Good afternoon everyone!
It has been a real scorcher in most places lately hasn't it??
From the weather outdoors to the weather in the real estate market it is probably seeming like night and day to most. From the news papers to CNN potential clients are feeling the need to wait out the weather changes as well.
I am all for resources for professionals and for consumers, but there are often times where consumers unfortunately misunderstand the information available and instead of directing those questions to a professional they come to their own conclusions. This can put their real estate needs at a standstill.
I had a client call in last friday morning inquiring about his possibilities to get a home loan. Once I viewed all qualifying factors I found that he had allowed over 20 company inquiries on his credit report. I asked him why so many, and he said that he is going to continue his search until he hears what he wants.
He had a "company" publish his ability to get a loan (which I had not heard of before) and they concluded that he was a subprime borrower. I proceeded to educate him on the changes in this lending area. One being a minimum score which he was under. I encouraged him to stop the search for such a high cost loan and seek professional credit advice to build up what he did not currently have. He believed in this company that told him he could get someone to give him a subprime loan.
He better fits an FHA borrower than any, but needs to show more payment history than just rent and old collections. Bottom line readers, the amount of misleading information and even fraudulent activities is too often present before an educated professional can help. It was almost unbelievable to listen to this individuals certainty in a company due to their giving him their rank in the us.
What experiences have any of you had with a client glued to bad information?
Century Mortgage Company
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