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pre qualification: What color is your service? - 05/18/07 07:12 PM
This last month has been a great month for me and my business. The reason being is that I have had multiple opportunities to engineer custom financing packages based on specific borrower needs. To me this is the hallmark of providing great service if you're in the mortgage business.
What do I mean by this? Not all 30 year loans are the same. Not all loan features mean the same to every borrower. For example, a pre-payment penalty may be undesirable for a borrower flipping a condo, but ideal for reducing monthly payment for someone who intends to be in the … (2 comments)
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pre qualification: When payment matters: mortgage buydown programs - 05/15/07 01:12 PM
With home prices where they are these days the 2-1 buydown in loan programs are becoming increasingly popular. In a buyers market, such as the one we’re in at the moment, you can even structure a buydown so that the seller pays for the buydown and closing costs. This means as a buyer you can expect a lower monthly payment with no out of pocket expense to close on the house. What a steal! The 3-2-1 program works the same way except it’s over three years. I’ll focus on the 2-1 program here for simplicity (you’ll see why in the example … (5 comments)
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pre qualification: Does pulling credit hurt your score? Learn the truth! - 05/01/07 12:30 PM
I often speak with potential borrowers who do not want their credit pulled because they fear the inquiry might ruin their credit. There have been many instances where the Realtor has coached the buyer to not have their credit pulled. The mortgage application process essentially starts with pulling credit on the potential borrower. There is very little a lender can do without knowing your score.
I try to explain that an inquiry can not ruin a credit score, it certainly affects the score but not to the degree the public believes. Even with a great job history and high income, a bad credit score … (15 comments)
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pre qualification: Pre-qual vs. pre-approval - know the difference! - 04/03/07 02:11 PM
I run Mortgage Education classes in the Phoenix area for real estate agents. Newer agents in my class usually ask me the difference between a pre-qual and a pre-approval. I recently saw this post by Randy L. Prothero and I was going to comment on it before I realized I really want to address this question in detail on this forum.
Pre-qualification is when the loan officer takes the basic asset, income and debt informationn and determines how much of a loan the borrower qualifies for. Often this can be a simple calculation on your financial calculator. The originator may or may not … (5 comments)
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Aimee Ghimire
Phoenix,
AZ
More about me…
Phoenix Home Loan Expert (www.aimeeloans.com)
Address: 1201 S Alma School Road, Ste 8950, Mesa, AZ, 85210
Office Phone: (480) 346-8383
Cell Phone: (480) 516-1819
Email Me
I am a mortgage professional serving the Greater Phoenix market. This includes Phoenix, Mesa, Gilbert, Scottsdale, Chandler, Tempe and surrounding communities. I am with PrimeLending.
When it comes to Arizona mortgage loans I have the expertise, the experience and the professionalism you should expect. I have been working in the Arizona home loan market for almost five years and have a history of satisfied borrowers.
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