I know I am very fortunate to live and work in Palm Beach Gardens, Florida and where the Sun and Golf are plentiful. With the on going saga of the Mortgage Industry including the Sub-Prime Mortgages you would believe that know-one is lending. I am here to inform you this is far from the truth!
For those of you who are not familiar with this area Singer Island (Riveria Beach) and West Palm Beach Condo market has been soft. With that in mind a client of mine (who had been through several other "Mortgage Professional") decided to take advantage of the buyers market that is now in place. This client did not have the perfect credit but was able to provide bank statements for proof of income and also had very little down payment money. The client found me through google (Thank you Active Rain) and was at wits end because of dealing through many other Mortgage Professional who over promised and under delivered.
Well I am here to write my client is now a happy homeowner or this case a condo owner. With a little help from the owner holding only a 5% seller second.
I am not writing this post to say how great I am as a Full-Time Mortgage Professional but to show you the importance of working with a FULL-TIME Mortgage Professional and what he/she can do for you and your clients.
When looking for a TRUE FULL TIME MORTGAGE PROFESSIONAL remember to ask the following questions:
- What percent of their business is done outside of the Conforming/ Fannie Mae Products(Loans are still being closed that are not Fannie Mae Loans)
- How Long have they been Originating Home Loans
- Are they Licensed?
- Do they have the ability to Broker a File?
- *Will They Be at Your closing?
- **What percent of your Mortgage Professionals business comes from Sub-Prime and Alt "A" Paper (yes this market is still in business and lending money)
* Fannie Mae/ Conforming Products are for the true "A" paper loans so the risk is lower there-fore the rate is lower as well. When going outside of the conforming world I have found clients in more of a desperate mode and unfortunately have been taken advantage of loan officers promising them everything (even though they know the loan won't close) just for the application fee.
** This should show you that if you don't qualify for the "Perfect Credit" loan that your Mortgage Professional has the knowledge and ability to know where to bring your file to close your home loan.
For More Information: Mortgage Advice In South Florida or Palm Beach Gardens Mortgage Advice
Matthew J Blum - MyFavoriteMortgage.net
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That's right Matt...get the word out...the market is still moving.