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HeavyMetalLoanOf
10 Posts |
 Posted - 07/20/2005 : 12:12:02 AM
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Hello out there,
I am a new LO/Realtor & have a scenario that I need some advise on..
I have a client that is currently renting with a Fico Score of 652 & needs 100% Finance. We will have to go Stated cause this will be a combined income! He only has $8,000 to play with but can only afford a $1900 - $2200 MAximum Mortgage Payment. His plans are to live in the property for 2 years to build some equity & then sell & buy a better home.
We got him approved for an 80/20. His quoted rate is 6.5% (5.9PAR) for the first & 9.5% for the second.
The problem is that to stay within his payment desire he would have to find a home that’s roughly around 300k - 370K. He currently lives in Long Beach, CA & wants to stay close because he works on Call & has to respond within 15mins. The problem is that the only thing I can find him in that price range close enough to long beach is a few condos and even then tacking on the HOA fee will make that payment go up!! He is willing to get a condo but would prefer a house.
My question is should I just offer him a pay Option Arm? His payments would be cheaper & probably could get a higher priced home & I know it would put him in a Neg Amortization but he would still be able to build equity & sell after 2 years... I heard there is only 95% Max LTV for option ARM in CA is that true? Any advise as to what route I should take Him that would offer 100% Finance but with low payments?
Thanks
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jchiaruttini2003
775 Posts |
Posted - 07/20/2005 : 06:01:42 AM
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| Is the first Interest only? that would help, but I don't know if it would get you all the way there. He may have to eat it and change his spending habits if he really wants a new home. Good Luck. |
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ghousepeer
3 Posts |
Posted - 07/21/2005 : 09:30:46 AM
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Hello,
I found this site on the net which gives good offer for mortgage net branch. check this site, maybe it will find useful for you http://www.nocostbranch.com |
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alex_beerman
165 Posts |
Posted - 07/21/2005 : 11:05:00 AM
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quote:
Originally posted by ghousepeer
Hello,
I found this site on the net which gives good offer for mortgage net branch. check this site, maybe it will find useful for you http://www.nocostbranch.com
I am surprised they let you on here. this is spam! |
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Tsnyder
10507 Posts |
Posted - 07/21/2005 : 11:57:10 AM
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quote:
Originally posted by ghousepeer
Hello,
I found this site on the net which gives good offer for mortgage net branch. check this site, maybe it will find useful for you http://www.nocostbranch.com
Man... spammers just aren't as smart as they used to be... LOL
If you're going to spam a forum at least be smart enough to
do it in a thread where the message has relevence... that way
it might be seen by some as useful information.
Tsnyder |
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ghousepeer
3 Posts |
Posted - 07/21/2005 : 12:01:07 PM
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| sorry for posting this reply, I am not a marketing guy nor anything related to it. I just found that site which offers something and I posted it so that any broker/loan officer utilize it if its useful for them. once again I am just a mortgage website designer and I am no where related to promotions nor marketing of site. |
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jeffg
1031 Posts |
Posted - 07/21/2005 : 2:43:08 PM
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Gabriel, why not come work for me? I offer 100% to you less $500. You're in Carson, and I'm in Newport Beach. I sell real estate also, and am part of the board.
This deal, in my book, was a slam dunk! Your broker doesn't understand how to put this deal together.
I offer a 90/10 split on real estate---- I doubt you're getting this much!
We could have your guy in Long Beach-----don't move him----we'll get him a condo with payments he can live with. You need a "closer" right now----you should be working for us!
Call me---- I'll get the deal on with him, and I'll show the house with you! |
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caswell
21 Posts |
Posted - 07/21/2005 : 9:16:58 PM
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Hey there HeavyMetal,
I don't know if your situation has been taken care of, but all I have to say is many people tell you what they want, yet very few actually realize what they can afford. It is important that you help your client understand his current situation and how the current market dictates what he can actually get.
There aren't many loan programs out there that can increase your clients income and interest only should really not be used to help someone "afford" a home. It wasn't designed for that purpose necessarily, it has just been used that way.
I would sit down with your client and help him with a budget. Well I wouldn't do that, but the financial planner I work with would. Analyze what he and the rest of the family have coming in and what he has going out and find more money.
This strategy works out great for so many reasons, first you are actully performing a service to your borrower by pointing him/her in the right direction. Your borrower will see that you aren't just looking out for your own wallet and may recommend you to other friends and family much more easily. Second you are referring business to a vital person in your network (which you should always be doing by the way). This will increase your favoribility with such professionals and they might recommend you the way you recommended them. Third is the main reason you are searching for outside help in the first place... to give your clients a chance at finding a good loan by budget their money to get a home that they can actually afford.
