It is time to come clean on what is happening in the loan mortgage market these days. I have seen this so many times over the past two years now that I, like many of our clients, am getting really weary of the state of the state in the banking industry today.
The first thing we tell clients, no matter their economic status, their relationship with their lender or how much money they have in the bank is this You need to be prepared to talk to more than one lender. So often I hear I have been doing business with this bank for 20 years and I have always used them. What consumers dont seem to understand is simply that their banks have eliminated many of the loan products that they used to carry, and Fannie Mae and Freddie Mac have tightened up their criteria for buying loans on the open market making it harder for banks to make home loans.
It isn't necessarily your credit, or your debt to income ratio, or your down payment amount. There are still products for everyone out there. Products like USDA that loan in rural areas and have an income cap for lower income families, or FHA, which only requires a 3.5% down payment. These loans are out there, including conventional loans with 10% down BUT not all lending institutions are the same. More than ever you have to shop your loan requirements to find the best deals for you! The other piece of advise that I feel is important when shopping your loan, GOLOCAL. Do business with a lender who knows the market you are buying in. They can anticipate challenges you will face and many times preempt them.
There was a time not long ago when we used to say to clients, yes go to your bank, Im sure they have a product that will satisfy you! But today we encourage all of our clients to visit at least one mortgage broker who typically has access to many loan products and are not hamstrung by individual bank policies.
So my advise for the day is DONT GIVE UP! When you hear from your first lender, Im sorry I cant do the loan be proactive and visit the second lender or the third lender if need be. We are in a new world of lending ladies and gentlemen and the early bird truly does get the loan!
Author:Victoria Jackson and Mike Shuttleworth Phone: 970-846-8692 Dated: April 6th 2013 Views: 747 About Victoria Jackson and: The Steamboat Luxury Team -Vicki Jackson and Mike Shuttleworth
Vicki Jackson has been a Realtor f...
About Coldwell Banker Distinctive Properties - The Steamboat Luxury Team
COLDWELL BANKER notables:
NUMBER OF U.S. TRANSACTION SIDES: 727,415
AVERAGE U.S. SALES PRICE: $315,324 (14.2% higher than the NAR 2016 Average**)
TOTAL U.S. SALES VOLUME: $229.4 BILLION
NUMBER OF U.S. $1 MILLION+ TRANSACTION SIDES: 24,790 ($1.9 million average sales price)
INDEPENDENT CONTRACTOR SALES ASSOCIATES/REPRESENTATIVES WORLDWIDE: 88,000+
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The Steamboat Luxury Team, 10th among all Coldwell Banker Teams in Colorado. from its very formation, has been unique in our approach to real estate, and how we take care of our clients. Our temperament, ethics, experience and success in residential, investment, and commercial real estate separates us from other real estate agents in the valley.. As a result of our approach, all of our associates work together to assist you with every aspect of your real estate transaction. This means that instead of just one agent, you have an entire team of professionals working for you. Local knowledge supported by America’s premier Real Estate Company
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""I used Mike and Vicki to handle short sales for me on multiple income properties. They were professional and informative, walking me through the process and making sure everything was done in a timely fashion. I would use them again and recommend them to anyone looking to buy or sell real estate.""