getting preapproved: Can I Still Get a Loan if I Don’t Have Perfect Credit? – FAQ #12
- 10/12/11 08:35 AM
This is probably one of the biggest misconceptions that a lot of consumers have about getting approved for a loan and ultimately the biggest reason why so many potential buyers remain on the fence about jumping off and doing what they need to do in order to buy a home.
I talk to people every week who want very much to quit renting and buy their own home but they are so afraid of taking that first step – contacting a lender to see what they qualify for! They have heard from so many – their friends and family and … (13 comments)
getting preapproved: Fence Sitters??? Shadow Buyer Inventory??? Future Clients!!! OH YEAH!!!
- 09/08/11 08:49 AM
I recently came across The "Other" Shadow Inventory by JPhilip Faranda that discussed all the buyers out there working with Realtors/agents, looking at properties but who will probably never result in the purchase of a property. But it was Karen Fiddler’s Buyer's On The Fence.....Waste Of Time Or Pipeline that struck home for me. While JP may be presenting the realities of his experiences in his market, for me, here in my market, today’s fence sitters and shadow buyer inventory are future buyers/borrowers. Like Karen, I too have several different client pipelines and while some of these are active … (48 comments)
I recently came across a New York Times article about "Job Jugglers", young people who find they are working long work weeks with more than one job. After completing their educations (with a boatload of school loans), these young folks not only strive to stabilize their financial means by doing whatever they have to but they rather enjoy it and really don't want to limit themselves to just one job. The article goes on to state that this trend is probably not going to change anytime soon. "The likelihood of this generation devoting their professional life to just one job … (15 comments)
getting preapproved: There is No Such Thing as a "Golden Buyer" Anymore - GET PRE-APPROVED FIRST!!!
- 05/14/11 09:39 AM
I recently came across What do you mean, you need a letter from my Lender? by Tish Lloyd and it reminded me of some of the referrals I'm getting lately as well as some of the prospects that are contacting me. Tish blogs about the "old days" and what Realtors used to do back then. It reminded me of my own "old days" (circa 2002) where prospective buyers could "lock & shop". Buyers would get pre-approved, lock in their rate and then go shop for a home.
Needless to say, those days are over and for a lot of Realtors … (69 comments)
I recently had an interview for an article on "why a mortgage puts a home buyer at a disadvantage and how can buyers beat out the cash bidder" by Amy Hoak from Market Watch. While I understand that reporters typically can't publish the entire interview, I just wanted to comment on some of the ways I recommended to Ms. Hoak how the finance buyer can make their offer appear stronger that she wasn't able to publish. First and foremost, I recommended that prospective buyers get "pre-approved" for a mortgage and not "pre-qualified". I went on to explain the differences between these two processes. … (28 comments)
As a Mortgage Loan Originators (MLO) here in Los Angeles & Ventura counties, I work with a lot of low-medium income first time buyers who are using dpa to purchase their first home. I personally love it when my borrowers are thinking about their future investment needs. In my continuing series of answering some of the frequently asked questions that I get from prospects and clients, in Part 9, I want to answer a … (12 comments)
getting preapproved: How Do You Know When You've Chosen the Right Mortgage Loan Originator (MLO) for You?
- 03/03/11 08:58 AM
I recently came across "Over-lawyering"--I have probably lost the client; I will definitely not change the way I practice by Elliott Topkins. Elliott, who is a real estate attorney in MA, relayed a scenario where one of his clients complained that he was "over-lawyering". Seems the client isn't happy about how prudently Elliott is in looking out for his client's best interests. When I started in the mortgage industry in 2002, I discovered that so many of the prospective borrowers that I spoke to and worked with knew very little about their loan options and even less about the mortgage process. … (17 comments)
This immaculate 3bd/2ba, Marigold home with nearly 1,400 sq. ft. is in move-in condition. With new paint and plush carpet & wood flooring. This corner lot has incredible views just waiting for the right family to move right on in. This is not some dumpy REO or a short sale or another home that needs a lot of work. This is a wonderful home with motivated sellers.
With easy access to freeways and local shopping, this Castaic home is also just minutes from Castaic Lake as well as Pyramid Lake where boating, swimming, fishing and camping are favorite pastimes for residents … (14 comments)
getting preapproved: What Kind of Paperwork Do You Need to Pre-Approve Me? FAQ - #3
- 01/07/11 06:04 AM
In my continuing series of some of the most frequently asked questions that I get from consumers and prospects who contact me about affordable home loan options, in Part 3, I will discuss the type of documentation that is necessary in order to complete the pre-approval process. Most Realtors/agents won't even show prospective buyers available property without a pre-approval letter. Without speaking to a lender about their financial and personal information, neither the prospective buyer nor the Realtor/agent knows how much the buyers can qualify for or what type of loan they will be getting and it's pointless to even start looking … (12 comments)
This super sharp, single story, 3bd/2ba, Castaic cul-de-sac home with nearly 1,400 sq. ft. is in move-in condition. With a tile entry, upgraded carpet, new blinds is super neat and clean. This home also has wonderful curb appeal, a two car garage w/ cabinets, private yard w/ covered patio, corner lot w/ views is just waiting for the right family to move right on in.
With easy access to freeways and local shopping, this Castaic home is also just minutes from Castaic Lake as well as Pyramid Lake where boating, swimming, fishing and camping are favorite pastimes … (6 comments)
The other day, I read a post by Cynthia Larson titled The Chicken and the Egg of Real Estate, which I really liked because of the message that Cynthia was promoting in her post - BUYERS NEED TO GET PRE-APPROVED BEFORE LOOKING AT PROPERTIES AND MAKING OFFERS. Personally, this is the absolute best message and advice that any Realtor can be giving their clients and prospects right now. While I do not know what the markets are like in other parts of the country, being a mortgage gal here in Los Angeles & Ventura counties, I want to preface … (22 comments)
getting preapproved: GEEZ LEWEEZ! I HAVE GREAT CREDIT, WHY CAN'T I GET A LOAN? (30DC12)
- 09/07/10 10:34 AM
Today I read a post by Greg Nino titled Geez leweez Does Anyone Have Good Credit Anymore??? Gawsh!. Greg was bitching complaining blogging about all the losers prospects he was getting lately and wanted to know if everyone else was having a hard time finding qualified buyers. While I do agree with Greg that there are definitely a lot less "qualified" buyers out there now than in previous years, the primary reason for that is that lending guidelines are so much more stringent now than before. Almost every day, I get calls and/or emails from prospects looking for info on getting … (13 comments)
This morning, Karen Fiddler posted Pipeline Building.....Compassion, Generosity, Intelligence, which I found to be a really great post. So much so that it inspired me to post my own thoughts on this particular subject. I am a Mortgage Loan Originator (MLO) and have been for eight years now. I have always believed that one of the duties and responsibilities of my position is to inform and educate my clients as well as consumers and prospective home buyers who contact me, about their specific loan options and how I can assist them with their specific mortgage needs. Over the years, I … (4 comments)
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