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.
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