Don't Limit the Home Buyers Mortgage Opportunities.

Limited opportunities may work in art and craft, but not in real estate in my opinion.

Evelyn's on the right track with this and I think there are good things ahead!

Sorry for the typo. Trying to edit now. Technology is always so great at times haha!

Lenn Harley it is very important to network with several lenders who can help different clients with different needs. And yes, as an agent, it is very essential to know the programs offers by your town and county.

Lenn - I run into this all too often.  Buyers are unaware they may be missing a great loan opportunity because the lender they found does not offer some very beneficial programs.

Lenn - It is important that we have some knowledge and a list of differnt lenders who can help our buyers with different programs.

Good morning Lenn. It is unfortunate that many agents really don't have a clue about mortgages, but the ones that do, can do a better job with their clients.

Those opportunities are usually limited by the "authorities" for a reason.  Had I to guess I'd say it has to do with control.

The more we know, the more valuable we become.

Consumers are also misled because they rely on credit scores from websites that are different from the scores that mortgage lenders use.

God Bless You, Lenn ... you advocate for very important services ... and distinguishing between the average lender and those that can offer "above and beyond" service and programs.  I've got to tell you .. it's a real pleasure to work with agents that are this involved and knowledgeable.  I hope many that read your advice, take it to heart ...

Gene

I just counseled my client recently on your decent post subject and left him with this....lenders are different by nature of their criteria. Shop around and land that loan and make haste about it while the rates beckon ever so softly. Interest rates and lenders are like musical chairs right now. When the music stops, you better have a chair or your out!

A network of mortgage reps who are both customer service oriented and are knowledgable about ALL of the avaialable loan programs is imperative.  The mortgage rep needs to be able to listen to what the client is trying to accomplish, and help them achieve those goal....just like their Realtor!!

Do you have a Lender that specializes in the Reverse Mortgage purchase program, Lenn?

Lenn Harley fortunately or unfortunately, depending on the perspective, our market is so competitive right now that a buyer who tries to purchase from a local agent, without also having a known and trusted mortgage professional behind the pre-approval letter, stands little chance.  I make a practice of personally visiting the agents who may be reviewing my clients' pre-approval letter if I do not already know them on a first-name basis.  And sometimes that's what it takes.

Lenn, the lending industry as I knew it was much like a local Taylor, finding a right fit for the buyer. One size fits all is designed for profit not fit. Big lenders want the cookie cutter, easy buyer. The buyer who does not meet that criteria will wind up on something like the subprime mess we endured. There is more to qualifying for a mortgage than a credit score, and it requires knowledge, understanding, and a certain art to do what is best for the client. We have seen this change the appraisal profession. As REALTORS®, we face the onslaught of big money in our profession as well. More than ever the consumer will need to understand that this is a people business above a number business. What say ye?

Lenn, hope you'll write something about reverse mortgages when you complete your research.  I didn't realize that they could dramatically lower mortgage payments even for homeowners with lots of equity but some mortgage balance left over.  The possibilities out there seem pretty endless.