lenders will accept a 580 credit score, this is not the ideal credit score for the best interest rate and lenders see lower scores as risky. This is also usually a clear indicator of other credit issues such as late payments and collections which can hurt your chances of approval.

#3 – Savings

Savings is the key to buying a home. There are many options for down payment assistance, but most will require a 640+ credit score. Down payment assistance also comes with a higher interest, which will significantly decrease your buying power. Aside from your down payment, you will also need to save for your closing costs (2-4%), home inspection ($450+), and appraisal ($750+).

For more real estate tips, be sure to follow Demeeka Cobb on all socials at BGW Home Team (@marriedrealtors_florida)

Buying a Home? BGW Home Team Shares 4 Things to Avoid

                                             

Terrance and Demeeka Cobb, Founders of BGW Home Team (@marriedrealtors_florida) are dropping more gems about the path to homeownership and the things you should avoid if you want a smooth closing.

First things first, do not open any new lines of credit once you start the Pre-approval process as this could jeopardize your credit score and DTI. Also keep in mind that lenders have the right to pull your credit up until the day of closing and most payments of them do, so hold off on buying that new sectional until after closing.

The second thing you want to watch out for is keeping your employment history consistent. Do not change jobs during the pre-approval and closing process without speaking to your lender or you would jeopardize your closing and potentially lose your home. Keep in mind that most lenders require 30 days of paystubs before you can close on your home so if you switch jobs after you’re under contract you will have a hard time keeping your financing.

The third thing and a really big one is that you don’t want to make any large purchases, deposits, or withdrawals that will raise an eyebrow with your lender. Lenders want an explanation for every transaction that happens, especially large ones so try to avoid this once you start the pre-approval process. Any large deposits that are made will need to be sourced which means the lender will need to see where this money came from before the funds can be utilized for anything dealing with your home purchase.

Finally, don’t decide to get married or divorced once you’re in the pre-approval process because this could affect your pre-approval and buying power. There are some states like Texas for instance that require you to count your spouse’s debt even if they are not on the mortgage. So you want to ensure that you’re careful about making these major life decisions before you close your home.

For more real estate tips, be sure to follow Demeeka Cobb on all socials at BGW Home Team (@marriedrealtors_florida).

Media Contact
Company Name: Married Realtors LLC
Contact Person: Demeeka Cobb
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Country: United States
Website: www.bgwhometeam.com