lo5: ARE YOU PRE-QUALIFYING YOUR LOAN OFFICER? - 06/30/11 06:12 AM
Are you pre-qualifying your loan officer?  If not, you should.  You pre-qualify your clients before you put them in your car to show them houses.  You should also pre-qualify your loan officer before you refer clients to them.
Most experienced REALTORS know the value of pre-qualifying their clients.   They will say something like "I will not let a client in my car until they are pre-qualified."   REALTORS do this to make sure their client has the necessary qualifications for obtaining a mortgage.  The reason to pre-qualify your loan officer is to see if he/she has the necessary qualifications for originating a … (2 comments)

lo5: THREE THINGS ALL FIRST TIME HOME BUYERS SHOULD KNOW - 06/11/11 03:00 AM
There are three things all first time home buyers should know about: INCOME, DEBT and CASH.  I know it sounds strange but it's not.   This is what your loan officer, hopefully one who has a license, will look at to pre-qualify a FTHB and what an underwriter will look at to approve a FTHB.
INCOME

The mortgage company will want to make sure the FTHB has the ability to repay the mortgage.  They are looking for a stable income stream.  That is why a two year income history is always required.  You don't have to have the same job for … (1 comments)

lo5: WHERE CAN FIRST TIME HOMEBUYERS GET DOWN PAYMENT HELP in NORTH CAROLINA? - 06/04/11 03:06 AM

Where can first time homebuyer get down payment help in North Carolina?  I'm asked this question by REALTORS® a lot; first time home buyers almost always ask this question.  Unless the FTHB is doing a zero down payment loan, such as VA or USDA, they will need a down payment.
In the current economic environment this country is in, it is hard for a young person or young family to save money for a down payment even if you have a good job and good credit.  There is a mortgage program in North Carolina that helps.  It is called a … (3 comments)

lo5: NEW DESIGNATION for MORTGAGE ORIGINATORS - 05/23/11 06:31 AM
The National Registry of Licensed Mortgage Originators LLC has issued a new designation for mortgage originators.  The new designation is LO5℠.  The mission of the National Registry of Licensed Mortgage Originators LLC, NRLMO, is to provide an easily recognized designation that consumers, REALTORS® and others can use to help make sure their mortgage originator is ethical, experienced and has a valid State recognized mortgage license.
Most consumers assume their mortgage originator has a license.  Many REALTORS® assume the originator they refer their clients to for a mortgage has a license but this is not always true.  Not all mortgage originators are … (2 comments)

lo5: REALTORS DON’T WANT BAGELS. THEY WANT CLOSED LOANS. - 05/08/11 09:20 AM
Realtors don't want bagels. They want closed loans. I heard this statement at a recent sales meeting and it struck me how true it is. My industry, the mortgage industry, and the Real Estate industry can't survive without each other. The vast majority of home buyers need a mortgage.
Loans today are more complicated than ever. Regulations change so often that guidelines at times are like hitting a moving target. REALTORS always ask their homebuyers to be pre-qualified. One reason you do this is so you don't spend a lot of time with someone who can't get a mortgage. REALTORS should … (5 comments)