Realtors Be(a)ware! - 11/20/09 10:10 AM
I just had a client call and say he had an accepted offer on a new home, and renting his old one out.  I knew the guidelines changed a few months ago for FHA, increasing the reserve requirements in that situation.  I covered that with him, and we still had a green light.
Upon closer inspection of the new guidelines, it turns out that without 25% of DOCUMENTED equity in the house that they are vacating, lenders will not consider any income from their existing home.  That means the buyer had to qualify with both homes counted against him.
When I … (1 comments)

Do you see what I see? - 11/10/09 08:45 PM
As I said in my previous post "Are you a Giver?", most of us live an die by referral.  We all love to get them, and say we give them at every chance, but is that actually true?
Here's a dialog that I have with as many people as I can... "Hey Sam, on a scale of one to ten, please rate your CPA/Financial Planner/Attorney/etc.  If the answer is less than a 7, I refer them to one of the professionals that I have worked with.
If the answer is 8 or higher, I ask to get contact information for that … (6 comments)

Are YOU a Giver? - 11/09/09 09:02 PM
In the real estate and lending business, we all work for referrals.  My business over the past 12 years has been built entirely by referral. I appreciate them, work hard for them, and like to think that I deserve them. 
I used to get this all the time, let me know if it sounds familiar: "Hey Bob, good news!  I was talking to a friend of mine and they said they really want to refinance/buy a new home.  I told them you were the best, and gave them your card."  To be truthful, the people call no more than 50% of … (5 comments)

Are you in a committed relationship? - 11/03/09 10:01 AM
I think everyone can agree that the real estate landscape looks different today than it did two years ago. 
In 2007 there were an estimated 14,000 mortgage professionals practicing in the state of Massachusetts.  In 2008, the number of licensees was estimated around 6500.  Today, the number stands under 2000.  While I recognize that some of these people may have gone to banks, which don't require licenses be held, there has still been a massive exodus from the business.
This question is primarily directed towards realtors.  Are you loyal to your lenders?  Do you work to switch every borrower to your mortgage professional?   … (0 comments)

Are you being seen? - 11/03/09 09:43 AM
It's a funny thing.  I've been in the mortgage business for 12 years now.  When I started, I visited realtors offices four days a week.  I spent time with them, asked questions, and offered my services.    I built a successful business that was consistent and predictable.
 As the years pass, I lose sight of the very actions that created my  business in the first place.   I stop visiting my realtors, stop calling past clients, and then wonder why my business is not as consistent as it used to be.
  Then coincidently, as happened last week, I go out and see some people.  All of … (3 comments)

 
Prevelige_bob_hr Rainmaker_large

Bob Prevelige, CMPS

Milford, MA

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Zenith Mortgage Advisors

Address: 208 Main St, Second Floor, Milford, MA, 01757

Office Phone: (508) 634-3422 x 222

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