#WhackedOutWednesday – What a great success story to use as an example, a Broker of mine recently closed a FHA 203H loan, where the client brought ZERO down and gets a check for 4 grand at closing!! Talk about balancing a file and maximizing the benefit for the borrower. What a great success story. \
It is #WhackedOut that most LO’s and Broker’s either don’t know how, or don’t take the time to do this in advance to advantageous to the borrower. Many just let the escrow’s/title and the closing docs be minimized or let me say, not maximize the seller credits if any. I personally preach and teach LO’s to help them balance their files in advance, know exactly how the file should unfold and hold the hand of escrows and even the lender if needed to be the best situation for the borrower.
#WhackedOutWednesday – Have a rate shopper that is stern about rates and costs and just has their mind set that’s all they want? That’s the guy you need to ask the most questions with, and dig the deepest to find out their WHY! He/She is trying to save money for something, what is it? What is the goal short term and long term financially for that person? Finding out these things can help you custom tailor a mortgage to help find a solution for that person to reach their goals.
Do not let the clients dictate the situation, take control over the conversation and start being a consultant to help them. Sometimes people forget they don’t pay rate, they pay a payment. And the sum of all payments due every month is what takes cash flow power away. It’s called your obligated debts. Heck someone who is self employed would benefit from a higher rate to begin with. There’s a fine balance of how it all works, I’m not a CPA, but if their mortgage interest is too little it could have less of an advantage to them on taxes. Just one example to think about.
It’s a full picture you must dig deep to find out WHY are they doing what they are doing! Where are their goals short term and long, and then how can you help them fabricate a plan to get there. And you do this with, in most cases, the biggest asset that client has. So, ask questions, don’t just take orders. Being a mortgage pro, is a form of consultation. When you approach it this way, your clientele will change. #SellWell
#WhackedOutWednesday – Today’s installment is all about collection accounts for FHA and Conventional guidelines. There’s some JUICE in here that you may not know. #Checkitout PS>>> I’m accepting transferred appraisals and new FHA submissions 🙂