mortgages: How Well Can You Box?
- 10/04/11 09:42 AM
I got this email tip from Rick DeLuca today: I want you to picture yourself as a prize fighter. Climb into the ring, warm up and the bell rings! You jab your opponent, then move to your left/right, then jab again. However, the most powerful thing you can do is jab and immediately follow-up with a right/left cross. You don’t need to know anything about boxing to understand the example I’ve drawn for you. Jab and punch. Seldom do you see a prize fighter not “follow up” with his first jab/punch. It’s the “combination” that takes a toll. So, what has … (2 comments)
mortgages: Our market is one of 8 that's appreciating...How's yours?
- 03/14/11 08:11 AM
I reviewed some interesting data this morning. It shows that MA was one of 10 states with appreciation last year, and one of only 8 in the country that appreciated last quarter. While no one is going to jump for joy on the raw numbers (.38% and .03% respectively), it sure is nice to be moving in the right direction. Does this mean we can all breathe easily, and start coasting? No, it means we can continue to build excellent careers that will sustain our families and lifestyles for years to come, beginning NOW. There's no reason to whine, complain, or feel … (10 comments)
mortgages: Do you believe in the Power of Ziglar?
- 03/07/11 06:39 AM
I consider myself lucky for many, many reasons. One such reason was being able to see Zig Ziglar when he was "at the top of his game" a few years back before his accident. I was listening to his series entitled "How to Stay Motivated" in my car over the past few weeks, and I heard, in typical Ziglar fashion: "If you help enough people get what they want, you can get everything that you want" I've heard this a thousand times. I'm sure many of us have. The question is, if we believe it, what are we doing about it? … (7 comments)
mortgages: Happy Holidays?? Maybe not.
- 12/24/10 05:19 AM
I have a client who may not have a merry holiday season after all. He was scheduled to close on his new house on December 30. The loan process was moving smoothly despite the fact that it's been interrupted with holidays for the past month. Yesterday, he got a hard dose of reality. He inadvertently missed a $10 minimum payment due on a store credit card in November. It got reported to the credit bureaus, and his score dropped by 60 points! As if that weren't enough, that drop was enough to disqualify him from the mortgage program he was in. … (1 comments)
mortgages: Don't buy ANYTHING, don't CHANGE ANYTHING!
- 10/27/10 03:08 AM
Here's a warning tale for all the realtors and lenders AND CONSUMERS out there. I had an easy purchase loan all set. The borrowers made tons of money, perfect credit, big downpayment. The loan was approved, appraisal signed off, etc. The day before closing, the investor (who shall remain nameless to protect the not so innocent) pulled a credit inquiry report. The borrower had just applied to refinance their primary residence. The payment was DROPPING by $750. After explaining this to the investor, the answer came back...no deal! They didn't care the cosumer was saving almost $10,000 /yr in payments. They insisted … (3 comments)
mortgages: "No Money Down" lives on!
- 09/27/10 04:37 AM
As a mortgage professional since the 1990's, I have seen hundreds of mortgage programs come and go. It's my job as a service provider, to make sure that my partners have all the tools they need to sell more homes. There's one around that is routinely overlooked. USDA, Formerly known as Farmers Home mortgages.
I've met with top producers as well as brand new agents, and few if any understand the power of the program. In short, in this area, if you earn less than $91,000 as a household, and the property you intend to buy is on the USDA map, … (8 comments)
mortgages: Realtors...please advise.
- 01/25/10 02:53 PM
Ok, I've been a lender for a dozen years. I've helped hundreds of clients, and written thousands of loans. I have tried to use any number of different means to communicate with the realtor partners that are involved in the transaction with me. I've emailed, called, you name it. Sometimes, realtors don't want to hear at all from me. Quick poll: How often would you like to hear from your lender? a) weekly b) bi-weekly c) only as things change
I'd love to hear the consensus. I prefer to over comunicate, but I dont always accomplish that. But please, let … (8 comments)
mortgages: New HUD Policy Created to Allow Quicker Foreclosure Re-sales!
- 01/25/10 02:45 PM
New HUD Policy Created to Allow Quicker Foreclosure Re-sales! Effective February 1, 2010 the Department of Housing and Urban Development (HUD) will relax FHA rules that prohibit insuring mortgages on homes that are owned by the seller for less than 90 days - a move that could help expedite the rehabilitation and resale of foreclosure properties. In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the … (1 comments)
mortgages: Referral Fees...nope!
- 01/14/10 05:23 AM
This is from a book called Sway which is a psychological study of irrational behavior. This book supports the theory that you are much more likely to be successful if you offer people $0 for their referrals then you will be if you pay them. I know that doesn't make any sense but as you'll see, people view an altruistic act differently then a business transaction. The part of your brain that processes monetary transaction is completely different then the part that processes altruistic acts.
As an example, if your buddy calls you and asks you to help him move … (1 comments)
mortgages: Commercial Development Loans? YES!
- 01/13/10 02:48 AM
Possibly the most needed loan in the marketplace today is the development loan, and we have OPTIONS for development loans right now, for example we have:
Normal construction loans to 65% Loan to Cost (LTC) for most commercial projects up to $10 Million Hotel construction loans to 70% LTC in major metro markets to $8 Million A hedge fund that can do mega-strong development loans above $10 Million and with a combination of debt, equity and mezzanine, can get up over 80% LTC A trade program that is sourced and vetted and can net a project $40 Million for $10 … (0 comments)
mortgages: Rates are improving, time to get moving!
