In this episode, I talk to Jay Sills, a mortgage broker, who explains the role of Fannie Mae and Freddie Mac in shaping the mortgage industry. These entities, often likened to siblings, set guidelines that banks follow, allowing them to sell mortgages and free up capital. They buy bundled loans from banks, facilitating the mortgage process. Sills highlights the importance of these entities in making homeownership accessible, influencing interest rates, and providing flexibility in loan criteria. Jay also mentions the continuous education required for mortgage professionals and encourages individuals to understand mortgage guidelines to navigate the home buying process better.

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Disclosure: Jay Sills is my brother and the person who inspired this podcast. If you connect with him through Someone Had to Ask and close a loan with Barrett Financial Group, I may receive a referral fee. The topics we cover and the questions I ask are not shaped by that arrangement — my only goal is that you walk away better equipped to ask better questions.

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Music: "Easy Lemon (60 second)" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 4.0 Licensehttp://creativecommons.org/licenses/by/4.0/

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This podcast is hosted by Captivate, try it yourself for free.

https://someonehadtoask.captivate.fm/support