Michael Dunsky's Mortgage Blog

What Does a Pre-Approval Letter Mean To a Seller?

Michael Dunsky (Guaranteed Rate ) — Wed, 04 Apr 2012 12:55:34 -0700

In today’s world, home-buyers needs a pre-approval letter before any seller will take them seriously.

A buyer needs to be pre-approved before they can make an offer on a home because the pre-approval indicates they’ve been approved to afford a certain loan amount. The best real estate agents make sure their clients are pre-approved at the beginning of the home buying process.

It is also important to know that a pre-qualification letter is NOT equal to a pre-approval letter.

A pre-approval letter means that the lender has independently verified your credit, income, and all the factors that are needed to determine a loan amount. The buyer has access to that loan when an offer on a home has been accepted. A pre-qualification letter is not an approval for a loan.

When you are pre-approved, there is very little that can stand in the way of you purchasing a home for the dollar amount you’ve been approved for.

What Does a Pre-Approval Letter Mean To a Seller?

1. Your pre-approval letter will either give the seller reasons to accept your offer or to reject your offer. Make sure you are making offers on houses within the range of what you’ve been approved for.

2. Sellers and real estate agents feel more comfortable if the letter is from a local lender. If the agent can vouch for the mortgage lender than it makes a great impression on the seller who may be skeptical about pre-approval letters from non-local companies.

The pre-approval letter also let’s your real estate agent know what you can afford so they can find a home to fit your profile.

Remember that sellers need to see that you are pre-approved, not just pre-qualified. For more help with getting your own pre-approval letter, give us a call today at 508-528-1800.

	Michael Dunsky Vice President of Mortgage Lending
P: (508) 528-1800 F: (508) 749-7695	Michael.Dunsky@guaranteedrate.com guaranteedrate.com/MichaelDunsky NMLS ID: 21372
38 Pond St, Ste 208 • Franklin, MA • 02038NMLS ID 2611 Licensing Information:http://www.guaranteedrate.com/licensing

Why Picking the Right Mortgage is So Important

Michael Dunsky (Guaranteed Rate ) — Mon, 26 Mar 2012 06:49:59 -0700

Many people find the home buying process to be a fun and exciting experience.

While the mortgage finding experience isn't as glamorous, it is still important since it is the only way to actually pay for the home you'll spend so much time finding.

Why Picking the Right Mortgage is So Important

The right mortgage will help you buy the home you want, and pay it off faster. On the flip-side, the wrong mortgage could lead to headaches closing on your home, and cost you thousands in the long run.

With so many mortgage programs available today, finding the right mortgage for you is the job of an experienced professional who takes the time to understand your home and financial needs.

Many new mortgage programs and regulations are also being introduced that could affect your loan terms and your ability to qualify for the right mortgage.

In fact, you should try finding the right mortgage before finding the right home since your mortgage will actually help your home search process.

The last thing you want is to be one of those horror stories we hear too much about:

Your family getting denied for your mortgage at the last minute, just before closing. What could be more devastating?

This could also cost you thousands in the end. Consulting with a true, mortgage professional long before your actual purchase will give you the peace of mind knowing that the loan process will be smooth, and you will have a clear direction on interest rates and any costs. You owe it to yourself to plan ahead and work out the details so this can be an exciting time for you and your family.

For more help finding the right mortgage for you, give us a call today at 508-528-1800.

	Michael Dunsky Vice President of Mortgage Lending
P: (508) 528-1800 F: (508) 749-7695	Michael.Dunsky@guaranteedrate.com guaranteedrate.com/MichaelDunsky NMLS ID: 21372
38 Pond St, Ste 208 • Franklin, MA • 02038NMLS ID 2611 Licensing Information: http://www.guaranteedrate.com/licensing

Low Housing Costs for Today's Buyers

Michael Dunsky (Guaranteed Rate ) — Thu, 01 Mar 2012 06:09:46 -0800

Most potential home-buyers already know about the historically low mortgage rates available today.