- 12/18/09 02:38 AM
As we approach the holiday week, we've been given a bit of an early Christmas present. Rates improved again yesterday to the levels of a couple of weeks ago. I locked a client today @ 3.625% on a 5/1 ARM with no points! 30 year fixed rates are in the 4.75% range, also with no points. 10 year fixed...4.25% no points and no Closing Costs!
We have been given a great opportunity, let's all make it known we appreciate it. … (0 comments)
mortgages: Realtors Be(a)ware!
- 11/20/09 02:10 AM
I just had a client call and say he had an accepted offer on a new home, and renting his old one out. I knew the guidelines changed a few months ago for FHA, increasing the reserve requirements in that situation. I covered that with him, and we still had a green light. Upon closer inspection of the new guidelines, it turns out that without 25% of DOCUMENTED equity in the house that they are vacating, lenders will not consider any income from their existing home. That means the buyer had to qualify with both homes counted against him. When I … (1 comments)
mortgages: Are YOU a Giver?
- 11/09/09 01:02 PM
In the real estate and lending business, we all work for referrals. My business over the past 12 years has been built entirely by referral. I appreciate them, work hard for them, and like to think that I deserve them. I used to get this all the time, let me know if it sounds familiar: "Hey Bob, good news! I was talking to a friend of mine and they said they really want to refinance/buy a new home. I told them you were the best, and gave them your card." To be truthful, the people call no more than 50% of … (5 comments)
mortgages: Lenders often look the wrong way
- 02/25/07 01:23 PM
Yes, I am a lender. In fact I have been for almost 9 years now. I know lots of other lenders who bitch and moan about realtors. Admittedly, from time to time, I'm among them. However, purchase business is without question, the best way to add new relationships into the fold. Not only do we meet a new, paying client, but also a professional on the other side with whom we may be able to forge a mutually profitable relationship. A decent realtor should be able to send a deal a month to his or her lender. A great realtor will be able to … (2 comments)
mortgages: They Come to me Pre-approved...
- 02/25/07 11:59 AM
This is related to my earlier post Are you being seen? Mark Brinitzer asked about realtors having less opportunity to refer business out, and that promted this post. I have heard this too many times from too many realtors. I know that since the internet has changed the world, the power in real estate has shifted to the buyer from the realtor. Consumers have more power and knowledge than ever before. However, in my opinion, realtors not "being able" to refer buyers to us lenders is BS! It seems to me that there are a couple of simple explanations for this. 1) They may not … (3 comments)
mortgages: Are you being seen?
- 02/25/07 07:34 AM
John Keil wrote a blog (Right place right time) about being in a realtors office, and getting a couple of loans out of it. That got me to thinking. Initially, my new business was built exactly that way. I visited realtors offices, trying to build and develop relationships with them to get some leads. While tedious at times, it worked. I built a business that has grown into a very solid income stream from realtors and past clients. Over the course of 9 years however, I have gotten lax with that aspect of my lead generation. When I realize that, I get … (13 comments)
mortgages: What forms of Technology are best?
- 01/26/07 01:41 PM
Aside from the standard PDA's and Crackberries, what tools are you using to provide better service to your clients? I have been using GoldMine and ManageContacts, to stay in touch, Mortgage Coach to improve my presentations, and Mortgage Market Guide to stay better informed and educated. What presentation programs are being used out there? Analysis software? Share your "best practices" with the rest of us si we can all be better. … (8 comments)
mortgages: Your best source for new ideas...
- 01/21/07 07:12 AM
I have written several blogs now about developing business, Win the Day, being the most recent of them. I spend a fair amount of time and money trying to build out my business and come up with new ideas to make things better or stronger. I regularly seek associations (Look to a Higher Power) with people who are more successful than I, in my field or others. They will have ideas that I can implement, or adapt to my business. I also consume a steady diet of books. I get at least one good idea or viewpoint from virtually every book I read. My … (3 comments)
mortgages: Win the Day!
- 01/20/07 02:09 PM
This is a page out of Brian Buffini's coaching, but relevent to all, and important to remember as we begin the new year. It's easy to get carried away with the urgency of our business models. Clients call, expecting or demanding an immediate returned call. A deal seems to be on life support, so we give it CPR to the end, a buyer who needs everything right now, and not tomorrow...you get the picture. Here's what we need to make sure we do...spend time every day working ON our business, not just in our business. The ideal; 2 hours a day of proactive … (10 comments)
mortgages: Foreclosures as a symptom...
- 01/07/07 03:05 PM
This particular post started as a followup to a very active and thought provoking post by Caron Mosey entitled Stand up and be counted. Thanks for the inspiration Caron. One of the comments on the topic spoke about forclosures being a byproduct of the cyclical nature of the bond market. While there may be some merit to this argument, I happen to believe it is a symptom of a much more serious, widespread social ill. As I have mentioned in many of my posts, I am a student of Brian Buffini, and consequently I share many views with him. One of the expressions he has used … (8 comments)
I got this email tip from Rick DeLuca today:
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