My first mortgage... My experience and what I learned...

By
Mortgage and Lending with Value Shield Financial Services

I remeber the first time I sat at a closing table to help a client who was referred to me by a friend.  Here is the story...

 

I became a licensed mortgage broker after processing loans for 10 months.  I passed the exam with flying colors, scored a 96.  I was working with a friend who had been a broker for about 2 years.  I started as anyone would - I started calling and telling all of my friends and family about how I became a mortgage broker.

I finally got my first deal from my wife's friend who told me that a dear friend of his was looking to buy a new home.  Wow - my first deal.  The purchase price was $187,500 and the buyer was going to put 20% down on the home.  What a great deal!  The only problem was a mid 580 credit score. 

I called the buyer and we talked about her job, her income, and her assets.  She was so excited to be finally purchasing her first home and how she would not have to rent an apartment and how the back yard would be great for her 8 year old son.  I thought it was great that I would have an opportunity to help realize her dreams. 

I did a full application with her on that first phone call and proceeded to find which lender would be best for her.  I must have called 20 different lenders that day reviewing her scenario to see what the rate would be and if they could finance her beautiful new home.  Finally, Argent came to the rescue with a 6.25% rate on a 5/1 ARM and no pre-pay penalty.

I immediately called and gave her the good news.  She was excited to hear that I could help since her local bank had turned her down for not having a 620 credit score. 

The loan took about 3 weeks to close and the appraisal actually came in at $195,000, just more good news I could let her know. 

I went to the closing with her and her son that day.  After that we went out for lunch and she thanked me over and over for helping her finance her new home.  She had been saving for 8 years to have the money to put down.

It was my first deal.  One that made me realize I could help someone's dreams come true.  She ended up referring me a few of her co-workers and we kept in touch until she moved to Arizona a couple of years ago. 

Please comment with your own first deal... whether it was a mortgage or house you sold. 

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Rainer
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Chad Wille

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