Depending on the area you are looking in, home prices can also be considered discounted compared to historic averages.

In a recent update from Lawrence Yun, Chief Economist for the National Association of REALTORS®:

Prices of just about everything can be expected to rise, along with income, but not mortgage payments. It is no wonder why homebuyers of the past 2-3 years have been some of the most successful, with extremely low default rates.

Mr. Yun also provides the graphs below to demonstrate that as your income grows (or even stays flat) the cost of owning a home is decreasing, making it a great time to buy.

What all these graphs mean is that if your income has stayed steady or grown recently, your overall costs of owning a home will probably be the smallest percentage of your income in the last 40 years!

For any advice or help determining if this is the correct market for you, give us a call at 508-528-1800.

	Michael Dunsky Vice President of Mortgage Lending
P: (508) 528-1800 F: (508) 749-7695	Michael.Dunsky@guaranteedrate.com guaranteedrate.com/MichaelDunsky NMLS ID: 21372
38 Pond St, Ste 208 • Franklin, MA • 02038NMLS ID 2611 Licensing Information: http://www.guaranteedrate.com/licensing

How Your Credit Score Affects Your Ability to Buy The Home You Want

Michael Dunsky (Guaranteed Rate ) — Mon, 20 Feb 2012 13:29:57 -0800

Many of the questions we are commonly asked in today's real estate and mortgage environment are regarding credit scores.

When you talk with an experienced Loan Officer, be sure to ask them for recommended resources to help you improve your chances of affording the home you want.

How Your Credit Score Affects Your Ability to Buy The Home You Want:

Many people are not quite sure how their credit scores affect their ability to buy the home they want. In the simplest terms, the better your credit score, the better chance you have of qualifying for the mortgage loan that is ideal for you. This could mean better interest rates, more loan options, and a quicker closing.

Your credit score is also referred to as your “FICO score”. FICO is an abbreviation for the “Fair Issac Company, the developer of the original scoring model. The credit score that FICO gives you in a number between 300-850, with a higher number being a better score. The score is based on many factors, such as past late payments, debt utilization, and the age of your active accounts. However, how the final score is exactly calculated has not been released, as it is a trade secret closed protected by Fair Issac Co.

It is very important that you know and understand your credit score before you start evaluating mortgage loan options for the home you want to buy.

Two Ways to Get Your Credit Scores:

1. Go to www.myfico.com and sign up to obtain your credit score directly from FICO. Be careful that even though you can obtain your score for free you must then cancel your free trial within 10 days to avoid being charged for 3 months of service.

2. Use www.creditkarma.com. CreditKarma is a truly free way to obtain, and monitor, your credit score over time. CreditKarma is supported by advertising partners that advertise credit cards, loan programs, and more so that you can use the website free of charge. Credit Karma also offers you advice on how to improve your credit score by analyzing the different factors that make up you total score (length of credit history, hard credit INQUIRES, late payments, etc.)

You can also get your credit report free, once per year, but with no scores, from the government sponsored website www.AnnualCreditReport.com.

It is important to note that while your credit score is a key component, it is not the only factor that a lender considers when approving a mortgage for the home you have found.

Be sure to contact us by calling 508.528.1800 before you start searching for a home so you already know how to improve your chances of qualifying for the loan that is ideal for the home you want.

	Michael Dunsky Vice President of Mortgage Lending
P: (508) 528-1800 F: (508) 749-7695	Michael.Dunsky@guaranteedrate.com guaranteedrate.com/MichaelDunsky NMLS ID: 21372
38 Pond St, Ste 208 • Franklin, MA • 02038NMLS ID 2611 Licensing Information: http://www.guaranteedrate.com/licensing

2012 Mortgage Tax Planning Tips

Michael Dunsky (Guaranteed Rate ) — Mon, 06 Feb 2012 13:31:01 -0800

It's the time of year when many people start planning to file their taxes.

As you start to get your paperwork organized, remember to double check the tax tips below from www.MortgageLoan.com.

