How To Find Your Way Through The Home Loan Jungle - Part Two

Finding Your Jungle Guide-Part Two

Welcome to the third lesson for obtaining a home loan you love.  Sit up straight class and pay attention;  Dr. Most Opinionated is about to start.

We started off with getting your documentation in order.   Compiling that package is the secret weapon we're going to pull out at the end of the process.  We're going to drop that bunker-buster bomb on the unsuspecting originator for maximum effect at the final moment.  Next, I instructed you to compile a list of 6-8 originators.  Do you have your little list?  Good, let's get to work!

Oh, by the way, does this seem like a huge pain-in-the-butt?  Is it taking more time than you would of liked?  Here's a wake up call for you lazy people out there:

READ:  The Deceptive Advertising Example

and here's what happens if you get sucked in by "Senior Loan Officer" who cruises nightclubs, drives a Ferrari, and promises you court-side tickets to the Lakers-Clippers game:

READ:  Mortgage Broker Misconduct

Oh, do I have your attention, now?  Good!  Let's get back to the lesson.

Start off by Googling everyone's name on your list in the Google Blog Search.  So many of us are writing articles like this online so we can give you, the consumer, good information.  If the originator isn't writing a weblog, then just Google them.     Searching online can give you some insight into their philosophy about mortgage financing.  It is also one indication of their experience level and commitment to the profession.  It is not a prerequisite that they have an online presence but it does help.

Now, armed with a little intel, let's make the calls to the originators. Certainly start off with a little small talk; sales people like to talk but keep it under 3-4 minutes.

Here are 7 questions you want answered in your phone interview:

1- What is your philosophy in as much as it relates to Strategic Equity Management?

2- What makes mortgage rates go up and down?

3- What's the next big economic event that can move mortgage rates?

4- When the Fed raises rates, how does that affect mortgage rates?  (they can come down)

5- What's going to happen in the near future to mortgage rates?

6- Can I get a pre-approval if I give you a credit report, income, and asset package?

7- Will you lock my rate/terms, give me a good-faith estimate, truth-in-lending form, and written rate lock confirmation if I elect to use you?

Each phone call should take 10-15 minutes.  If you call all eight names on your list, some originators may not return your call until the next day.  That's okay as we are sometimes busy servicing clients.  Be certain to leave messages with specific  times when you'll be available.  Certain originators may not call you back.  Again, you're trying to whittle down that list to  2-3 people so you can get competitive quotes.  These interview questions should help you "find' those lucky few.

My next article will be about how to secure the home loan you love.

by Brian Brady America's Most Opinionated Mortgage Broker

Read the whole series: 

• How To Get The Best Home Loan - Neatness Counts When You Want a Home Loan
  How To Find Your Way Through The Home Loan Jungle - Part One

• How To Find Your Way Through The Home Loan Jungle - Part Two

• Loving Your Home Loan

Posted on April 09, 2007 21:38:31 by Laurie.Manny

How To Find Your Way Through The Home Loan Jungle - Part One

Finding Your Jungle Guide-Part One

Okay, the last secret I told you about was how to compile a credit and income package for a lender so you could get accurate quotes and pre-approvals.  Now, I'm going to tell you how to shop for the right loan originator. 

I have always stated that you should be shopping mortgage consultants not loan programs but this double-barreled article will help you do both.  Understand this first.  You are NEVER going to get the absolute best rate offered on a home loan; it's impossible to determine what "best is:

READ:  You'll Never Get The Best Rate

Instead, you should be shopping loan originators.  You should spend some time online and on the phone getting to know the originator before you give her a copy of your "credit" package to receive a quote.

READ:  Borrow Money Like You Would Buy A Cell Phone

You should get a list of 5-6 loan professionals and spend 10-15 minutes on the phone with them.  Where do you find these people?  Here are some sources for "leads' on good loan originators:

1-  Call Brian Brady immediately 858-777-9751!  Okay, I'm sort of  kidding but I can be a source for you because you have enough interest to read my article this far. My point is that you've already met one originator online.

2- Ask your Realtor for a loan originator whom she trusts.  If you don't have a Realtor, yet, use that as leverage in your hiring process.  Explain to the 2-3 Realtors you're interviewing that you consider their recommendation of a loan source to be an integral part of their service offering; you'll get a great response.

3- Go into your local bank and tell the teller that you are thinking of buying property.  That teller gets paid $25 to refer their in-house mortgage salesperson so he'll be all worked up.

4- Call your CPA or tax preparer and announce that you need a home loan.  If the CPA offers to help you with it, get a new CPA.  There is a growing trend among tax professionals to provide financial services like mortgages and investments. I can't speak too intelligently about the investments side but there are two problems with CPAs offering home loans:  (a) they offer horrible advice.   (b)  their inexperience usually ends up costing more.

