MortgagesUndressed

I will gladly mortgage my home for it. It runs on seawater.

PS: Sell your Exxon stock.

Click Here for Video: Thanks Aunt Ruth

It is very difficult for a loan officer to break into doing purchase business with a real estate agent. Why is that? It is because real estate agents have learned how fragile a transaction is. Loans must close on time or the whole transaction could blow up. Buyers have a set budget of money to use and if the loan officer makes a mistake now what? Real estate agents know a track record of dependability is critical.

If it is this important for a real estate agent, it should be important to you.

Larry Cragun

Note: 5 straight weeks of rate drops.

check rates survey here

It hit me the other day, the youth of the world are more responsible with their credit. I first noticed it in surprise when our grandaughter Kira was getting married and just had to have a home. She and Kelly came to my office for a loan approval.

I was shocked how high their credit scores were. I was impressed. I was reminded of that as I saw it recently with another young couple.

My mind went back to the pre credit scoring days, when I had to watch one young couple after another deal with not being able to buy now, they had credit to fix. It was a common embarrasment, watching one discover the affect of crummy credit of their new spouse or spouse to be.

FICO scoring has been a measuring stick easy to discuss. I think it has made young people more aware and more responsible.

YES!

Let me see, let me count the ways:

The list is about them. But first, a comment about you, the typical borrower. You sometimes don’t listen to your agents advice. Why is a bewilderment to me, but it is a fact. You are sometimes the problem because you are not informed. Thus this blog, it is for you. Be informed. Try your best to not be the reason you had a bad experience. Instead of dreaming and studying homes online, study both lending and homes. The more informed you are, the less likely you are to do business with the wrong loan officer.

Now: The list begins.

1- This is a serious business, no place for patience.

2- Some are greedy, loans are a haven for the greedy.

3- Many are short sided in how they build or don’t build a business.

4- Some are flakes

5- Some are not competent: incompetency often costs you $$$$$$$$$$$ and more money.

6- Some lie to people.

7- Some make mistakes and then won’t stand behind their committments.

8- The business is not transparent, so some don’t give you all options in your best interest.

9- Mortgages seem easy, attracts the wrong types.

10- A lot of loan officers have credit problems on their own, seems hypocritical to me.

11- Many states don’t require licensing of loan officers, some make it too easy to have a license..

These types are not the majority, but they are all too prevelant. Thus my critical, tough, & impatient attitude.

If I have your attention for a minute or more, maybe - just maybe you will avoid a bad experience.

HOW DO I KNOW THIS? I KNOW! READ MY ABOUT SECTION.

HOW DO YOU AVOID THESE TYPES? READ THIS BLOG FROM FRONT TO BACK, AND DAILY.

USE A LOAN OFFICER THAT IS KNOWN TO BE COMPETENT, PROFESSIONAL, AND NOT TOO BUSY - BY AN AGENT. LET THE LOAN OFFICER KNOW THE REASON THEY WERE YOUR CHOICE. KEEP THE AGENT INFORMED. THIS WAY, THE LOAN OFFICER HAS FUTURE AGENT BUSINESS AT RISK.

Larry Cragun

This Fannie Mae Calculator is more informative than most. CLICK HERE

Example of strong: A lot of cash reserves or a large down payment.

Example of weak: Credit issues

My wife says I am getting better. But to all who comment on a typo, you will receive a free subscription to typo news.

We have two cats, not this one tho.

BIBBLE

Some say we are in for a really big bubble.

Flippers are worried that for them its big trouble.

Is it the return of the S & L days, the crises we felt?

where real estate crashed and the prices did melt?

Nope -
The old grandfather says the pull back is little,

and instead of a bubble were in for a bibble.

Larry Cragun

Over and over I have emphasized, the best chance you have for a good mortgage experience is to use a lender your real estate agent has had experience with. An illustration of why I say this is a recent actual example.

A first time home buyer refused to use the Real Estate Agents recommended lender. He found something sinister in this. Instead, he went on line and found a lender using Google. It turns out this lender talks a good game, but is obviously a dope.

(Sorry, for the 60’s slang)

Against the request of the buyers agent, this Googled loan officer, in a hurry, ordered the appraisal before the inspection. The inspection caused the transaction to be cancelled, and now the slick talking Gooled lender is convincing the first time home buyer this is common practice.

Guess what? The buyer is paying for two appraisals now. Stupid! Not necessary! Not right!

Larry Cragun

Condo Sales: St Louis Business Journal

From Inman News

Mid Year Sales decline 2.9%