2012 Mortgage Tax Planning Tips:

Paperwork to look for from your lender:

1. Whether you've done a mortgage refinance, or taken a second mortgage, your lender should send you a Form 1098 annually, which includes the amount of mortgage interest that you paid during the year. In most cases, that amount is tax-deductible.

2. You should also receive an annual escrow statement, indicating how much of your mortgage payments were used to cover expenses like homeowner's insurance and real estate taxes. Interest and taxes paid through your mortgage can add up to substantial tax savings.

More Deductions:

1. If you have a second mortgage on your property, such as a home equity loan or a home equity line of credit (HELOC), much of the interest paid on those loans can be deductible. Every dollar used to finance home improvement projects up to $100,000 may reduce your taxable income dollar for dollar.

2. If you purchased a home in 2011, any points paid by your seller and lender may likely be deductible for that calendar year. If you paid points on your refinance then you may be able to take the points as a tax deduction but will have to write those off for the term of the mortgage.

You’ll need to divide your point deductions by the length of your mortgage term in years. For example, a borrower with a 20-year mortgage loan gets to deduct 1/20 of the paid points every year, until the loan is paid off or refinanced.

Refinancing Tax Breaks:

1. Refinancing a loan with prepaid points presents a tax break that many homeowners don't know about. When you refinance mortgage, you may deduct the entire balance of the remaining points, and start counting years anew based on the points included in your refinanced loan. If you refinance a 30-year mortgage after four years, that's 26 years' worth of points deductions you can take all at once.

Also, if you have refinanced again due to the historically low rates, there may be an opportunity for you to "catch-up" on the deduction you made on first refinance.

Of course, when considering any of these strategies you'll want to consult with your tax professional. If in the event you don’t have a tax professional to rely on, please contact me for a recommendation.

	Michael Dunsky Vice President of Mortgage Lending
P: (508) 528-1800 F: (508) 749-7695	Michael.Dunsky@guaranteedrate.com guaranteedrate.com/MichaelDunsky NMLS ID: 21372
38 Pond St, Ste 208 • Franklin, MA • 02038NMLS ID 2611 Licensing Information: http://www.guaranteedrate.com/licensing

What Exactly is HARP 2.0?

Michael Dunsky (Guaranteed Rate ) — Fri, 27 Jan 2012 13:59:10 -0800

Many homeowners have heard about a government program called “HARP 2.0″, but most do not yet realize how it may be able to help them.

HARP = Home Affordable Refinance Program. Discover some of the frequently asked questions about this program below.

What is HARP 2.0?

According to www.makinghomeaffordable.gov, the official website of HARP:

“If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP).”

The program is intended to help borrowers who owe significantly more on their home than what it’s currently worth.

Who is eligible for the HARP program?

You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
You do not have an FHA, VA or USDA loan.
You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
Have a first mortgage not exceeding 125 percent of the current market value of your home.
The refinance will improve the long-term affordability or stability of your mortgage.
You have the ability to make the new payments
Effective March 2009 – June 30, 2012.

How do I know if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have “lookup” forms on their respective websites. Check Fannie Mae’s first because Fannie Mae’s market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two sites to be eligible for HARP, and should appear on one of these two lookups.

Am I eligible for the Home Affordable Refinance Program if I’m behind on my mortgage?

No. You must be current on your mortgage to refinance via HARP.

Do I have to HARP refinance with my current mortgage lender?

No, you can do a HARP refinance with any participating mortgage lender.

What are some of the other benefits or pitfalls to refinancing with the HARP program?

Because there are many more nuances to the HARP 2.0 program, we encourage you to give us a call at (508) 528-1800 or contact us using the form on this website. We’d be happy to talk you through all your options!

	Michael Dunsky Vice President of Mortgage Lending
P: (508) 528-1800 F: (508) 749-7695	Michael.Dunsky@guaranteedrate.com guaranteedrate.com/MichaelDunsky NMLS ID: 21372
38 Pond St, Ste 208 • Franklin, MA • 02038NMLS ID 2611 Licensing Information: http://www.guaranteedrate.com/licensing

They're Back!!!

