mortgage: Mixed-Use Property Mortgages
- 10/17/22 08:34 AM
“Hi Joe,
I have been searching for a mortgage for a mixed-use property but have not been successful. I have spoken to my bank and don’t really remember how many mortgage companies. It just seems they just don’t want to lend on this kind of property. One company told me they would give me a loan with 40% down, 12% interest for 10 years and 3 points. I am just not willing to get into a hard money loan.
I am under contract to buy a building that has five units, four apartments, and office space on the first floor. The apartments are … (2 comments)
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mortgage: “Yes, it Closed, In Spite of the Arrest”
- 02/25/15 09:26 PM
“Yes, it Closed, In Spite of the Arrest”
http://activerain.com/blogsview/4517322/-my-client-was-charged-with-12-counts-of-larceny-
Many have asked me to let you know what happened with this transaction. I’ve included the original post. The commercial transaction closed, the loan was $1,010,000 and was the refinance of eight properties and saved the client over $5,000 per month and enabled them to walk away with a pile of cash in order to buy more properties.
You can well imagine the added scrutiny as a result of the arrest. The client paid a HUGE fine and accepted a plea deal, to … (39 comments)
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mortgage: “When I Meet the Boyfriend, You Never Really Know”
- 02/24/15 09:57 PM
“When I Meet the Boyfriend, You Never Really Know”
It sometimes seems like folks need to stake out their territory when working with a new person, especially when you have worked with their ex in the past. It is often a challenge when the boyfriend is instructed, as to how much I will be liked. It is also a little awkward, since I did the previous two mortgages and am now going to be doing the new one. Sometimes, things just work out.
Hi Joe,
I just wanted to say thank you again for meeting … (27 comments)
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mortgage: “Less than 650 Credit Scores a Major Portion of Mortgage Market”
- 02/03/15 09:56 PM
“Less than 650 Credit Scores a Major Portion of Mortgage Market”
Before you judge these clients, there are millions of prospective buyers out there, with average or below credit scores. The sad part about it is that many have no clue that a mortgage is possible. I speak daily to folks that feel they have to apologize for their credit; they shouldn’t. It is not for me or anyone else to judge them it is however, my responsibility to assist them when it comes to buying or refinancing.
Colleen called me after reading one of my … (21 comments)
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mortgage: “Sometimes I Just Don’t Get the Math”
- 01/18/15 12:40 AM
“Sometimes I Just Don’t Get the Math”
I got a referral from a financial planner a couple of weeks ago. His clients wanted to take $200,000 out of their retirement account so that they could pay cash for the property that they wanted to purchase.
During my conversation with the client, they kept saying they really wanted to own their home with no mortgage. I asked them what they had been getting for a return on their investment over the last few years. The answer was about 6%. I asked them if they had any idea what they would … (59 comments)
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mortgage: “I Got Turned Down, What Can be Done”
- 11/30/14 10:57 PM
I was driving home, pretty upbeat as I just took a deposit on a home that we were flipping, when I took a call from someone who has just read one of my blogs.
She told me she was just notified she had been denied for her mortgage and is supposed to close next Friday. I listened to her story, asked a number of questions.
Her parents were giving her a good size down payment, but her debt ratio was the problem. I asked her if the parents would allow her to use some of … (22 comments)
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mortgage: “I Have Already Been Pre-Qualified”
- 11/29/14 09:35 PM
“I Have Already Been Pre-Qualified”
Besides being in the mortgage business, Gail and I have been flipping homes for many years. I promoted most of the properties on Craig’s List and have had very good results over the last few years. As I get calls from prospective home buyers, I will ask if they have been pre-qualified or pre-approved for a mortgage and are they represented by a Realtor.
I never had a chance to ask the question when Jimmy told me that he has already been pre-qualified and no not represented. I asked him how he happened to … (30 comments)
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mortgage: “I Haven’t Heard these Words Spoken in a Long Time”
- 11/28/14 05:59 PM
“I Haven’t Heard these Words Spoken in a Long Time”
As I was getting ready to leave my office early on Wednesday, as it was sleeting, I got a call from an account rep from a lender that I hadn’t heard of before. He had a value proposition that actually brought my blood pressure up a few notches.
He told me that his company specialized in difficult loans. That their business model was expecting 10-15% of the loans would eventually go into default. He told me that each loan they approved would be priced by them based on the … (34 comments)
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mortgage: “Hired, Fired and Re-Hired within Two Hours”
- 11/27/14 08:47 PM
“Hired, Fired and Re-Hired within Two Hours”
A real estate agent has been talking to me about a client of his that wants to buy a second home in Florida and wanted me to put together a pre-qualification letter without the information I needed to get it accomplished.
I requested that he have the client contact me, but gave him a list of what I needed. I told him, I wanted the client to get me the information and send it to me directly. Within an hour, he started sending me some of the information, which included sensitive information. … (31 comments)
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mortgage: “Lenders that are Offering Loan Products for Borrowers with Less than Perfect Credit”
- 11/25/14 09:32 PM
“Lenders that are Offering Loan Products for Borrowers with Less than Perfect Credit”
I am always asking my lenders that are offering loans for my clients that have less than perfect credit how these loans are doing. I always want to make sure that our judgment to get these loans done are made for all the right reasons. Not sure why, but I expect them to always say, all are performing perfectly. Fortunately it is rare that I hear anything else.
