| May 2008 | The New Quick Mortgage Minute Weekly Newsletter for Your Business! |
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Dear Sam, 580 minimum credit score
has now become our bogey. My company decided to put this in place for
FHA approvals which was the last place I could have gotten someone
pre-approved with less than stellar credit. The only good news for me
is that many other lenders now require a 600 or 620 minimum so call me
if I can help you.
But, if you have a buyer that knows he has a credit score lower
than 580, I cannot help them at this time other than offer some advice
or look for other ways to approve like with another borrower in their
family.
On another topic, my Regional Manager pointed out that we need to
be asking all of our borrowers for referrals. This is something that I
preach but to be honest, rarely practice. Are you doing this? I am
going to start my next borrower! It is smart to do since you already
have rapport with your client, they can sell you as a third-party
referral. Just mention their name often in the conversations with the
new prospect.
Last quick note, I pulled a credit report for a borrower in
Florence and found a local medical provider now reporting a $2.o0
collection! This is the lowest I've seen in my 5 years in the business
and shows the times we are now in. Medical providers are selling all
their bad debts to collection companies that are going after every dime
they can get, even if it is probably costing them more than they can
collect. In the meantime, we are all suffering with the lower scores
that keep us from being able to get financing.
Sam Thompson, Senior Mortgage Advisor
Mortgage Services, PHH Mortgage
843-230-7929
 That's all I am asking you for! For every realtor that reads my emails to close just one loan by the end of this year!
I would really appreciate you if you do and I want you to see how we do
it and then, I am sure that you will keep calling us for your clients!
We make it look easy!!
Just give me a 'sample order' to see if I am worthy of your business... Just tell your buyers that "Sam has been dieing to show me how good he is. Let's give him a try to see if he is as good as he says."
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Moving Your Listings!! | |
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 Your listings getting some age on them?
Yes, there is a 'For Sale' sign in this picture.
Here's
a quick story about my father-in-law's house that sold in 3 weeks. He
picked a good realtor that was the top selling agent in the area. She
printed off 20 comps and they went through each one making notes and
then she asked him how much he thought his house was worth based on
recent sales and current listings. He arrived at a number that was
$10K less than he was thinking going into it and she helped him see
that listing at the right price is the key, even in a soft market.
I am sure that have a good system too and if you get a seller that
is not able to see the real market value, you might be better off
letting another agent work with him. Maybe you can get a referral fee
by referring them to a colleague?
For these types of sellers, you are probably better off being the third listing agent than the first.
For all of your sellers, call me and I'll help you with a free
listing sheet customized with your picture and contact info with
current market rates for 4 different down payment and program
scenarios. These look good and help your prospective buyers see that
they can afford the house based on the monthly payments.
Call me so I can help you with these!
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My brands* that I represent are:     Want to jazz up your website? Add the "get approved"
graphic below and then put my website link in the properties of the
image as follows. Call me if you need help with this.
 *Any time I am working with your client, if you are under a specific brand, I am projecting your brand logo in all that I say and do as do my colleagues. |
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Weekly Tip - Give them what they want! | |
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 Everybody wants a Deal The thought occurred to me that what you could be doing is sending
out postcards or emails to your prospects showing all of the homes that
have dropped their price as they occur in the MLS. Call this your
"Hot Sheet!" and promote this service in your advertisements so you can
pick up more buyers waiting for things to bottom out... You can even
TEXT them for a neat service that you can provide now that this has
gotten so popular.
Many of you are probably doing something like this I know but the
climate of our market is that you should wait for prices to get better
so... Maybe if everyone starts promoting the homes that have recently
dropped, we can really turn this market and then we are all going to be
hanging on for dear life!
Also, help all of these deal-hunters understand that rates are
right and with more mortgage tightening, if they keep waiting, they may
not be able to buy so the time to buy is NOW!!
Tell them to call me to get registered and protected in our 90-day
Pre-Purchase, Rate Protection (PPRP) program for their best interest
and YOURS! This allows us to start processing their loans so when they
do finally find a home, we'll be ready to close in a hurry!
It sets a deadline too that helps with their sense of urgency that is needed for many in any kind of sales.
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Weekly Mortgage Commentary Snippet | |
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Rate Lock Advisory - Monday May 5th.
Monday's
bond market has opened fairly flat despite stock weakness. The major
stock indexes are showing losses with the Dow down 53 points and the
Nasdaq down 6 points. The bond market is currently down 3/32, which
will likely push this morning's mortgage rates higher by approximately
.125 of a discount point over Friday's rates. |
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