Michael Dunsky (Guaranteed Rate ) — Fri, 13 May 2011 15:44:25 -0700

They're Back!!! There's a steady stream of potential home buyers that are back... and more to follow. Can you guess who they are? Many of those homeowners from a few short years ago with a short sale, bankruptcy, or foreclosure are ready to purchase, again!

Just because these prior homeowners have had a short sale, bankruptcy, or foreclosure doesn't mean they can't purchase a home ever again. Quite the contrary. Believe it or not these are now viable home buyers and are ready to achieve the dream of home ownership for the second time.

If we look back to 2007 when the housing troubles began we'll see a mass of potential buyers, many of whom are ready to receive financing again. Not all will be viable borrowers today, but if they have regained control over their credit and have waited the required time-frame for the specific type of home financing then they now may be ripe to jump right back into the housing market.

Here are some of the timelines to note for Conventional, FHA and VA financing if a short sale, bankruptcy, or foreclosure is in the recent past:

CONVENTIONAL FINANCING

Chapter 7 Bankruptcy: Wait period of 4 years from discharge of bankruptcy
Chapter 13 Bankruptcy: Wait period of 2 years from discharge of bankruptcy
Foreclosure: Wait period of 7 years from completion date
Short-Sale: Wait period of 2 years from completion date

FHA FINANCING

Chapter 7 Bankruptcy: Wait period of 2 years from discharge date
Chapter 13 Bankruptcy: Wait period of 1 year from the payout date must elapse & performace of payments must be satisfactory. The borrower must receive permission from the court to enter into a mortgage
Foreclosure: Wait period of 3 years from completion date
Short-Sale: Wait period of 1 year from completion date as long as at the time of the short-sale the borrower was current on the mortgage and all installment loans for the 12 month priod prior; wait period of 3 years from completion date if the borrower was in default at time of short-sale

VA FINANCING

Chapter 7 Bankruptcy: Wait period of 2 years from discharge date
Chapter 13 bankruptcy: Wait period of 1 year from the payout date must elapse & performance of payment myst be satisfactory. The borrower must receive permission from the court to enter into a mortgage
Foreclosure: Wait period of 2 years from completion date
Short-Sale: Wait period of 2 years from completion date

Please also note that you may likely be involved with a seller who is presently experiencing a bankruptcy or short-sale. If that is the case then here's a tip... If you truly care about them then stay in touch and help where you can through these tough times. If you genuinely care about their well being then they may very well likely return as a viable home buyer someday.

Getting Back To Fundamentals!

Michael Dunsky (Guaranteed Rate ) — Thu, 06 Jan 2011 15:23:47 -0800

Getting Back to Fundamentals!

If your businees is not where you want it to be then what are you doing about it?

I speak with many agents who are continually looking for that "magic pill" in order to help their buisness. They're always trying new things; hopping on the latest database, buying the latest software, subscribing to various email or newsletter campaigns, etc. And while some are successful with these additions it seems that there are many that are so busy trying new things that they can't get out of their own way.

The result... they are no better off than they were before the new database or the newsletters or the technology. Even worse, they debunk the services and products they purchased! Not because what they bought didn't work, but because they didn't devote the time and effort needed to really implement these additions to their business.

What ever happened to getting back to the fundamentals? What was it that actually let us become successful? If you look back at your career you will probably see that you did certain things the same way over and over and over again at the beginning. You may have tweaked this and that along the way but for the most part I'll bet that you were habitual with most of your business efforts.

And, along the way you probably discovered things that you implemented into your business model that you were able to devote enough time with so that it actually helped- and once mastered, also became part of your business practice. So in essence, you created new fundamentals to work with.

Business for many was down last year and often when this happens the search for the "magic pill" intensifies. But I'm 100% convinced that the magic pill is not something that can be purchased but rather something we already have and just don't realize. It's our experience. It's our effort. It's our focus and determination. Ultimately, it's the fundamentals. It's what we did to start in this business of sales and become successful.

