1st time buyers: Monday update and tips
- 01/21/08 05:15 AM
As a marketing person I am constantly involved in research to find the best resources and the best information to help me reach the next customer at the moment (or just before) they realize they will want help with a mortgage in my case for purchases or refinancing. One of the criteria we often count on is the FICO score. Naturally, talking to people with FICO scores above a certain level will help us to spend our time talking to more qualified individuals. Since we are given a limited amount of time each day, one must choose how best to use … (0 comments)
1st time buyers: Percieved risk = high rates
- 10/26/07 07:25 AM
I should add to my earlier posting that when lenders perceive greater risk they respond with higher rates. As much as we don't like that, it's their football. The most important thing we can do is reduce that perceived risk. for example... Too many people today don't have savings. If someone is planning to buy a home, think about applying the 10% solution. Start putting away 10% of your income as soon as you get your paycheck. This kind of discipline is simple but - often - not so easy. Stick with it! Particularly in the case of 1st time buyers, the first step is to … (0 comments)
1st time buyers: Remember when mortgage rates were low... oh, wait they still are!!
- 10/26/07 04:37 AM
Whether it's autumn or because the markets are beginning to recover a little from all the mortgage worries, I can't say... What I can say is that it is possible to get a mortgage today with a rate that's less than 6%. No - it's not an adjustable rate either. That's less than 6% on 30 year fixed. Just remember, your loan officer doesn't do this as charity work any more than the realtor or the lawyer, he/she has expenses and probably a family too, so yes, some how your loan officer does deserve to be paid for their work too. There are … (1 comments)
1st time buyers: It drives ya nuts!
- 10/09/07 06:58 AM
I've been in the mortgage business since 2002. I've seen a lot of happy people - my customers, I'm happy to say - but I've seen a lot of unhappy ones too. They are unhappy because they feel that their last Mortgage encounter (male or female) ripped them off. It all comes down to they were told one thing at the start and it turned out to be very different by the time they got to the closing table. It's the old bait and switch. Which, by the way, is illegal. For example, someone quotes owner occupied rates on non-owner loans but … (2 comments)
1st time buyers: Things are rough for investors, but not impossible...
- 09/28/07 11:49 PM
Even before all the sturm and drang about the mortgage market began in earnest, the process for investors to get mortgages had already begun to tighten. The problem wasn't caused by actual investors, it was caused by inexperienced and overly optimistic "speculators" who, when presented with no money down options, didn't buy just one property but bought 3 and 5. They bought pre-construction and then when the properties came on the market thought they could unload them immediately at a 20 to 30% profit. Oops! What happened instead was a massive number of foreclosures as not only did their 5 units hit … (2 comments)
1st time buyers: I'm looking for Partners that want help making more money!
- 09/17/07 11:31 AM
Hey Realtors in and around Schaumburg, Arlington Heights, Palatine, Elgin! I'm looking for partners. I have resources that I can put to work for you to help you find more buyers and more listings. Yard signs - free. 800# call capture service - Free. 15 years of marketing and advertising experience at your disposal - free. Well, not completely free. What I'm looking for in return is your permission to help you make more money and the opportunity to show you what I can do. I can guarantee, I will leave no stone unturned in helping you find, qualify and close more buyers and … (0 comments)
1st time buyers: Mortgage rates DOWN for 5 of last 6 weeks!
- 08/30/07 07:03 AM
For most people a 30 year fixed is the benchmark against which all other options are compared. That rate has fallen this week to an average 6.43%. Putting this in some persepctive, the rate was 6.7% this time last year and is the lowest rate since April when rates hovered at 6.28%. Someone can obtain the lowest rates under optimal circumstances: high FICO score, at least 20% equity, at least 6 months of your total houseing payment in a savings or investment account and a lower Debt to Income ratio below 35%. So in July the highest rate month of the year … (1 comments)
1st time buyers: What? You want to buy a home now?
- 08/25/07 06:09 AM
Sure, why not? For many parts of the country, it's a buyers market. Your bargaining power hasn't been this good for years and you'll get more for your money. Aren't Mortgages rates way up? Well compared to what? Compared to the incredibly low rates a couple years ago, yeah. It's true you won't find a mortgage for 4.7% right now. Of course you didn't find that for the previous 40 years either. Realistically, mortgage rates now are still very good. A person with excellent credit (760+) can buy a $300K house with a 6.25% rate for a monthly payment of $1,847. Yes that's $190 more than if … (1 comments)
As a marketing person I am constantly involved in research to find the best resources and the best information to help me reach the next customer at the moment (or just before) they realize they will want help with a mortgage in my case for purchases or refinancing. One of the criteria we often count on is the FICO score. Naturally, talking to people with FICO scores above a certain level will help us to spend our time talking to more qualified individuals. Since we are given a limited amount of time each day, one must choose how best to use … (0 comments)
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