Local Couple Buys First Home - At Best Interest Rates - Less Than 3 Years After A Chapter 7 Bankruptcy!
Here's the story of another nice couple that I had the pleasure of serving. Two borrowers were buying a home. One had a Chapter 7 bankruptcy discharged 2 years ago. The other had never filed bankruptcy but they both had a few credit glitches. Initially the loan was approved but the rate, as usual, was about 3 % over the best conforming rates available due to the credit.
Still they were happy and couldn't wait to move into their first home. Especially since they had little money to put down. But, I wanted more for them. So after they signed their application I went to work. I then negotiated the rate down about 2.125% lower than the client was willing to pay! They were really happy now. So...I kept fighting, and trying different programs and then, while looking at the automated approval, I noticed the income entered from the application was a little less than what the borrowers actually made. I pointed this out and asked that the higher income be used -and the system approved the clients at the best rates available! This saved our clients $74,403 in interest savings alone!!! They got a conforming rate less than 3 years out of bankruptcy.
See automated underwriting systems like certain things. The better you make the borrower look, the better. The system especially likes extra income and liquid assets. We didn't need to do this. The buyers were content with the approval I signed them up at. It's just that going the extra miles for my clients has become a trademark. And wouldn't you agree? The extra $74,404 they saved in interest was well worth it for them!
There's a reason I work nearly 100% by referral. It's so I can give my all to every one of my clients. It allows me to keep margins low and service high. Plus, I just plain like working with people who are the friends and family of others I've served. If you know anyone who might benefit from working with me, I will treat him or her like gold on your behalf. I hope this note finds you and yours doing well. I'll be in touch. - Dan
Dan Dowling
President
United Mortgage Capital Corp.
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