Go back in time to your first years in sales, when you were energized and focused and did all of the things necessary to get business. Heck, I'd even bet you picked up the phone a few times to make some proactive, outbound calls... Hey, now THAT's and idea!

There's An Amazing Story To Hear, When You Decide To Call

Michael Dunsky (Guaranteed Rate ) — Thu, 15 Jul 2010 10:06:10 -0700

There's An Amazing Story To Hear, When You Decide To Call

There's an amazing story to hear when you decide to call. Can you say "call reluctance?" Yup, that's me. But the most amazing things will happen to you WHEN you do it.

I've been in mortgage banking for over 22 years and for over ten years now I've been working with a coach. And, more times than not we talk about reaching out to our current and past client base. Like many in sales I have call reluctance and he knows that. But time and time again, when I commit to contacting just three clients a day, I find out the most incredible things.

For instance, I recently contacted a client last and ended up leaving a voice message... and I never heard back (yes, that can happen too). Another call was placed and the client and I ended up just catching up a bit and realized that she had two more children since we last spoke. What an eye opener- even if they were Irish twins it's apparent that it's been a long time since we made contact... shame on me. Another client contact introduced me to his brother-in-law who is moving to the Boston area this fall. Call it timing or luck but another relationship was made (score one for the good guys).

And then just yesterday, I spoke with another past client. We were talking about refinancing and also catching up on life since we last spoke and she told me about her husband. He's been in the hospital for several months waiting for a lung transplant.

I was simply speechless. It brought thoughts into my head about my wife and children, my parents and sisters and brothers, and nieces and nephews and aunts and uncles... It was a heartbreaking story with hope and frustration and sadness, and all very real.

This call hit me deep. And it brought me back to what's most important in my life and helped me realized why I do what I do. Being in sales we can often get sidetracked and forget the important things in life. My profession, our profession - sales, is making lifelong relationships. But the truth of the matter is that you don't know what you're missing until you call.

If you are not making those contacts then just do it because truthfully, you have nothing to lose and everything to gain~

Life AFTER The First Time Buyer Tax Credit

Michael Dunsky (Guaranteed Rate ) — Thu, 01 Jul 2010 13:03:54 -0700

Life AFTER The First Time Buyer Tax Credit!

So what will life look like after the first time buyer tax credit? Well, we're here, right? Do real estate sales stop because the $8,000 credit is gone? It shouldn't. And if buyers understood the real impact of the current interest rates then people would not just be running, but sprinting, to buy houses now.

The $8,000 incentive was a good motivator for some people to buy a home. And the $6,500 move-up credit was seen the same. But the fact that rates are at historic lows should be incentive enough to pull the trigger and buy a home today. Potential homebuyers need to understand very simple math.

It all falls to the rates. Rates are low now because of a few factors; our government intervention (that has already passed), and temporary economic issue in Greece and a few Western European countries. These problems will eventually dissipate and rates will increase. A half a year from now... two and a half years from now... who knows when, but at some point rates will increase.

Look at a $275,000 loan at 4.5% for 30 years. Principal and interest on this is $1,393.34 per month. When rates go to 6% (and at some point they will), the same loan amount will cost $1,648.76 per month. Simple math shows that there is a $255.42 higher payment per month. Believe it or not, you'll likely have a few buyers that will tell you "so what." Either they don't get it or they don't care. Not everyone understands that this means real money!

Over the life of the loan the difference equates to $91,952.62 IN REAL SAVINGS! This could also be seen as a monthly car payment, a college tuition payment, money that can be used for investing... Can you imagine putting an additional $255 in your portfolio every month? With compounding interest these funds alone would be a very healthy cushion for anyone's retirement.

But think for a minute what this can do for buying power. The additional savings of $255 per month means borrowers can finance an additional $50,000 in today's rates vs. after rates increase! I may not be the smartest guy in town but when I have the potential to finance $50k more now than in the future, then that's a good thing, right? Couple the low rates with the great real estate values, this makes NOW the best time to buy a home in over 40 years!

