- Name
- Darin Osenberg
- Company
- Market Nashville
- E-mail
- Contact Market Nashville
- Website
- http://www.marketnashville.com
- Cell Phone
- (919) 306-5731
- Address
- krovy@aol.com, Nashville, Tn, 37211
- Description
- Currently in the process of relocating to Nashville Tn.
Will have current and up to date info up soon!
Thanks! Darin
Our drive to be your "Lender for Life"
Our company brings great rates and competitive closing costs to the table, just like everyone else. However, we also do annual financial "check ups" for our customers, as well as publish a monthly newsletter to help our clients stay on top of mortgage rates, current economic conditions, as well as new programs! More than anything else, we continue to bring honesty and integrity into every single loan transaction. We want to be your "Lender for Life", but we simply cannot accomplish this without the highest level of service possible! Call us today, dont delay! 608-592-2227 Better rates than the banks + more programs = One Source Mortgage, LLC
EXPERIENCE DOES COUNT TODAY FOLKS!!- In this day & age ,there is NO substitution for experience!
Please help by visiting www.cancerfuture.org
Pre-qualification letter: This is merely a letter that the lender provides to the realtor when asked, to send on with the OTP, that shows the SELLER that the customer has made application, had credit pulled, and in the "eyes" of that particular lender, should not be a problem to get financed. This letter is not much, but is MUCH better than someone who hasnt even applied yet! MANY LOOPHOLES though. Possibly, one addition here would be that the funder or lender has run DU, LP, DO, or something similar to obtain an electronic approval.
Pre-approval letter: These are available through the USDA rural housing loans, etc....but many underwriters are not looking at files unltess there is appraisal & title and they KNOW it is going to close! More importantly, AND THIS IS VERY IMPORTANT- Companies are monitoring most lenders closing ratios VERY VERY CLOSELY! These are also called TURN RATIOS! If we submit a file, we have to close it...otherwise it goes against our closing ratio and could drop our pricing, or get us cut off from using that specific lender! Correspondent lenders and Mortgage Bankers may provide a "pre-approval" letter based on the fact that they have an inhouse underwriter/and/or are responsible for the facts within the loan file should it get sold. Their risk is that they may have to "buy it back" should there be anything wrong with the file. In other words, not alot of people are going out on a limb for this type of letter anymore without contingencies, and/or stipulations! Sadly, these can also be used as "loopholes" should the need arise! The USDA does these though!~ Overall, opinions DIFFER greatly on this document!
Loan Committment: I personally would like to see MORE of these issued with CONDITIONS! That way, the loan is approved, subject to things like, satisfactory appraisal, title, and verbal verification of employment etc...Most Realtors want a "clean" one of these though, meaning no stipulations! Obviously, the program that the borrower is utilizing comes into play here, as well as the length of time the OTP states that this is necessary to get to the seller within! Once again, Realtors and Lenders have to adapt, and be willing to accept change in this arena. This is a committment to LEND! This is what EVERYONE wants to see! This is the "good news" document! :) Another varying opinion though is on the borrowers signature! Some Realtors need it and want it, others dont care!
Recently, a very active BLOGGER here on AR did a blog on this very subject. I partially disagreed with her blog, however...she did a WONDERFUL job of showing how this subject varies both in understanding as well as philosophy! Different areas of the country have different ideas or guidelines in this area as well....but just because "it's the way it has always been done", doesnt make it right, or the right way to do it!
My ideas and/or definitions here are merely driven towards 20 years experience and over 9000 loans closed! That however, does not make me smart, smarter, better, or more knowledgeable. It only makes me experienced! I love learning, and love teaching! I love constructive criticism, and suggestions!
Feel free to email me any questions to Darin@osmwi.com
OR, please please PLEASE leave comments! This is a GREAT OPEN forum we have on Active Rain, and the best way to learn is to participate! It is like a LOTTERY TICKET! You have to play to WIN!
Other applicable blogs you may enjoy are listed in the links below!
What does a customer need for loan approval?
Mortgage Terminology 101
Open House Suggestions
Show me some LOVE! The Movie Wall-E
Be positive and stay focused!
Darin - Your "Lender for Life"
One Source Mortgage, LLC 608-592-2227
Proudly Serving the entire State of Wisconsin since 2003!
Strengths and Specialities
At One Source Mortgage, LLC, we have always focused on the customers needs! Because each situation is completely different from the next, it is the 38years experience we bring to the table that makes the difference! We have weathered storms in the industry before, and we will do it again! Interest rates are fantastic right now, and in fact, have hit all time lows! This is a huge plus for the 1st Time Home Buyers we serve, as well as the "move up" buyers we continually work with! A hot product right now that we are seeing grow more and more popular every day, is the USDA rural housing program! NO, you don't have to buy a FARM to qualify! In fact, over 90% of the towns in Wisconsin qualify for this 100% FINANCING!!! Even better, if you are looking for a "fixer upper", you can BUY a home under this program, and FINANCE the improvements. Items like a new roof, siding, windows, or any other "safety issues" that might come into play! Take advantage of the great rates now, and even do it without having ANY MORTGAGE INSURANCE! We have also assembled a POWERTEAM of people to help you through every single aspect of purchasing or refinancing a home. The list includes Realtors, an Edward Jones Financial Planner, American Family Insurance agents, Title Companies, Credit Repair, and even Real-Estate Appraisers! Sadly, we have also added Loss Mitigation specialists to aid borrowers who are in, or about to enter Foreclosure!
