Tag Archives: mortgage officer

Finding the Right Mortgage Officer


Finding the Right Mortgage Officer

Anyone who has bought a house will tell you that finding the right REALTOR® and the right mortgage person is absolutely critical.  If you talk to a REALTOR®, they will tell you that you should select your real estate agent first; if you talk to a mortgage person they will say you should select your mortgage person first.  In reality it doesn’t matter which one you select first as long as you select people who are going to do a good job for you.

There is one factor that is critically important when selecting a mortgage person that I think warrants discussion.  If you are like millions of people in this country who may have less than stellar credit, or do not have a gazillion dollars to put down, it is important to have a mortgage person who can guide you in making those decisions.

All too often I have clients who talk to a mortgage person only to be told that they do not qualify for a mortgage without telling them what they need to do to correct the matter.  The good news is that there are some mortgage officers who have the computer programs and the desire to provide this information to clients.

I have had clients who thought they needed to have no debt in order to buy a house and have used all their money to pay off credit card debt but then did not have the money for closing costs or down payments.

Before you make that decision I would encourage you to talk to a mortgage person or a REALTOR® who can get you in touch with a mortgage officer who can advise you on what to pay down and what not to pay down.  It really does matter.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland

 

 

Home Buyers’ – It’s Time to Cut Loose!!


A recent study of potential home buyers revealed some very interesting information. In the study a “potential home buyer” was someone who wanted to buy a home in the next 24 months. In the study, 56% of the home buyers said they were waiting purchase a home because of fear of being rejected by lenders!

Buyers - It's Time to Cut Loose!!
Buyers – It’s Time to Cut Loose!!

The survey also found that 74% of potential buyers who need a mortgage say they have not contacted a real estate agent or a mortgage officer yet to get the ball rolling. The biggest reason given is the misconception that borrowers need a credit score of 770 or higher. In addition, about a third of the potential buyers said they believe their debt-to-income ratio was too high to qualify.

But these fears are greatly overblown. About a third of new loans had a FICO score below 700 and in Tennessee there are programs for as low as 650. Debt-to-income ratios are not as high as many people expect either. The ratio for FHA loans is 28%.

The most important thing to remember is that these numbers are changing constantly. The prices of homes are increasing and the interest rates for mortgages is expected to creep up. It is important that if you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

Shopping for a Home Means Shopping for a Mortgage


Shopping for a Home Means Shopping for a Mortgage

Home Buying Made Simple !!
Home Buying Made Simple !!

If you, like millions of other people, will be shopping for a home this spring it most likely means you will need a mortgage.  Shopping for a home also means shopping for a mortgage.  Having the right REALTOR and mortgage officer can make a world of difference in your experience.

There is a lot of misinformation circulating on the Internet and it is crucial that before you decide you cannot afford to buy a home that you talk to a reputable real estate agent and mortgage officer.  If you go to a local bank remember that they will be marketing the mortgage products that they sell.  On the other hand, I would caution people looking for a mortgage to avoid finding a fly-by-night mortgage company without the funds to back up its product.

Did you know that you can get a mortgage for as little as 3.5% down not the 20% down that many banks require?  In addition, there are programs that can avoid the PMI insurance that will add hundreds of dollars to your monthly payments.  Having the right real estate team – REALTOR and mortgage officer – is critical to finding the home you are searching for.

Whether you are looking to buy or sell your first or tenth home, talk to a REALTOR who can give you the information you need to make an informed decision.  A REALTOR is the focal point of your home buying experience and can put you in touch with reputable mortgage officers, home inspectors, and home repairman; whatever you need to make this a smooth transaction.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

#mortgage, #buyingahome, #realestate

Thinking of Buying?: Here’s a Few Steps to Get You Started


Thinking of Buying?: Here’s a Few Steps to Get You Started

If you are thinking of buying a home, now is the time to start laying the ground work to make it happen especially if you are a first time home buyer.  My advice for first time home buyers is to start about one year before you plan to make your purchase.  Less than one year is certainly doable, but if problems surface, the one year start gives you time to get things corrected before your target date.

Here are a few tips to help you make buying a home a reality.