It's time to spread the word and let every one of our clients understand that the $8,000 or $6,500 tax credits are merely a drop in the bucket compared to the savings of buying now vs. later!

You Did WHAT?

Michael Dunsky (Guaranteed Rate ) — Thu, 24 Jun 2010 12:35:07 -0700

You did WHAT? "While you're in the middle of buying a home you did what?"

In 22 years of mortgage banking you would think that I would be surprised at how often something like this happens. It doesn't happen often but it happens and it never ceases to amaze me what people simply "forget" to mention. I received two calls just like this over the past month and a half, "Mike, I know we're closing in a few weeks but i'm starting my new job next week. Do you need anything from me on this?" Aye Caramba!

Maybe our lives are too busy and fragmented to just stop and think, (I know that I can be guilty of this on occasion). But, its common sense that during a time when you are making one of the largest financial investments in your lifetime, A JOB CHANGE could adversely impact your loan! This is not to say that if an opportunity presents itself that you should not take it. But please don't tell your lender after you started your loan, "Oh, by the way..."

Along the same lines, there are other NO NO's that come to mind when in the middle of buying a home. For starters, DON'T OPEN UP ANY NEW CREDIT. No store charges, new credit offers with low teaser rates, credit card swapping (exchanging a low rate credit card for your present card with a higher rate), nothing. Any new debt could potentially be detrimental to the loan you have in process. Why?

With the new Fannie Mae guidelines effective June 1, 2010, lenders are NOW REQUIRED to pull credit just prior to closing. Any new debts or even credit inquiries will have to be evaluated and considered in the borrower's qualifying. This could be a show stopper for closings at the 11^th hour!

We've all seen buyers going to the furniture store 2-3 weeks before closing and finance the new living room, bedroom set, etc. With the new rules of re-running credit just before closing, the new debt could so severely impact the borrower's qualifying that, in the eyes of the lender, the buyer can no longer afford the mortgage.

I encourage you to take this advice when applying for a home loan... Until your closing it's best to do nothing. Don't open any new credit or even allow a credit check. Don't change jobs if it is not absolutely necessary. Don't comingle money from dear Aunt Ethel that wants to help you out. Don't go trading in that clunker for a new car if there is financing involved.

However, there are circumstances that will arise where someone will have to open a charge account, move some money, or, even buy a new car while the loan is in process. In any of these events, please consult with your loan professional prior to taking any action. A little bit of guidance from someone with experience can make all the difference in the world and lead you to a successful closing.

JUMBO's to 80% ltv

Michael Dunsky (Guaranteed Rate ) — Mon, 14 Jun 2010 13:27:23 -0700

I'm sure you have these already but we have an investor allowing us tremendous opportunities. 80% LTV to $1m with 700 fico. Can also go to 85% CLTV with our seconds (heloc). Example today on the first is a 5/1 ARM to $1m at 4.125% no points. Also, this investor will be the first one in a condo project as they will do non-warrantables but need 25% down.

There are better rates around but don't know of many that will go to 80% ltv and certainly they are looking for higher ficos than 700. If you are aware of great jumbo options please let me know.

What To Expect When You're Expecting... A CLOSING!

Michael Dunsky (Guaranteed Rate ) — Mon, 14 Jun 2010 12:07:12 -0700

What To Expect When You're Expecting... A Closing!

The end of June marks the end of the First Time Homebuyer Tax Credit... SO WE THOUGHT!

It appears as though congress is proposing extending out closing timeframes for the tax credit as long as contracts were signed by April. This has not been voted on yet but from what we are hearing on Capital Hill the closing extension is likely. We will certainly keep you posted on this as we hear any developments. However, Don't Expect The Extension! Be safe and prepare to close on time as we simply can't count on the extension, regardless of how much we believe this will pass.

