Mortgage Matters – What Buyers Need to Know Right Now with Mike Plata of Loan Depot

In this brand new episode of Mortgage Matters, host Steven Padernacht sits down with Mike Plata of Loan Depot to break down the real truth behind getting approved for a home loan. After a brief hiatus, the series is back — and this episode is packed with practical guidance for buyers, homeowners, and anyone thinking about entering the market in the next 6–12 months.

Steve and Mike dive into the fundamentals that every buyer must understand:
✔️ Credit and how it affects your rate
✔️ Income — especially for 1099 earners and the self-employed
✔️ Assets and preparing properly for cash-to-close
They simplify what can be an overwhelming process and explain why mortgages are nothing like applying for a credit card or car loan. Mike also breaks down Schedule C income, common tax mistakes self-employed buyers make, and why planning ahead is the key to qualifying smoothly.

They discuss:

🏠 How to prepare a year in advance if you want to buy a home
📉 Why over-deducting on tax returns can hurt self-employed buyers
🚗 How car loans destroy debt-to-income ratios — and what to do instead
📊 Where mortgage rates are heading in 2025
📈 Why the 5% range could be the market’s turning point
💼 What lenders actually look at during pre-approval
🏦 How the government shutdown impacted mortgage data and rates

Along the way, Steve and Mike keep the conversation real, relatable, and packed with insider tips — from dealership financing traps, to the truth about Fed rate cuts, to how buyers can set themselves up for success long before they step into a home search.

The episode also includes a heartfelt shout-out to Christian Babcock, who helped build this series and is in our thoughts and prayers as he recovers.

🎧 Tune in to learn how to navigate today’s mortgage market confidently — and avoid the costly mistakes that could delay your homeownership goals.

🔗 Connect With Mike Plata (Loan Depot):
📱 Call/Text: 646-772-9461
🌐 Apply Online: https://www.loandepot.com/loan-office...

🔗 Connect With Host Steven Padernacht:
🌐 Website: https://stevenpadernacht.realscout.com/
📸 Instagram:   / steve_pad  
🎥 YouTube:    / @stevenpadernacht  
📘 Facebook Page:   / smprealty  
🌐 LinkedIn:   / smprealty  


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