  • Find a REALTOR whom you want to work with.  All too often buyers just use the first agent they come in contact with once they decide to buy a home.  Many things you read will tell you to shop for an agent and give you a list of questions to ask.  I don’t agree with most of those questions.  My advice is to talk to the agent and feel comfortable with their knowledge and how well they work with you.  Are they available to answer any questions you may have?  Do you feel that they are looking out for your best interest and not just trying to sell a property?
  • It is also important to find a mortgage officer who can be involved with this process from the beginning.  If you talk to a mortgage officer, they will tell you to find the mortgage person first and then the real estate agent.  A real estate agent will tell you to find the real estate agent first.  In reality it doesn’t make much difference; however; I suggest getting the real estate agent first and the reason is this – the real estate agent will be with you every step along the way, not just for the mortgage.  Regardless which you choose first, get the agent and the mortgage officer on board early on.
  • Establish a budget that includes savings and stick with it.  It is important to pay down bills, especially credit cards, but it is also important to have cash on hand for down payment and closing costs.
  • Do not open or close any accounts without talking to either your real estate agent or mortgage officer.  Closing an account that you paid off may actually have a negative effect on your credit score.
  • Get a copy of your credit report.  You can obtain your credit report free from www.annualcreditreport.com.  Many companies advertise a “free credit report” when you subscribe to their service.  That is not necessary.  Look your credit report over carefully.  Studies have shown that 20% of all reports have errors on them.
  • Get errors corrected as soon as possible.
  • Credit experts advise that you use no more than 50% of your line of credit.  Using only 25% of you line of credit is better and can increase your credit score.
  • If you are planning on having family members, such as parents, help with the down payment; be sure to explain that to the mortgage officer up front.  There are very strict guidelines that you want to make sure you follow.

Whether you are a first time home buyer or a seasoned buyer, home-buying is a serious and complicated matter.  Having the right REALTOR and mortgage officer will be a major step in helping make the transaction as smooth as it can be.

If you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to email me at RolandLow1@gmail.com.

Roland

 

Steps to Buying a Home This Spring


Steps to Buying a Home This Spring

With the economy clearing turning around and mortgage rates still extremely low, this spring will be an ideal time to buy a home.  If you are thinking of selling, this is also an ideal time to sell as interest rates for buyers are low enabling them to spend more on the house and less on the interest.

If you are a first time home buyer the sooner you start the process the better.  All too often first time home buyers wait too late to begin the process and then find themselves under the gun to accept a home that is not ideal, or they wind up extending their lease because they have run out of time.  If you are renting and want to buy a house, contacting a REALTOR a year in advance is not too soon – the sooner the better.

If your goal is to buy a house in the next year make sure that everything you do is taking you in that direction.  For example:  ensuring that your finances are in order is a primary undertaking, but doing some things that may seem to make sense may actually do you more harm than good.  That is why it is critical to talk to a REALTOR who can steer you in the steps you need to take.  One of the most important things a REALTOR can do is to get you in touch with a mortgage officer who can help you obtain a mortgage that is right for you.

One of the first things many home buyers will do is to begin applying on line for home loans from many different sources.  This can actually harm your credit score.  A good mortgage officer will sit down with you and analyze your financial status and make recommendations of how to improve your score or to advise you how to maintain your score.

All too often home buyers will come in the office thinking that they are ready to buy a house and they have spent the last year or so paying off and closing their credit cards, but they wind up with little or no cash for the funds they need.  Often time there is a fine balance between the cash you have and the credit cards you need to pay down.  This is where a professional REALTOR and mortgage officer team can be a big help.

For full disclosure, let me be perfectly honest with you.  If you talk to a mortgage officer first they will undoubtedly tell you that you should select a mortgage officer first.  If you talk to a REALTOR they will undoubtedly tell you to select a REALTOR first.  In reality it makes no difference which you select first as long as they are both working well together.

That being said, I will say that as a REALTOR I do believe it is more productive to select a REALTOR first, and here is why:  The REALTOR will be working with you every step of the way.  A REALTOR can help you select a mortgage officer, the home you are searching for, a home inspector, closing company, title insurance, home owners insurance company, a moving company, lawn service, painter if needed and on and on.  The REALTOR is more of a focal person in this transaction.  The mortgage officer, although certainly critical to the process, will deal with only one aspect of the transaction.

If you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to email me at RolandLow1@gmail.com.

Roland