Homebuying Myths and Realities with Bob Driscoll
In this episode of Behind the Curtain: Money Made Simple, Julie Beckham speaks with Bob Driscoll, Director of Consumer Real Estate at Rockland Trust, about the myths and realities of buying a home. Bob explains why there is no universally “bad” time to buy, why a 20% down payment isn’t always necessary, and how first-time homebuyer and down payment assistance programs can create opportunities. They also discuss the value of getting pre-approved, understanding your credit, working with a loan officer you trust, and starting the education process well before you’re ready to make an offer. Bob encourages prospective buyers to stay curious, understand their options, and keep the joy in the homebuying process.
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Key Points From This Episode:
[00:00:00] Show introduction.
[00:00:49] Julie introduces Bob Driscoll and the challenges and aspirations surrounding homeownership
[00:02:49] Why Bob considers the idea that it’s a bad time to buy a home a myth
[00:05:58] Keeping the home search enjoyable and knowing when to step away and reset
[00:08:13] Why buyers don’t necessarily need a 20% down payment
[00:08:51] How someone can qualify as a first-time homebuyer after previously owning a home
[00:09:31] The importance of sharing your full financial story with a loan officer
[00:10:52] Income guidelines for down payment assistance programs
[00:11:25] HUD median income and affordable homeownership programs in Massachusetts
[00:15:40] Why different mortgage lenders may have access to different loan programs and resources
[00:20:03] Why getting pre-approved is an important step before seriously pursuing a home
[00:24:14] Building trust and maintaining open communication with your loan officer
[00:25:21] Why a perfect credit score isn’t required to buy a home
[00:28:21] Why it’s never too early to speak with a loan officer
[00:28:32] How long a mortgage pre-approval lasts and when to revisit it
[00:29:43] Pre-approval as a no-cost, no-commitment opportunity to understand your buying power
[00:30:24] Bob’s advice to prospective homebuyers: stay curious and start learning early
[00:31:13] What motivates Bob to help borrowers and make a difference in communities
[00:32:07] The money advice Bob wishes he could erase: waiting for a 20% down payment before buying
[00:33:12] Separating financial needs from wants
[00:33:39] Bob’s challenge to listeners: track spending and build an honest budget
Links:
Rockland Trust: https://www.rocklandtrust.com/
Julie Beckham on LinkedIn: https://www.linkedin.com/in/julie-beckham-05589534
Bob Driscoll: https://www.rocklandtrust.com/personal-banking/loans/bob-driscoll
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
All credit products and services are subject to underwriting and approval Rockland Trust is an Equal Housing Lender.
