Archive for the ‘GwinnettReal Estate’ Category

About the Author:  Chuck Walden (NMLS #148160) is a loan officer with GMAC Mortgage.  Email Chuck at chuck.walden@gmacm.com or call 678-725-8076. Website is www.ChuckWalden.com

The market is better.  Rates are low.  Home prices are rising.  BUT what if there was more?  Hopefully, I can answer some of those questions and give you a way to move more property, make more money, and do an even better job for your customer.

What if a lender offered to pay the majority of the closing costs?  Would this help your negotiations?  Of course it would.  What if closing costs and seller concessions weren’t an issue?  What if you could throw out the standard 3% seller concessions because it wouldn’t even matter?  Talk about a negotiating tool.  Wouldn’t it be awesome if your buyer could come to the table with just their down payment.  Do you think they would remember that and refer more business to you?

What if a lender guaranteed you would close on time?  I know you’ve heard that before.  BUT, what if they offered to pay your buyer $500 if they didn’t close on time?  Do you know of any lenders that want to pay money to a buyer.  I don’t.  Talk about motivation.

What if a lender communicated with you constantly so you never had to “wonder” what was going on with the transaction?  Have you ever had to pick up the phone and ask?  My bet would be yes.  Wouldn’t it be great if you knew when the file came out of underwriting?  Or, that the appraisal and title are in and there are no issues?  Even if there are issues, you want to know.  You need to know.

What if you felt like you had control over every transaction?  You knew your buyers or sellers were in good hands.  You knew that they were getting the best deal out there.  You knew that you were going to close on time. 

Maybe this sounds like a perfect world to you and there’s no way this could ever happen.  I challenge you to find out.  My job is to make the purchase of a home as stress free as possible.  With some of the lowest rates in the industry, guaranteed to close on time, most of the closing costs paid by the lender, and communication throughout the process……Is there anything else you, your buyer, or your seller needs?  If there is, I would love to hear about it.

If you’re interested, I would love to talk with you to show you how this is a reality.  These tools will no doubt help you to grow your business, receive more referrals, and make more money.  Feel free to email me at chuck.walden@gmacm.com or call me at 678-725-8076 anytime to discuss how I can do this for you.  It’s new to your market so be the first to take advantage and don’t delay.

A credit card, the biggest beneficiary of the ...

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I spend a lot of time advising potential home buyers regarding homes in Georgia.  We discuss various things such as credit, income, assets, family, and future plans.  During these discussions, I have discovered that not only must I tell the borrowers what to do, I need to place a lot of emphasis on what not to do.

1)  Do not apply for credit cards while waiting to be approved for a mortgage.  Most lenders will “monitor” your credit profile during the process or recheck your credit report before closing.  More available credit can mean a lower credit score and a higher DTI (debt to income ratio used to determine if you qualify to buy – money coming in verses money going out).  This can also delay a closing because the future homeowner may have to provide a statement from the account to the underwriter.

2)  Do not be late on any payment.  If you are late on a payment prior to closing, your score will drop.  I saw one this morning drop from 679 to 582.  Crazy! An underwriter will not approve your home loan if you cannot show the ability to pay a bill on time.

3)  Do not quit your job.  If anything changes regarding your employment, tell your loan officer.  One of the last things a lender does prior to closing is verify employment.  No job.  No loan.  This has actually happened.

4)  Do not accept cash gifts and deposit them into your bank account.  Cash gifts are very difficult,if not impossible to prove.  If you are receiving a gift in order to make the down payment at closing, talk to your loan officer first.  He or she can make your life a lot easier with just a little guidance and direction.

I know that the four items above may seem simple, but what if the buyer does not know and goes down that path?  It is painful to have worked so hard to buy the home of your dreams only to have it taken away due to one bad decision.  I work for one of the best mortgage companies in the country and I help people get a home loan every day.  But it is also my job to inform inform inform.

About the Author:  Chuck Walden (NMLS #148160) is a loan officer with Prospect Mortgage.  Email Chuck at chuck.walden@prospectmtg.com or call 678-725-8076.  Bonus:  Click to get a free, no obligation preapproval. I love to work with my readers!