Special offer

“24 Month Quest to Acquire the Home He living in”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“24 Month Quest to Acquire the Home He is living in”

 

I had met a plumber regarding replacing a heating system and during my time interviewing him, he also asked me what I did for a living and let him know I was in the mortgage business. John said he is almost giving up on the mortgage process he was involved with.

 

home purchaseHe had been renting a home with an option to buy and had been working on getting a mortgage for almost two years. He told me that when he started he hardly had any credit and only had one credit score. The bank that he originally met with told him he needed to obtain a “few” credit cards, which he did, he now had 7 cards.

 

Over a number of months he obtained credit that reported to the credit bureaus, the problem was that no one explained to him to pay off the balances or most of the balances each month. As crazy as it seems, he thought he was supposed to maximize the debt each month and often going over the high credit limit.

 

When I told him he was doing this credit stuff all wrong he looked at me like a deer in headlights. I told him he had to clean up all the balances that day and we will wait for each account to report the information, we’ll wait 60 days.

 

 

In 60 days he went from a 545 to a 621 mid score. I took his mortgage application yesterday. Spoke with the owner of the home for him to discuss a purchase agreement. He asked if this was really going to happen. Of course it will happen. 

 

image courtesy of tungphoto/freedigitalphotos.net

Posted by

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (19)

Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Joe: The right guidance at the right time always pays dividends.  This guy was very smart to come to you for assistance and will soon reap the rewards as a new homeowner as a result.

Nov 30, 2013 08:45 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Good job.  It pays to let folks know what you do.  Otherwise, we miss opportunities.  I do not mean to constantly sell, sell, sell.  Relationships are much better for business than selling.

Nov 30, 2013 08:50 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Joe,

Of course it will happen..your handling his loan!Lenn is right it does pay to let know folks know what you do for a living. In this case this opportunity to help this man was an opportunity for both of you! Great job!

Nov 30, 2013 08:57 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Joe, it is as Lenn says such an opportunity to let people know what you do...financial stability is such a big part of life and so many do not have it...banks are not great advisers in any manner...good for you!

Nov 30, 2013 09:20 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

It is good  to read that consumers can improve their credit scores quickly if they do the right things .

Nov 30, 2013 09:39 PM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing this story that will lead to a successful home purchase. Many families do not understand what they need to do to build their credit scores.

Nov 30, 2013 10:13 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Joe, this is as good as any charity work that you could do for someone. Yes, you will make money, but more importantly, you are helping someone realize the American Dream of homeownership and educating them on the realities of what it means to have good credit.  

Nov 30, 2013 10:40 PM
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Joe a really inspiring story of helping people. Some folks just do not know. They need someone who truly cares like you to guide them through the process and explain the ins and outs of mortgages and credit.   

Nov 30, 2013 10:46 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Joe - here's proof that educating the public is key to buying a property. We should never assume that the consumer knows and understands how the process works. With your guidance, success will be evident soon. Trust leads to accomplishment.

Nov 30, 2013 11:28 PM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale
Joe- You provide wise counsel and guidance. Your plumber was fortunate to have you in his corner.
Nov 30, 2013 11:59 PM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-739-3843

Joe, it is amazing to me how uninformed we can STILL be about credit...I always thought that if I paid my minimum balance that that was a GOOD thing...how naive I was back in the 80s! You always seem to be the Knight in Shining Armor in guiding these people, holding their hands, while showing them the light at the end of the tunnel. So happy that this man is going to make his dream come true!

 

Dec 01, 2013 02:04 AM
Suzanne Otto
Six Twenty Designs - Lansdale, PA
Your Montgomery County PA home stager

Only getting some of the information will not help someone trying to get a mortgage. Talking to someone like you Joe, so they can get the whole story, will really benefit them.

Dec 01, 2013 03:34 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

It is amazing how other mortgage agents and brokers have not explained the process to this poor guy before. You are indeed fantastic at what you do!

Dec 01, 2013 06:00 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Joe, this really is one of those stories that you have to scratch your head and wonder why!  Why your clients wasn't informed properly and also why he thought that maxing out his cards was the thing to do???

Dec 01, 2013 07:26 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

That is where one lender only gave part of the story or formula . Lucky for him he met you Joe. He is going to be buying a house.

Dec 01, 2013 08:43 AM
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Joe, thankfully you explained it to him in terms he could understand-and he followed your good advice.

Dec 01, 2013 11:18 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Taking understanding for granted....yicks !

Dec 01, 2013 07:19 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Joe, this plumber was certainly lucky to have run into you on the job.  He will now be able to participate in the American dream of home ownership, thanks to you.

Dec 01, 2013 08:37 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

You're a Hero Joe!

Sometimes its something that simple keeping a project from not working, its good that you explored his situation and coached him to a solution.

Dec 02, 2013 05:58 AM