No matter what the market environment, it is important to generate business from a variety of sources--both traditional and non-traditional. We all know that the refinance boom could end at any time, but how many of us are adequately prepared? How many of us are positioned properly to maintain our current standard of living? Would you be forced to leave the industry, if rates rose rapidly? These are questions worth looking at. If the refi-boom...more
One question I get a lot from subscribers is How do I approach Internet mortgage leads? As you may already know, I generate 90% of my business directly from these types of leads and have found them a great resource for several reasons:When you call people, they are ready to buy.People will take your calls and even return your messages, because they actually inputted the lead and it is not a cold call.You can begin pricing the loan out before you...more
What sets one loan officer apart from another? And how do some people become top producers in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us. So why do some loan officers fail, while others succeed? Here are some points to remember which will help ensure your successTake control. Stay on top of things and be sure monitor your loans as they progress on their way to the closing table. Always be aware of what stage a file is in during process. Dont trust anyone else with your commission check. Stay aware of any problems that arise, and work with your processor to fix them. If you can help speed things up, please dobut not at the expense of making new sales! In my office, Nancy and I have a communications system in place (namely, my mortgage closing system). I religiously write down every detail of a file and go far beyond just the 1003. Questions I ask include:When are your taxes due? (Useful for estimating accurate escrows).Will you both be available to sign closing documents in the next 30 days? (Useful for scheduling purposes, I want to know ahead of time if any...more
One of the toughest things as a loan officer to do is to know when to keep or kill a deal. Of course, we all want as much business as we can handle. But, spending time on loans that dont close, wastes more time and leaves you with nothing to show for it. Not to mention, the good deals suffer and youre out your commission! Knowing when to give-up...more
If you are searching for information related to California Va Loans or any other such as department of veterans affairs, financing, va loans and closing costs or va mortgage loans you have come to the right article. This piece will provide you with not just general California Va Loans information but also specific and helpful information. Enjoy...more
Owning one's own home is a dream of every individual. But as fate would have it, the current economic crisis with rampant job cuts in the US have made this dream a distant reality for many. The introduction of President Obama's home stimulus package has, however, made this goal significantly more achievable for first time home buyers.The first time home buyer stimulus package offers individuals a tax credit of 10% on the purchase price of a home (with a maximum amount of $8000) for homes purchased between January 1st, 2009 and April 30th, 2010. For those of you already familiar with this program, recent legislative changes have extended the previous purchase deadline of December 1st, 2009. Sales occurring by June 30, 2010 are also covered provided a binding contract is entered into by April 10, 2010.A key point to mention here is that this credit is a grant which does not need to be paid back (unless the home is sold within the first three years). The entire credit amount is deducted from the total taxes owed to the government. Therefore, an individual qualifying for this credit who owes the government $8,000 in taxes would then owe nothing. There are certain criteria that have to...more
If you were considering buying a house then you should think about it more. It is really a positive time for buyers in the market right now. You can get the tax credit that can save you up to $8 grand. There are great low rates as well. Now there are...more
As our great nation is in an economic recession, the Obama administration has a plan in effect known as Making Home Affordable for loan modification for millions of homeowners. The objective of the plan is to provide assistance to homeowners...more
Saving dollars is fun. If you put individual things in process now, you will be financially strong far far in the future. If you wait until the last minute, you will assuredly be extremely in debt when you approach your older years. It may seem fun...more
There are many details people make short term that will end up costing them long term, but they ignore them because they do not feel the consequences until way, way later in the future. This is the most notable in the financial stage where people...more
Obama mortgage modification program is the most significant initiative of the government. It was designed with the aim, to help Americans save their homes. MHA (Mortgage Home Affordable) provides the opportunity to the home owners to get their loan...more
As people begin to realize that their financial future is not as secure as they may have once thought and as they realize that they have to do something different, many people are wondering how they can learn to make more money or to build a much...more