Credit Score adjusments have already hit us, now starting July 30th, we have new changes that will be affecting everyone, lender to Realtor to consumer alike!
Dont delay, apply today! Rates are STILLLLL awesome....Dont get caught waiting for something that "may" happen!
No doubt, USDA loans are a great product! Jason Sardi has blogged about them, I have blogged about them, and many others as well! However, what you MAY NOT KNOW, is the BASIC steps involved when getting approved that will save consumers, Realtors, and even OTHER LENDERS who dont understand this process very well...ALOT of time!
1. Take a COMPLETE application.
2. Pull your OWN credit!
3. IF credit score is above 620 you are golden!
(what that means is express documentation, Ill explain that further later)
4. Fill out the Express Rural Development Approval Form
5. Gather as much income documentation as possible
(generally last 2 paystubs, 2 years w2's, recent asset documents)
6. Fax in the Approval Form, Application, Credit, Income Documentation,and a Transmittal Summary (1008) to the FUNDER you have selected! Ie; JP Morgan Chase
7. Also good at this point to submit a qualify LOX if there is something 'odd' with the transacation. (this is a letter of exaplanation)
8. 48-72 hours later you get a LOAN APPROVAL from your funder! This loan approval is subject to clear title, Home Owners Insurance, Satisfactory Appraisal, and legible OTP!
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YES, it is really THAT easy!!!!!
This is great because it satisfies the Financing Contingency very quickly, and PRIOR to the OFFER TO PURCHASE BEING WRITTEN!! Hurrah!!!
Now, keep in mind, the ADDRESS of the property STILL has to qualify, so take note!
These are the things that make SHORT SALES qo more quickly, as well as keep Sellers and REALTORS VERY HAPPY!! :)
Yes Folks this is 100% Financing, but there are many other issues involved prior to closing! YOU MUST choose a LENDER that knows this product inside & out!
I have heard horror stories from several different people here on Active Rain ranging from Short Sale issues, property condition issues, appraisal issues, to income qualifying issues!
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I would be willing to BET YOU that 95% of these issues COULD be resolved by following the above steps, PLUS, if I were a REALTOR, or the actual Lender, I would also add the following things that I DO to avoid poetential pitfalls!
A. Look over the Property Condition Report VERY CLOSELY!
B. If there is a Home Inspection Done, anything that is brought up within it that is safety related, weather related, or Curb Appeal related, will more than likely have to be FIXED or repaired prior to closing! HOWEVER, and this is IMPORTANT, you can ESCROW for certain LENDER specific items and repair them AFTER CLOSING!! EVEN ON A PURCHASE! (see my other blog by clicking HERE)
C. Drive by the home YOURSELF!
D. Ask the Realtor, "What is WRONG with the house?"
E. If you are unsure about the property address, CALL THE LOCAL OFFICE DIRECTLY!
F. Last but not least, if the property is an REO or Foreclosure, have your title company do a "Search & Hold" on the property. This will tell you of title pitfalls early on in the transaction!
All in all, ask ALOT OF QUESTIONS! You need to know EVERYTHING pretty much on these deals in order to make them go smoothly! Lenders, notify your REALTOR that on a USDA deal it can be up to a 3 stage proces! 1. Application 2. Funder Approves the Loan 3. USDA office approves what the Funder Approves
On USDA loans, you can never know too much! Express documentation merely is once you have verified income via check stubs etc..you will only need a verbal verification of employment! GET A CONTACT NAME & NUMBER!!!
They are fantastic, but again, you must work with someone who knows what they are doing, or, is willing to raise their hand and say, "I dont know, but I will find out!"
As always, there are MANY other things I would like to say about these loans, so I ENCOURAGE everyone to leave comments, argue with me, ask questions, support, or fight me on this! LOL
This is one of the best programs out there if used correctly!
Find your State office by googling: Rural Housing, (then the state you work in)
Thanks so much!
-Darin-
Check out my other blogs or subscribe by clicking below!
We want to be your "Lender for Life"
Proudly serving the Entire State of Wisconsin since 2003
Testimonials
Contact me at Darin@osmwi.com, and I will be happy to put you in touch with a LONG LIST of customers that are happy with our service!
We have been in business for 6 strong years, and I think it is a testimony to the service that we provide just in the fact that WE are still in business!
4 years ago, at this very time, there were over 120 Mortgage Lenders in the Madison Wisconsin area. Now, there are less than 18. We are fortunate that we have focused on working with Realtors & other business partners to develop a strong "Purchase Portfolio".
In addition, we are VERY PROUD of the work we have done within the USDA RURAL HOUSING PROGRAM, and continue to highlight this program as one of the best, if not THE BEST program out there!
100% Financing, No Mortgage Insurance, and a Fantastic Rate!!!
Proudly Servicing the State of Wisconsin since 2003!
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I also have a friend that is in need right now....please visit www.cancerfuture.org for more details!
