Friday, December 29, 2006

Finding an agent is easier than stabbing fish in a barrel


There are thousands of real estate agents and loan reps all with the same products and inventory available; not one has the upper edge on the other. I tell you this because I’m one of the thousands, although I have been around since 1988. One good thing to be aware of is what you as the consumer are being charged.

We have scripts and dialogs for every objection a buyer/borrower can make; bottom line, work with the one you feel the most comfortable with because we all are pitching the same stuff. I love the scripts that justify the higher commissions and rebate points. It’s all a bunch of BS; you don’t get any more service from a real estate agent or loan rep that charges more commission than the “discount brokers” just because it costs more doesn't mean it's betting in this case. Apples are apples and it’s all fruit.

Each of us has a different spin on how we like to sell; I personally like the numbers game. I have a team of agents and brokers whom I trust and take a small percentage from the commission on each transaction – by generating a large number of transactions I can charge a much lower fee/commission or rebate point – the Wal-Mart of real estate you could call it. In any event it’s win-win, the seller makes what they want, the buyer gets a good rate and I sleep at night knowing that I have enough business to keep everyone happy without gouging the consumer.
So, when you are ready for a hassle free purchase or refinance with all the cards on the table call me; I’ll give it to you straight and let you know if you are getting a good deal, on alright deal or if you are paying too much.

Tuesday, December 12, 2006

FIXED RATE PICK-A-PAYMENT MORTGAGE

I talked about the Pick-A-Payment loan previously and got a lot of questions - actually negative comments about the loan. The primary being that Pick-A-Pay (PAP) type loans are "teasers". I'll say this again, the PAP is not a gimmick with a teaser rate; it is a loan with optional payments over a specified time period of the loan. I've been using the pay option arm offered by Countrywide for several years and have only positive things to say about the product. However my plan to switch over to the new fixed rate offered through Wachovia/World Savings.

Wachovia has teamed up with World Savings Bank, to provide a unique mortgage solution that lets you enjoy the stability of a fixed interest rate but also offers you the flexibility of choosing among different payment options each month to fit your needs.

Control your budget and your rate. The Fixed Rate Pick-a-Payment Mortgage gives you up to four different payment options each month—Minimum Payment, Interest Only, Full Principal and Interest, or 15-Year Payment Option.

With the Fixed Rate Pick-a-Payment, you could:

Make a lower monthly payment in the initial years and temporarily increase your cash flow so you can free up cash for:
retirement investment
paying down high-interest debt
funding college tuition
Make higher payments and pay off your home loan sooner
Keep mortgage payments low during the initial years of your loan
Control your budget based on your individual financial needs. Enjoy the predictability of a fixed rate!
I'm so confident about this loan product that I'm making it even easier - Every first Thursday of the month, I'm sponsoring instant underwriting on World Savings Loans and a different investor loan product each month, i.e., Countrywide, Chase, Wachovia... What does this mean for you? Well, ordinarily when you/your client applies for a loan the packet is sent to underwriting to verify the information and set the conditions for loan approval. Most lenders can get this done in 24 to 48 hours. At this point you have a conditional loan approval(CAL) subject to those conditions. With instant underwriting many of those conditions can be waved and you can have your loan approval on the spot. This is HUGE!