What is Happening in the Mortgage Market

I was approached a few weeks ago by a Realtor that needed some quick help. She had listed a home for sale and quickly got a full price offer on the beautiful home. Here is where the problem came to light. After the offer was accepted the seller then decided that they would start "shopping for the best rate" for a mortgage.

Unfortunately for the seller, they could not qualify for a mortgage and their bank turned them down. They just assumed that just because they could put 20% down on the new home (they made a profit on their old home) they would easily get the best rate. Wrong! In today's mortgage market many more qualifications have to be met to secure financing. Fortunately, I was able to secure financing for them so our "Team" was able to make both of the new home owners happy.It takes a Real Estate Team.One thing many real estate agents have learned is the importance of having a team of professionals to facilitate a smooth transaction. Having a lending expert on the team can help avoid issues like this. A professional licensed lender, can make available the following services to you…all for FREE:

• They can preapproved the seller to ensure that once the home is sold the seller can secure financing for their next home.

• They can screen all potential buyers. Today’s lending landscape is a rapidly changing environment. Programs and requirements are changing regularly. A good loan officer should have a reputation for being on top of current guidelines and finding the best solutions for prospective clients. You need to know that when you accept an offer, the buyer can actually close.

• Financing is an important component to getting a home sold. I offer home sellers and Realtors marketing tools and programs such as property websites with mobile phone technologies. More prospects equals higher sales prices.

• In so far as a professional loan officer is seen as an educator, they would want to offer you the chance to tune into some of their online seminars (called webinars) and videos. As an example, some lenders have webinars with topics ranging from “How Lenders Look At A Mortgage Application” to “Renovation Lending” to “Getting Your Optimal Credit Score”, as well as videos that can fully explain your Good Faith Estimate. They are constantly striving to be a resource for everyone they come in contact with.

• A good professional lender will also review your financial portfolio and make suggestions as to ways to better your position. I have top insurance brokers, credit restoration specialist, financial planners, movers, and many other professionals that can help.

The economy, housing market, and lending guidelines have made the importance of a team approach to real estate essential. The days when any lender could close a loan is gone. Professional Realtors and Lenders have integrity and a genuine concern for their clients needs and will have a team ready and able to serve you. The team will make the home buying process easy and stress free.

If you would like a FREE Home Buyers Handbook you can request one be emailed to you by clicking here.

Richard WoodwardBanker / Senior Branch Manager, NMLS ID 217454

Envoy Mortgage - When Trusted Advice Counts

Office: (972) 661-5136 17440 Dallas Parkway Suite 118 Dallas, TX 75287

Texas Mortgage Banker Registration #45300 NMLS ID 6666