I have worked with a lot of people in the mortgage industry with different credit scores. I have worked to help many people from all different walks of life to get into a new home. Some have been extremely grateful while others complained through every step of the process. While we are all different in nature, we are supposed to treat everyone the same.
So why are some people happy while others seem to always be upset. I have thought about this many times and it’s very easy to think it’s about the money. Whoever has more is happier, right? Not really, Continue reading
Every week we hear the same thing, “I want to get prequalified but I do not want you to pull my credit because it will lower my credit score.” This is most often followed by “What are your rates?”
Let’s first of all, get the rate question out of the way. Continue reading
Out of control
What are you talking about? Who are they? Where did they get my information? How can they do that? This is all out of control!
We still hear this all too often how many people’s information miraculously appears in the hands of collection companies without their knowledge.
The worst offender is the Continue reading
But, It’s My Money
There is no doubt that most of us work hard for every dollar we earn. Not everyone has inherited a million dollars. But no matter how we get our money, we must prove that it’s yours if you want to use it purchase a home with a mortgage loan.
There are a few major rules when it comes to mortgage loans when purchasing real estate for residential use. Continue reading
Understanding Your Position
Hearing bits and pieces from different people about mortgage loans doesn’t make you an expert or entitle you to obtain a loan. No one likes or wants to be denied and being denied could cost you thousands for dollars.
Getting a clean and detailed pre-qualification is extremely important, prior to entering into a purchase and sales agreement. Under RESPA a Realtor has no right to demand or force you to get pre-qualified by one of their preferred lenders. Unfortunately, there is really no-one going to enforce those laws. The CFPB will only go after the big companies and those creating multiple infractions. Understand that no lender wants to mess with the CFPB however there are a lot of Realtors who believe it won’t happen to them; they believe no-one will ever know.
Getting pre-qualified is actually for your benefit
- It will first help guide you to stay within your budget.
- It helps give the Realtor more negotiating power on your behalf.
Your choice of lender should always be yours just as work to find the right Realtor to handle your best interest. Most often buyers make the mistake in going directly to the listing Realtor. You need to think about who’s best interest the Realtor has in mind before proceeding with an offer. Remember the Realtor is a sales person not your attorney.
With your pre-qualification in hand, ask your loan originator what will be all of the expectations and process for you to get your loan fully approved and funded. Make sure you understand the process and the conditions you could be facing prior to putting down a large earnest deposit. Today’s real estate contracts can be slated and if not handled correctly with proper communication your earnest deposit money could become that of the sellers and Realtors very fast.
Generally, in most real estate listing agreements, the listing agent has a clause that allows them to keep 50% of the earnest deposit money. This money is then split with the selling Realtor, yes your Realtor. So be cautious about how much money you really want to secure the property with when signing the purchase and sales agreement. One mistake or unforeseen condition with your loan process could have you losing thousands of dollars and while the Realtors still get paid.
Contact us, get your facts, know the whole truth, understand the process and the conditions you will face and we will see you at a happy closing table.
Every year we enjoy a great weekend at the end of May. We spend time with family around the pool and most certainly have the BBQ going for all to enjoy a great meal. Many of you will spend time at the beach soaking up some sun, having a festive time or simply relaxing.
I hope that at one point in this weekend where ever you are; we all take a moment to pause and remember we could not enjoy this time without many of our Soldiers or Marines at one time or another hitting the beaches under heavy gun fire. Many of these men paid the ultimate price for us to be free, to enjoy such privileges. Remember them and I hope you all have a safe and happy Memorial Day weekend!
Being a Responsive Consumer
Our office is structured so that all calls or emails get returned by the end of the business day. The office is set up with coverage from 8:30am until 7pm and we also have staff on call after hours and on the weekends. We know how important it is for the consumer as well as the Realtors to have access to us. We understand the importance of the time frames in your purchase and sales agreements. We only wish you did too.
In order for you as a buyer and your Realtor to be competitive in the market it’s important to Continue reading
In the past I have written about many different things that happen in our office or industry. Some of these things have been absolutely frustrating, others unbelievably funny. Whether out of anger or awe, I have always wanted to share my perspective with the hopes that others could learn and benefit from.
Over the past couple of months, I have to deal with some very unscrupulous people in different transactions. These transactions involved people Continue reading
Paying With Cash
Why are you using all cash?
What are the benefits?
Is it a comfort thing for you or are you that wealthy?
What are you saving or missing out on?
These are some big questions when you think about the depth of each one.
Whenever I hear someone say that they are using cash, I remind myself life is short.
When we are young, we ask ourselves if we are we going to get there.
When we are older we tend to say, slow down let’s enjoy the moment.
Then I wonder where are these people in their life? Continue reading
Born to rent
For many years, I have worked really hard to try in get as many people in to a home as possible. Many obstacles need to be overcome. The right home needs to be found or built, the right school area, the proximity to jobs, the right number of bedrooms, the right home owners insurance policy, down payment and grant moneys were needed, debt to income ratios needed to be met, credit reports needed fixing and money needed to be saved.
Getting into a home is hard work for all involved, it’s something one has to earn as it’s not given away freely. The concept of grant money, down payment assistance and first time home buyer programs are so broadly misunderstood.
These programs often require the potential borrower to take a credit class, in some cases costing $200 or more, and then only to find Continue reading