Mortgage News

As Mortgage Professionals, like it or not
As a Mortgage Broker, like it or not, I am in sales. Yes..........sales!
Why should you use me versus the other 100K plus loan officers in the nation? I don't just sell rate & closing costs but they are important and I AM the Broker-a huge advantage; I sell myself, my experience and reputation. I may tell you NOT to purchase now or refinance for good reasons.

You must be:

1. Qualified 2. Committed 3. Motivated
And this means, my loan comparisons will show you the savings or payment you can or can't afford!
The following are 5 reasons why deals fail to go to closing for loan officers, banks and brokers who want you to purchase or refi NO MATTER WHAT:

1. The approach is confrontational rather than consultative
 
When prospects (yes, you) feel confrontation, they often feel provoked and challenged. Salespeople who are too anxious to close the sale or get their prospects to see their point of view, may only decrease their odds of closing. A soft approach is always better. This means having the patience & time to answer all basic questions, sometimes over & over.
 
Selling is not about getting people to see your point of view. It is about allowing yourself to see the customer's point of view.

2. The prospect feels pressured rather than being helped
 
When prospects feel pressure, they feel that demands are being placed on them. Pressure violates trust when the salesperson doesn't show respect for their ideas and opinions. Creating demand usually doesn't work. Patience, respect and understanding usually do.
 
Pressure rarely works & can backfire. Taking the high road to an indecisive borrower &  waiting can pay off for you and me. You may wait and be better served and I may be your 'Trusted Advisor.'
When you truly want to serve your clients, they know it, and everyone wins.
 
3. Borrowers feel the lender is aggressive rather than supportive
People don't usually reward aggressive behavior. When lenders become aggressive, their only goal is to share what is important to them - getting paid by closing you whether it's appropriate or not.
There is a big difference between aggressive and assertive behavior. 

4. Lender has self-focused goals, versus customer-focused ones

You, the borrower,  have a multitude of choices of who to use and also have the opportunity to find a broker with first-time homebuyer programs, lower rates and customer-oriented communication.
You want someone who can assist you, service you and educate you.
 
Professional salespeople help, support and share knowledge with their prospects. They pass along important information and ask customers to buy once they've demonstrated clearly how their product or service will help achieve the desired results or objectives.
 
As a former Top Producing loan officer in the builder community,  I learned a long time ago: "Take care of the client, & the commissions take care of themselves".
 
5. Loan Officers who mistakenly take prospect problems personally (hint: It's about you, not me)

And when they do, inexperienced loan officers often retreat  or hide when confronted with a problem instead of listening carefully and responding immediately.
 
Let's face it, in today's Mortgage climate there is no shortage of client questions & concerns. We have to stay patient. When you call to discuss a problem or issue you are concerned about, expect the problem to be addressed immediately.
Banks who ignore problems or concerns instead of putting them out on the table and dealing with them, will lose their customers' trust. It's a much better decision to take action quickly & decisively.

Just have questions? Need a comparison of loan options to help you decide to refinance, take cash out or not? Want to know if it's a 'good time to buy?' Call me at 562-320-0510 or email at:
annermsinc@gmail.com
www.reliancemortgageserviceinc.com 
NMLS#254859 Corp NMLS# 1150921
 







Posted by Anne James on July 30th, 2019 10:52 AM
Titl

VA Loan Cosigner Requirements

One of the benefits of VA loans is that they allow veterans to secure home loans with lower interest rates and lower qualifications than a traditional loan. Even with these lower qualifications, however, VA loan applicants sometimes still need a co-signer to qualify. If you fall into this category, it’s a good idea to understand who can co-sign on your VA loan and how it might affect your odds of qualifying for that loan. Fortunately, Reliance Mortgage Service Inc, is well-equipped to answer any of your VA loan co-signer questions.

Individuals who can co-sign on VA loans include:

  • Your spouse (must be legally married)
  • A single military member (if you are unmarried)
  • Certain lenders will also allow a single non-military person

In short, it’s perfectly normal for a VA loan borrower to need a co-signer to qualify for a loan. If this describes you, the more you know about who can co-sign for you and how it will affect your loan, the more of a head start you’ll have in the process. 

Since the VA loan co-signer application process can sometimes be a daunting one, we have provided below two of the most frequently asked questions regarding the use of co-signers on VA loans.

Who Is An Eligible Co-Signer?

VA guidelines clearly specify who veterans can use as co-signers on VA loans and who they can’t. First, the VA permits legally married spouses to co-sign on a loan. Those veterans who are unmarried can get a fellow veteran who is unmarried to co-sign on their VA loan. A third option, which is only available through some lenders, allows veterans to use an unmarried, non-military individual as their co-signer, but this comes with a catch: the VA will consider only the veteran’s property in what they can “guarantee,” not the co-signer’s. In other words, using this option can limit how much you qualify for. Since not every lender will allow this third option, if you find yourself in this category, we strongly recommend that you find out if your lender handles this situation before you begin the loan application process. 

Will A Co-Signer Affect My Chances Of Getting The Loan?

Co-signers can often make the difference in securing a VA loan or not. Just as your financial information and credit history is taken into account when determining if you qualify and what rates you’ll receive, your co-signer's information must also be scrutinized. How will the VA look at your and your co-signer’s information? For one thing, VA loans don’t rely on high credit scores to determine eligibility. Instead, they look at your and your co-signer's most recent 12 months of credit history, while being less strict about credit scores, bankruptcies, and foreclosures.  

If you find yourself needing a co-signer to qualify for a VA loan, know that the ability to include a co-signer has allowed thousands of veterans in you area to secure a VA loan. Fortunately, now that you know who can and cannot act as your co-signer – whether your legal spouse, a fellow unmarried veteran or an approved unmarried non-veteran – you can avoid unfortunate surprises and get a head start on identifying who your co-signer will be. 

Posted by Anne James on June 25th, 2019 1:41 PM

VA Loans: Are they a Seller's concern or old Fish Story passed down from Realtor-to-Realtor? Listen up, homeowners and Realtors alike! VA Offers and loans are more likely to close successfully and on time than any other offer, save 'All Cash.' Here are 5 Reasons VA Loans are the Best Loan for both Veteran and Seller:
1) Sellers do NOT have to pay points, closing costs (the termite report and repairs being only exception ) or other fees. Rates are so low on VA loans compared to Conventional and FHA; it's easier for the Veteran to qualify! There's no Mortgage Insurance on VA Loans either.
2) There's NO downpayment (zero down to $636,150 loan amount- and low downpayment up to $1 Million), The Debt Ratio  is allowed to go up to 59% versus 49.99% on conventional and 54.99% on FHA. No Reserves are required.
3) Lenders love VA loans as Realtors don't have to ask for closing costs in a tight seller's market - the rate is so low that closing costs can be covered by a slightly higher interest rate and many Veterans get into homes for less than $1,000 .
4) Credit Scores are relaxed with no higher rate for 670 FICO and down to 600 FICO's are accepted. Reliance Mortgage Service will work with Veterans who have credit derogatories always and bring them up to lender requirements or higher. Try us.
5) Veterans can use their VA Entitlement more than once, twice or more as long as their current VA Loan is paid off. Keeping current home as a rental? Reliance Mortgage Service will refinance your loan to conventional and usually at a much lower payment. Call us today and get an estimate on either purchase or refinance. Realtors are welcome to call with questions as well.










Posted by Anne James on September 12th, 2017 12:28 PM

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