I promise you that your client will be much happier in the long run. But it's your job to let him know what is in his best interest.
As for option arms... I personally don't know of any that do 100% CLTV as of right now... You might find someone on this forum that does, but all I have heard of for sure is 90% CLTV and claims of 95%.
And to jeffq... I realize that recruiting is an important part of being a mortgage broker. After all real talent in this industry is hard to find, but to try and pick up someone so new really throws up a red flag from where I sit. First thing that comes to mind is your motives and secondly, why would you want someone who would dump their (new) company over a simple sales picth they found posted on an internet forum.
I really think what HeavyMetal needs is guidance for himself and his borrower... not to be "closed" by someone with unknown motives.
Marc
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jeffg
1031 Posts |
Posted - 07/21/2005 : 9:49:52 PM
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Hey, Marc, how many posts of mine have you read? Don't think I have a hidden agenda anywhere. If any of my people are reading this, help Marc out to see whether I have a hidden agenda!
I offered her a position, because her broker ****s!
If they didn't, then why is she struggling to get that deal bought? I don't blame her, but her broker for not effectively training.
I hire new people all the time. I don't care if they have experience, but I do require desire. I've found great loan officers that never thought they could do this business.
The sign of a great trainer is someone who can take the "average," and make them great. Over time, I'll let my own people post about me! |
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caswell
21 Posts |
Posted - 07/21/2005 : 10:00:33 PM
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I will admit without hesitation that I have not read any of your previous posts. And I do apologize for the inference. You know as well as I do that people in this industry need to be protected from all angles but questioned just the same.
From where I read on a first impression is how I responded. But please understand that I had no intention of posting with disrespect to anyone. I was merely giving my opinion.
I wish the best to you as well as your efforts and acknowledge your sincerity.
My apologies...
Marc |
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jeffg
1031 Posts |
Posted - 07/21/2005 : 10:08:56 PM
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Marc, I have my fans and critics here, but go read a few of my earlier posts----just for some information on me. I don't want to leave anyone out, because there are some good posts on here to read.
If you want more knowledge, go back and read from page 59 back, etc.
But, my posts, they're the "gospel" on mortgage brokering. lol  |
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caswell
21 Posts |
Posted - 07/21/2005 : 10:20:48 PM
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Sounds good. I will do that just as soon as I can read back to it. I plan on reading this entire forum "cover to cover".
There appears to be a wealth of knowledge here and it seems just hidden enough to keep the spam from flowing into the streets ;) So far anyway...
In fact I haven't been able to find a forum as directed to loan officers as this. But to be fair I only checked the first page of Google hehe.
I think I would like to know more about your operation... maybe you could contact me when you get a chance considering you are so close to me.
Marc |
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HeavyMetalLoanOf
10 Posts |
Posted - 07/21/2005 : 11:10:44 PM
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Caswell, thanks for the good advise. That definetly makes alot of sense!
Jeff, (FYI - Its Mr. Gabriel / Not Gabrielle )I will definetly keep your number handy, but as of now I am greatful for all the training & support that I have received from my Company. All of my training was free with no strings attached!
By nature I am very loyal to those that are good to me until they prove themselves not worthy of my loyalty.
Your split sounds great so I will keep you in mind if it doesn't work out here!
Thanks alot for everyones response!
This site is awesome! |
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klee
8 Posts |
Posted - 07/22/2005 : 12:13:17 AM
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Yes, go work for JEFF GRUHLER! He is one of the most motivational and inspirational person that I've ever worked for. Already two weeks and I've learned so much from him. Not only that but, he is WILLING to help because he wants to. He will take out the time and go out of his way to make sure you learn the business. Just to let you guys know how committed he is in training, he was at Wild Rivers (a water park) w/his family today and he took out the time to sit with me to make calls! At Wild Rivers! How insane is that! He's great, give him a call. Just make sure you are willing to put in the work!
quote:
Originally posted by jeffg
Gabriel, why not come work for me? I offer 100% to you less $500. You're in Carson, and I'm in Newport Beach. I sell real estate also, and am part of the board.
This deal, in my book, was a slam dunk! Your broker doesn't understand how to put this deal together.
I offer a 90/10 split on real estate---- I doubt you're getting this much!
We could have your guy in Long Beach-----don't move him----we'll get him a condo with payments he can live with. You need a "closer" right now----you should be working for us!
Call me---- I'll get the deal on with him, and I'll show the house with you!
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