When one of my clients called the other day with a real estate question, I was surprised when she prefaced the question with “I know your main business is mortgage but...” I was delighted to help her with her question and found it interesting that the image I had cultivated is that mortgage is my primary business. One of the things this tells me is I need to do a better job educating my clients, so here goes.
Real estate is my primary business. In pursuit of my goal of delivering excellent service in real
estate I found that a consistent weakness in transactions was the mortgage component. This led me to the conclusion that the only way to make sure my clients were adequately served was to become
an expert in mortgage as well as real estate. I began serving my clients with their mortgage needs more than 18 years ago. The objective of the mortgage company has, from our first day in business, been threefold:
1. To serve my real estate clients by thoroughly educating them about their financing options so that they can select the best mortgage product for their needs.
2. To deliver competitive interest rates and low fees.
3. To maintain the highest level of integrity putting client needs first always.
Because of this we weathered the mortgage industry meltdown in a market that most of our
competitors did not survive.
As stated previously, real estate is my primary business but a large part of my success is the unique
ability to merge both the real estate and mortgage component taking service to a higher level. Even in the event that my client uses another source for their mortgage financing, the same level of
service and heart of the teacher are there.
In closing I would like to take a moment and say thank you to my many, many loyal clients who helped me during this very difficult time by referring friends and family for both their
real estate and mortgage needs. I can never thank you enough for your loyalty and support. I am blessed because of you.
Brian


The Top 10 myths and misunderstandings about refinancing in today’s market..
were just too easy. Today's guidelines have moved to a place that really does make sense. Qualified borrowers are finding the process to be reasonable and streamlined. The restrictions that have been put in to place are good for borrowers and for the banks making the loans.
ever been. Although it is possible rates could go down more it is unlikely. The Federal Reserve has indicated that they will be holding rates down for a period of time in order to help stimulate the economy but today's low rates are not going to last forever.
the lender looks at. Often there are compensating factors that can mitigate a low score. For owner occupied homes refinances are available with scores as low as 620.
goes down $200 per month and the cost is $2,000 then $2,000 (cost) divided by
$200 (monthly savings) equals ten months for recapture. If you plan on owning the home more than 10 months then it makes sense. Right now Northstone Mortgage is closing refinance loans with costs averaging in the range of $2,000 including all closing costs. *
this is a case by case decision taking into account multiple factors. I am seeing some high debt to income ratio loans get approved but when it makes sense. For example a borrower who is current on all of their obligations and having their monthly housing expense reduced is a “makes sense” loan with a high probability of getting approved.
These are questions and concerns that I have been hearing from borrowers I have been recently serving. If you have questions about your specific situation please let me know. I am pleased to help any way I can. Usually the only way to learn if a refinance is a good idea is for us to “run the numbers.” There is no charge for this service.
*These fees are based on zero point loans with the lender paying the loan origination fee. Call for a free quote based upon your specific needs and situation.
Brian Leavitt
Northstone Mortgage
MLO#114864
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