Mortgage

What’s more important, the best rate or the best price?!

Most every consumer knows how to shop for a mortgage in one fashion. Call a lender and ask about their rate and points. They then compare that to 1 to 3 other lenders and choose the lender that’s best. While I have many reasons to not choose a lender just on rate, that’s not the purpose of this dialog. So, for the time being, let’s just pretend that every lender is created equal and will close your loan with no issues. So what’s left? The rate right??? Wrong. Allow me to differentiate between the best rate and the best price. One thing that really good lenders do is actively manage the loan of their borrowers with attention to the markets and how the subtle moves will affect interest rates. The problem is that many loan officers couldn’t give you an explanation on what moves interest rates, not to mention the…

Better Home Loans For America’s Military

It’s always a good feeling for realtors and lenders alike to help someone get into their very first home. That feeling only multiplies when half of the people you are assisting selflessly served the country you live in. Military and Veteran Lending expert, Rick Elmendorf, calls in today as he tells Joe all about the niche market of VA loans. Specific topics include: How Rick is able to close an impressive amount of loans without sacrificing customer satisfaction Qualifying for a VA loan What the Bay Area and realtors don’t know about VA financing What you can and can’t do with VA loans

How HomeScout Blots Out Competitors

You’ve seen the advertisements for the most popular home-search apps—Zillow and Trulia are names that probably come to mind. Amidst looking at homes, did you ever meander to the privacy policies of companies like these? If not, I invite you to. Why? Your personal info is being sold to third-party companies. These big-hitters are fueled by advertisements, meaning they can target you based on the personal info you provide at sign-up and on your profile. It may not seem like a huge deal that companies are getting your email address and name, but it can become a nuisance. If you’d rather not spend time deleting emails from seemingly random people and companies, HomeScout is your answer. Your Leg-Up on other Home Searches HomeScout is a new home search app that breaks away from other companies simply by its makeup. This service is invite-only, meaning users must have an access code.…

Rent vs Own

To rent or not to rent…that is the question! This debate is becoming more and more popular as many people sit on the fence of home-ownership, wondering whether renting or owning is the right thing to do financially. Even though many people would love to own, unfortunately they’ve been misinformed as to their ability to do so.  The good news is that I’m not here to try to get you to buy a home. On the contrary! I want to share some cold hard facts and the math behind the age-old question of “Should I rent or should I buy” in order to help you make an informed decision. What are the barriers to owning a home? The barriers to home ownership fall within two main issues (a bit like a duel-edged sword): credit and personal decision. Myth-busting the Monthly Payment Right out of the gate, I’d like to tackle…

Self-Employed? Here’s How to Qualify for a Mortgage!

When you work for yourself, the financials of owning a business can be complicated. Really complicated. For example, getting approved for a mortgage as a solo act requires a little more work on your part. Fortunately, you can prepare for this so you can navigate the mortgaging waters with a bit more ease. Consider this your checklist. This may be old news to some, but new to others! Register and license your business. You can register as a LLC (Limited Liability Company) or a DBA (Doing Business As). Note: With DBA, you need to have two months of recent business account statements—or creditor statements/invoices—to prove you’re self-employed. Speaking of proof, it’s always a smart move to keep good records with programs like QuickBooks. This way, you’ll always have the files and information lenders need. Here are a few things you can provide to verify your business: Current statement of bond…

Featured on Ep #50 of the Mortgage Marketing Institute Podcast

Ep #50: Rick Elmendorf on Closing 560 Loans August 16, 2017 By Geoff Zimpfer  Rick Elmendorf closed 560 loans in 2016 and ranks as the #1 VA lender in Metro DC, Top 100 on Scotsman Guide and Top 1% of Originators in America. Rick and I agree that most relationships between Loan Officers and Realtors is, quite frankly, broken. In his newly released book, The Loan Officer Revolution, Rick offers his solution for fixing how loan officers, Realtors, and Loan Officers can create partnerships that accelerate business and growth for long-term results. Hang out and listen as Rick shares his systems and process for designing a business that allows you to still have a life while scaling your volume. Resources and Links Mentioned: Rick’s Book: The Loan Officer Revolution Ricks Website Home Scout DISC Profile Thanks for joining us on this week’s episode of Mortgage Marketing Radio. If you enjoyed it, please share with your colleagues…

Let’s Talk Overlays

An overlay is a lender imposed, expanded guideline that is essentially “on top” of the real guidelines given by Fannie, Freddie, FHA or VA. Unfortunately, many loans today are denied due to “overlays” and aren’t really denied loans. Realtors and buyers take the denial at face value and just quit the process. I’m here to tell you to question everything. Every condition, every question, and most certainly, every denial. It may not be the truth. The latest HMDA statistic show that about 12% of all purchase contracts had issues with financing and fell through. My assumption is that many of these things are due to lender overlays, and therefore, aren’t real. There are 3 main types of lender overlays. Credit Overlays (i.e. FICO score), Debt-to-Income Overlays, and the biggie, Performance-Based Overlays. Credit Overlays The Credit ones are easy to spot. If a lender is denying a loan for credit score,…

Can You Buy A Home with Less-Than-Perfect Credit?

Have you checked your credit score lately and slowly backed away from it? Credit scores can make or break your chances of getting approved to purchase a new home. If your credit score isn’t in the range of perfect—somewhere in the 700s—fear not! Even if your credit lies somewhere in the 600s, there are still a few ways to get approved. Before diving in to some of your best options, you may be asking—“Why not just go through my bank or a mortgage broker?” This is a valid option, but be wary. Banks have set overlays as an answer to low credit, meaning it will be difficult for you to move forward in buying a home. Alongside this, pricing bumps and a higher interest rate often accompany these overlays. Naturally, you don’t want to fork out more money than necessary, right? Here are some avenues to look into so you aren’t…

5 Steps to Finding Your Dream Home

So, you’re a first time home buyer. Or, maybe this isn’t your first rodeo in the home buying market. Whatever your experience is, these steps will help you to avoid common mistakes and pitfalls you may not expect. Locate the community that best suits your needs You may come across the perfect home, but what about the surrounding area? Do you need to be within range of a notable school district? Or close to your workplace? Thinking about these necessities will help you sift through listings. Property Taxes A seasoned home buyer may know this already, but property tax varies from area to area. Make sure you are aware of what a listing’s property tax will be before signing. Otherwise, you may be shocked! Buy what you can afford The listing price is one of an assortment of fees that you will responsible for. Closing fees are a great example…

The Ultimate Homebuying Experience

Have you ever wished you could speed up and simplify the mortgage process? By combining the expertise of our excellent Loan Officers and Account Executives with new technological advances, you can benefit from a faster, more efficient mortgage experience with far less paperwork. Visit LoanWithRick.com or read on to learn more! It’s widely acknowledged that purchasing a new home is a daunting task. It’s a complicated process for the average person, that’s for sure. Getting a mortgage is, for many people, the most difficult part. Loan experts like me tend to get a lot of questions from the average homebuyer: Why is there so much paperwork? Why does this process take so long? In my quest to serve my clients better and to make successful homeownership as seamless and stress-free as possible, my team and I are excited to offer a new service that has the potential to make big…

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