I spend a lot of time getting my clients in a position to be good borrowers … (14 comments)
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mortgage: “I’m Connected, that HAS Always been Part of My Value Proposition”
- 11/23/14 10:39 PM
“I’m Connected, that HAS Always been Part of My Value Proposition”
Good morning Joe,
It will be three years since Dave and I refinanced our mortgage through you. I have a general question. In the spring we may try to sell our house and look to buy in North Carolina and I wondered if we could contact you for a NC transaction.
Each client that I work with knows that I am the “GO TO” guy. That is just part of my value proposition. During each and every interaction with my clients, before, during and after we’ve worked together, … (16 comments)
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mortgage: “Ready to Buy a Home Now”
- 11/22/14 10:20 PM
“Ready to Buy a Home Now” A few weeks ago, I shared a post about someone who called me to introduce himself and let me know that he had been referred by a couple of different people. He told me that folks had been encouraging him to become a homeowner, but he was still reluctant because of the economy in this country and the craziness in Washington. He has told me that he was going to wait until the midterm elections were over. Personally there is still an unbelievable amount of craziness, but that is another future blog. He … (24 comments)
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mortgage: “You are the ONLY One that Followed Up”
- 11/21/14 10:14 PM
“You are the ONLY One that Followed Up”
I want you to know that I’m very nervous about even thinking about a mortgage. I keep hearing it is like Chinese torture. I am a first time home buyer, I have good credit and make a decent income (same job for 6 years). Can you help me?
By the way, the reason I went to your website, I happen to read one of your blogs that was pretty intriguing. You helped this gal that was a first time home buyer, so maybe you can do the same for me.
… (38 comments)
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mortgage: “Video Marketing Works, I Am a Believer”
- 11/19/14 09:47 PM
“Video Marketing Works, I Am a Believer”
Kyle Reyes and I have done a few videos about the seminar that we did on November 6th. I have gotten a number of calls and emails, but this one is now translating into mortgage business for me. Check out this email. I am now working with one of the folks that is interested in one of the homes that is being offered for sale.
Just found you on Vimeo, love the social media presence!
Joe, we are selling a house in Mass and have had a few nibbles on … (31 comments)
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mortgage: Are Millennials the Key to The Housing Recovery?
- 11/17/14 09:31 PM
“Are Millennials the Key to The Housing Recovery?”
I keep reading so much about this topic. In most of what I read, they are missing the bigger picture. No matter what the age group is, folks need to feel comfortable with an economy and for most that is not the case.
The indications are that the unemployment rate is 5.9%, unfortunately that number is a real farce. Many in this country don’t feel secure with their jobs, the Affordable Care Act has a lot to do with that and so does the over burden of taxes to … (17 comments)
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mortgage: “What is it about IT WON’T Work that You Don’t Understand”
- 11/16/14 09:20 PM
“What is it about IT WON’T Work that You Don’t Understand”
A real estate investor contacted me about a crazy scenario. He has a tenant that has “BAD” credit, but wants to buy the home she is living in, that this investor owns. The investor wants to be a co-signer on the loan, in order to sell the property. I asked her, if the tenant was current on her rent, I didn’t get an answer, but was pretty sure I knew the answer. That won’t work, I told her and of course she asked why not.
First, if your … (33 comments)
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mortgage: “Desperate”
- 11/15/14 08:27 PM
“Desperate”
I need your help, I’m desperate. Robert came to see me about refinancing. His story was pretty sad and very foolish. He and his sister inherited their parent’s home, he was the one that actually lived there.
A few years ago he put a mortgage on the property to do some repairs, payoff credit cards and put the rest away for a rainy day. However it has been raining ever since. Sure, I could get him a mortgage, but wasn’t willing to do it, as he will just blow the money and be desperate all over again.
… (42 comments)
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mortgage: The Quality Control Process for Lenders can be a Real Challenge
- 11/07/14 08:42 PM
The Quality Control Process for Lenders can be a Real Challenge.
Not that long ago I received a referral from my Realtor extraordinaire and friend Conrad Allen. It seemed to be a pretty simple transaction and we were doing a USDA mortgage for the client.
The lender required a maximum debt ratio of 45% and the way I calculated the numbers, we were at 44%. It was a bit of a pain, but the lender approved the loan, subject to their final step which was they send it to their quality control section to get our clear to close.
… (34 comments)
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mortgage: Lowest Level of Home Ownership
- 11/06/14 04:36 AM
“Lowest Level of First Time Buyer Home Ownership in 27 Years-Lowest level of total home ownership in more than 20 years”
Reading statistics like this makes me sick. OK, so what are we going to do about it? I keep reading how many markets are tougher than others and Connecticut is one of those tougher markets.
It is hard for me to believe that folks don’t want to be homeowners, they may be afraid, they may not be aware if they can purchase, they are afraid of healthcare costs, they are tired of seeing our Government leaders fighting … (33 comments)
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mortgage: “My Right Trac Facebook, Brought Me 2 Potential Clients”
- 11/06/14 03:43 AM
“My Right Trac Facebook, Brought Me 2 Potential Clients”
To hear from two different clients communicating with me in one day. It is a reminder of what’s possible. I got excited!
Lisa told me that she had liked my page about a year ago and had been reading my posts on a regular basis. I set up a date to get together with her and boyfriend. Her parting statement was she was a loyal follower.
Jordon came across the Right Trac Facebook page after doing a Google search. Unfortunately he is not ready to … (26 comments)
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