Renting vs. Buying with Lori Gibson

An average two-bedroom rental in Virginia Beach is currently between $1300 and $3000 a month.  Lori Gibson thinks that’s insane. Why give all that money to someone else, when an affordable home purchase has a monthly payment of around $1600?

In this episode, I’m speaking with Lori, a Senior Mortgage Banker at Atlantic Bay. With over 35 years in the industry and 15 as a mortgage banker, Lori has helped thousands of clients purchase and refinance their homes. Lori and I talk about the “recession” fears propagated and inflamed by the media. It’s no wonder people are scared and not buying, but have you considered buying now, and refinancing later?

Lending Forward is a weekly podcast hosted by Taylor Ellard and powered by Atlantic Bay Mortgage Group.  We bring you raw stories from real people in the mortgage industry. We're covering what's next in lending, forward-thinking, and reflecting on lessons learned from Mortgage Bankers, Realtors, Financial Advisors, Coaches, and more! How are you lending it forward?

Founded in 1996, Atlantic Bay Mortgage Group® is a privately owned mortgage lender headquartered in Virginia Beach, Va. Atlantic Bay has been recognized as a Top 100 Mortgage Company in America, Best Mortgage Company, Most Enjoyable Place to Work, and an Inc. 500 Fastest Growing Company.

Discussion Points:

• Lori Gibson’s family has been in the industry for years
• A history lesson: rates were near 13% in the 80s and no one cared
• The ebbs and flows of the market continue, but this is definitely a slow time
• The industry has been spoiled by the last few years of interest rates
• Advice to potential buyers - don’t be frightened by the media
• Buy a cheap house and renovate
• Buy a cheap house and sell/repurchase your dream later
• Staying positive in a hostile/negative media environment

Resources/Links:

Lori Gibson at Atlantic Bay

Lori Gibson LinkedIn

Taylor Ellard LinkedIn

Atlantic Bay Mortgage Group