One thing is certain..not all real estate professionals and mortgage brokers...are the same..with service...with skills and with professionalism. I thought it would be interesting to get the very strong opinions of some of our favorite outspoken friends.
With the real estate professionals I asked mortgage questions and with the mortgage brokers...I asked REALTOR questions...both advising buyers in today's market...It's interesting...and educational! Pay attention to their words..it might spark an idea or help you to work more effectively... Let's see what they had to say:
What piece of advice would you give a buyer right now in obtaining a mortgage? "Make sure you have the ability to repay the mortgage with your current income. Don't stretch for more than your needs, but do negotiate aggressively to get the most value in your home purchase, seller concessions towards your closing costs, and get the best mortgage rate and APR. Get a fixed rate 30 year mortgage"
What can loan officers do to make your job easier? "Loan officers need to understand the buyers fears and apprehension. They must be most accommodating, and yet be pragmatic - recognizing the current market and the buyers concerns. I personally feel that loan offers must start viewing themselves as mortgage consultants and advisers and take a buyers advocacy role. Buyers will need reassurances that their own needs and welfare are of a primary concern to all." Jim Crawford
What piece of advice would you give a buyer in purchasing a home? "If it is for investment purposes, the best time to buy is when nobody else wants it. That makes right now to be one heck of a good time to buy. If however, you are like most folks who just want a roof over their head to call their own, my most important piece of advice is a psychological one. Buy something well within your means of affordability. Sleep well at night knowing your mortgage payment is one less worry in your life. And start shopping for a mortgage in a smarter way."
What piece of advice do you have for real estate agents? "Partner up with some solid & trustworthy Mortgage Professionals who are readily available to you and your clients. Don't leave it at just that either. Find good and reputable appraisers, contractors, title companies, real estate lawyers, etc. to establish a trusted network of professionals from which to learn from and help in any present or future transactions. In my view, the very best way to operate in any market is to educate and mutually market your services to your sphere of influence and serviceable area/areas. To thrive you've got to market aggressively and become a chameleon marketer... always adapting and proactively defining your market area."
What can REALTORS do to make your job easier? "Refer me clients with 740 credit scores, strong financial, and 20% down on a single family residence:) Seriously though, a better understanding of the Mortgage Process would not only make my job easier... but the entire transaction. Co-market to get your names in front of people and to keep it in front of people. And lay-out your expectations from the start. Not only for me but for your clients". Jason Sardi
What piece of advice would you give a buyer right now in obtaining a mortgage? "I think it's best if buyers explore all their options when looking for a mortgage and work with someone they can trust. Not the person who promised the lowest rate in the beginning, yet cannot deliver at closing."
What can loan officers do to make your job easier? "Keeping all parties INFORMED! One thing I've learned is that most buyers (and sometimes sellers) feel out of control once they're in escrow. That's primarily because they are not informed through out the process. No surprises!" Lynda Eisenmann
What piece of advice would you give a buyer in purchasing a home? "Get your documentation in order BEFORE you look for a mortgage: a- Fill out a uniform residential loan application (Form 1003). b- Organize your two year income and employment history. That means you should copy the first two pages of your 1040 income tax form for the last two years, your W-2 or 1099 forms supporting these tax forms, and your last 30 days worth of pay stubs. c- Gather up your asset statements: checking account, savings account, securities account, IRA, 401(k), and any annuities you have. d- Now, get three sheets of paper. In BIG magic marker, PRINT, the following:
APPLICATION INCOME ASSETS
These are your dividers. e- Scan the package, IN ORDER, to a pdf format. Now, you have something to show lenders when you call around for a home loan."
What piece of advice do you have for real estate agents? "Work primarily with buyers whom are able to obtain mortgage financing. If you are partnering with a lender, develop a twelve month campaign, for buyer referrals, targeting people with wage-earning jobs. Groups to target would include: Nurses, cops, firefighters, teachers, government workers, employees of big companies, and military service members are all likely prospects for home buying. While the larger transactions will be bought by the entrepreneurs, many business owners have difficulty documenting their income. A strong base of "wage-earners", as home buyers, will carry you through 2009."
What can REALTORs do to make your job easier? "Naturally, the easiest thing a REALTOR could do is to point a home buyer to the first answer. Educating borrowers about the importance of proper loan documentation, prior to calling a lender, makes our job a LOT easier. Taking "ownership" of the client, when they fail to comply with lender's documentation requests during the loan process, keeps transactions on schedule." Brian Brady
What piece of advice would you give a buyer right now in obtaining a mortgage? Make sure that you fully communicate with your MB. Make sure you supply all pertinent info they will need to ensure a successful approval to purchase. If you are going to shop around...don't just look at the rates...look at the other additional costs along with the customer service they supply. Do your home work and ensure you really can afford to make your payments...ask your Realtor for comps over the last 90 days to get an idea if you are paying market value or not.
What can loan officers do to make your job easier? "Just like the MB I just closed with..although he was on the buyers side and I had the seller...he called me and emailed me every time there was an update. He ensured me quickly as to whether this loan would go through or not. He told me I would know within a few days if there was going to be a problem and there wasn't. I guess you would say communication with all parties is the most important thing I would say...this way if there is a problem...maybe we can all tackle it and solve it instead of always fighting." Neal Bloom
I don't know about you...but I got something very different from each person....what about you..what would you say to a buyer?
About the Author: Midori Miller is a licensed real estate associate with CENTURY 21 Sundance Realty, Real Estate Trainer and Manager and Daytona Beach REALTOR. If you are interested in a career in real estate please contact me! All calls and inquiries are confidential. CENTURY 21 Sundance Realty is located in Volusia County with 3 office locations to better serve the public. Daytona Beach, Ormond Beach and Ormond by the Sea. midorimiller@yahoo.com (386) 453-3236
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