5- Stockbrokers and financial planners are usually good sources.  These guys understand investments and leverage so they know a few of us who can integrate your mortgage into your financial plan.  I have found that when I work with a stockbroker, the client gets great advice and a loan that makes sense.  if you don't have a stockbroker, ask the richest person you know for a name (I'm not kidding about this). Some stockbrokers offer mortgages; again, stay away from that for the same reasons as CPAs.

6- Ask someone who owns more than one property who their mortgage gal is.

7- Ask a small businessperson (with whom you're friendly) who their mortgage source is.

8- Ask your brother or sister (or cousin or parents). 

Cool!  Now you have a list of 6-8 mortgage originators.  Should you print off your package and send it to them?  Should you e-mail each of them and ask for a quote?  Hold on, amigos !  Remember I said to shop for loan originators and not loan programs?  The loan terms shopping comes after you've isolated 2-3 originators with whom you want to do business.

My next article will tell you how to interview an originator in 15 minutes or less and be certain that you have the right people.

by Brian Brady.  America's Most Opinionated Mortgage Broker

Read the whole series: 

• How To Get The Best Home Loan - Neatness Counts When You Want a Home Loan
  How To Find Your Way Through The Home Loan Jungle - Part One
• How To Find Your Way Through The Home Loan Jungle - Part Two
• Loving Your Home Loan

Posted on April 09, 2007 17:56:59 by Laurie.Manny

How To Get The Best Home Loan - Neatness Counts When You Want a Home Loan

Read the whole series: 

Posted on April 09, 2007 15:27:07 by Laurie.Manny

Long Beach Condo Fire Are You Thinking About Buying a Long Beach Condo?

LONG BEACH REAL ESTATE

There are many factors to consider when purchasing a high-rise Long Beach Condo.  One that we don't think about often is fire safety.  Does the building you are considering buying into have adequate protection in the event of a fire?  Are there Sprinklers?  Some interesting facts have arisen from a recent Long Beach tragedy which should certainly be considered when purchasing your Long Beach Condo:

LONG BEACH CALIFORNIA:  Wednesday, March 29, 2007 at 9:30 PM, a deadly fire broke out in the east wing of the luxury Long Beach high rise, Galaxy Towers Condominiums at 2999 Ocean Blvd., in Historic Bluff Park, Long Beach CA.   The fire claimed the life of one man, John Carlyle Crews who tragically jumped to his death from his 18th floor balcony.  Apparently the Galaxy Tower Condominiums were not required to install a sprinkler system, due to grandfathering, which could have minimized this tragedy according to Long Beach Fire Capt. Mike Duree.

Other high rise Long Beach Condos, such as the Broadlind in the East Village Arts District in Downtown Long Beach, and the Historic Villa Riviera, in Alamitos Beach, had sprinklers installed, even though they too were grandfathered in and not required to do so.  There are approximately 10 high-rise Long Beach Condos that are not required to install sprinklers, due to grandfathering, at this time.  (Definitely something to think about if you are considering purchasing a high-rise Long Beach Condo)

There have been several recent fires in Long Beach Condo complexes.  It really should make a buyer stop and think "What If".  Wouldn't you want to know that if tragedy struck that the damage would at least be minimal?

The Long Beach City Council will, once again, be discussing fire impact fees at their next Tuesday meeting.  The City of Long Beach wants to levy fees on Long Beach developers and Long Beach builders of residential, commercial and industrial construction of over 3,000 square feet to pay for Long Beach fire and safety improvements.  Proposed distribution of these funds: Long Beach Police Department would receive 58.7 percent of the fees raised from residential properties and 62.3 percent of the fees raised from nonresidential properties. The Long Beach Fire Department would receive the rest. 

The hefty fees, of course, will be passed along to Long Beach Condo and Long Beach Home and property Buyers.  

Amidst the tragedy of the Long Beach Galaxy Tower fire Jay Beeler, the Publisher of the Beachcomber, a local publication covering news and events on the east side of Long Beach, was arrested while attempting to cover the story.  Jay is currently attempting to organize other media representatives to join him in a class action lawsuit against the Long Beach Police Department for obstructing his right to passage.  He is especially pissed off at Long Beach Police Officer Gjersvold who, Jay says, thinks he is above the law.........READ THE WHOLE STORY...

If you are considering purchasing a Long Beach Condo, call the expert: Laurie Manny (562) 212-5420

Posted on April 08, 2007 08:14:52 by Laurie.Manny

Los Angeles Real Estate Sales Statistics for Los Angeles County CA

Sales Statistics for Los Angeles County CA

From SoCalMLS Tax Records:

Posted on April 07, 2007 09:12:45 by Laurie.Manny