From the information I have gathered via informal polls, the end of this month will probably be one of the largest funding months in history. What does this mean for you???

Be proactive! Follow up and follow up early! Communicate regularly with the lender(s) on your transaction(s) in order to minimize any potential fallout. Of course it's the lender's job to make sure closings happen on time but this is not the time to let things "slip through the cracks," as the ramifications will be very costly to your borrowers and perhaps, sellers too. I realize that this is not your job but sometimes the environment calls for a change in the way you normally work. No one ever wants to close late or ugly. And mortgage processors and underwriters are human. Mistakes can happen and things can be missed. It's time now to help minimize anything that can potentially get in the way for your closing(s).

We have taken the necessary steps several weeks ago to perform a "triage" on expected loans closing this month and have been more proactive than ever in anticipation of the sizable volume closing this month. Please keep in mind that not all lenders have taken these steps and may not have the capacity to do so. It's up to you to become more involved than ever before. If you are not receiving clear and effective communication from your lender/loan officer then be diligent and persistent to help them discover any potential loose ends... and I mean ANY loose ends!

If a title commitment is not in, if the insurance binder has not been received, if the earnest money deposit is not verified... the smallest detail missed could potentially put your closing(s) at risk. As hard as the mortgage industry is trying to accommodate all of the anticipated purchase closings, things just happen and no one wants to be on the receiving end of that 11^th hour call.

Remember, your help and involvement will greatly reduce the chances of a missed closing. As of right now the stakes are too high for something to slip through and with only a little effort you can help keep closings on track.

Michael Dunsky

Vice President of Mortgage Lending

Guaranteed Rate, Inc

38 Pond Street, Suite 208

Franklin, MA 02038

If The Phone Doesn't Ring It's Me

Michael Dunsky (Guaranteed Rate ) — Tue, 08 Jun 2010 14:38:53 -0700

If The Phone Doesn't Ring It's Me

If the phone doesn't ring it's me! Written by Jimmy Buffet, Will Jennings, and Jimmy Utley, this song has absolutely nothing to do with sales but the title sure does. When I first heard this song I realized that the title summed up my biggest fears - no calls. And no calls equals no business. Maybe I'll re-title the song, "If the phone doesn't ring, it's my client."

I can't be the only one out there thinking this so whether you're a loan officer, a real estate agent, an insurance broker, etc., it doesn't matter. We all have our professions but our number one job, our number one priority, is to make the phones ring. It's only after the phone rings do we get to do practice our professions and write a mortgage, list a house, or write someone an insurance policy.

At the beginning of my career I believed that if I were the most knowledgeable loan officer with the best technology and knows the investor and underwriting guidelines inside and out, then by virtue of the time that I put into being a true student of the industry I would be the very best and my sales would surely skyrocket.

There is some truth to knowing your business inside and out. However, as a premise for increasing sales, it's not about what you know, it's more like who you know and what you are doing about getting in their face- figuratively and literally. Boiled down, it's all about building relationships. It's as simple as that- right?.

Sales isn't rocket science. This is not a derogatory comment towards any of us but we all know individuals that we see in our respective fields and scratch our heads asking ourselves how they get out of their own way. As a matter of fact, I don't consider myself the smartest guy in the world but I've worked alongside of some individuals that are truly dumb as rocks. I'm not passing judgment here- but I truly don't know how they drive to work some days without getting lost. Yet, somehow a few of these individuals seem to be able to make the phones ring.

And what is it that they are doing different from you or your colleague in the same office? They have found what I call their "relationship building" strength and they are maximizing this, over and over, and over again. They are using what they know makes the phones ring and continually driving in business.

Have you given much thought to what your "relationship building" strength is? Do you know what works best for you? Go maximize your strength. And remember, you have control over getting your own phone to ring.

Michael Dunsky

Vice President of Mortgage Lending

Guaranteed Rate, Inc

38 Pond Street, Suite 208

Franklin, MA 02038

508.528.1800 x1 direct

michael.dunsky@guaranteedrate.com