Mortgages????????????

By
Real Estate Agent with Century 21 Sundance Realty

Are you having a hard time getting your contracts to close? The mortgage industry has lost it's mind! Just kidding, they have just made our jobs a lot more difficult. Jeez, we have to earn our commissions, but first you have to understand the changes in mortgages. There have been so many changes in the last couple of months it is next to impossible for mortgage brokers to keep up. With that being the case imagine how hard it is for the rest of us.

If you are selling real estate I honestly feel you have to get a grip on all the changes in order to really be of help to your customers. I am working with Realtors that don't have a clue about what has happened, and the changes that have taken place. Like the term "declining market", and what that means to buyers and sellers. Do you know what has happened, and how to explain to your customers what it means to the sale of their home, or the purchase of one? If you don't then you need to learn, go ask a reputable mortgage broker someone you trust, and have used in the past. They won't mind telling you the criteria for obtaining a loan, and if they do then you probably need to take your business elsewhere.

I know it is hard to keep up with all the changes in our line of work, but it is really important that we all take the time to be informed. To make sure our information is correct and up to date, whether it's an FHA, VA, or conventional loan we need to at least understand how they work.

Comments (10)

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
That's why Donna, Realtors need to partner with excellent mortgage folks, so together they can work a deal.
Mar 31, 2008 11:33 AM
Jolynna McCune
Groome & Co. REALTORS - Memphis, TN
Affiliate Broker

 I work with a great lender in my community and it's really important to have someone you can trust and go to for guidance. 

 

 

Mar 31, 2008 11:36 AM
Donna Dosch
Century 21 Sundance Realty - Ormond Beach, FL
Broker Associate, CRS, e-PRO
Hi Gary-I agree, thanks for the comment. I hope more agents do just that.
Mar 31, 2008 11:38 AM
Donna Dosch
Century 21 Sundance Realty - Ormond Beach, FL
Broker Associate, CRS, e-PRO

Hey Jolynna, I also work with a great lender. Trust is so important!

Mar 31, 2008 11:42 AM
Jimmy McCall
JimmyMcCall.com - Cunningham, TN
The Ex-Mortgage Consultant
Donna, I just wish some Realtors would bring me some qualified buyers.  Jeez, I have to earn a commission too.  I am just kidding also.  Things have changed and some of the programs that have closed this month are no longer available.  I had to explain that to a Realtor today.  After, she had already prepped her client on what to look forward to.  I agree with Gary on forming a relationship with mortgage originators will benefit a Realtor.    
Mar 31, 2008 11:51 AM
Donna Dosch
Century 21 Sundance Realty - Ormond Beach, FL
Broker Associate, CRS, e-PRO

Hi Jimmy, I am not sure how you keep up! Changes seem to happen almost daily, and the criteria is getting tougher. Unfortunately some agent don't realize the importance of building relationships! Thanks so much for the comment.

Mar 31, 2008 01:44 PM
Monika McGillicuddy
Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH
Southern NH & the Seacoast Area
REALTORS are supposed to be knowledgeable and competent in their field..that means keeping themselves up to date.
Apr 15, 2008 10:45 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.
I have several lenders I rely on in different areas.  I wouldn't be without them!
Apr 16, 2008 03:37 AM
Anonymous
Anonymous
Hi Monika-I agree completely and I hope all Realtors keep themselves up to date!
Apr 16, 2008 05:20 AM
#9
Anonymous
Anonymous

Hi William, I think it's great you have several lenders you can trust in this market. It is getting harder and harder to qualify buyers.

Apr 16, 2008 11:21 AM
#10