In our conversation, she was under the impression that working with a Licensed Mortgage Broker would be more expensive than going directly to a bank... As I explained to her how the broker accesses "Wholesale" money from the same banks as their own retail branches, and that brokers are paid by the parent "Bank" just as they would pay their retail branch - it seemed to be an "Aahhaa moment" for her.
(See graphic explaining Broker vs. Banker)
The landscape of the financial markets has changed drastically over the past 12 months. An unprecedented volume of foreclosures and recent mortgage fraud have caused banks to reengineer the way they lend money. As a result lending guidelines have tightened dramatically and government regulations have radically changed the appraisal process. At times underwriting has become more of an ‘investigation’ rather than a ‘verification’ of information. As a result the advantages of working with a mortgage broker are paramount in this challenging lending environment. The consumer wants and needs choices today more than ever. As a broker we have the ability to fund loans through numerous banks. We shop rates, programs and guidelines for the consumer so they get the best financing for their needs.
Banks adjust their rates every day based on market conditions and their application volume. A client working with a single bank versus a mortgage broker can easily get CAUGHT when a bank changes their strategy or is forced to raise rates to slow volume.
As a broker, our job is to find the best program and rate for each client’s personal situation. Each bank has their niche areas of strengths and specialties. No one Bank can offer it ALL. As a broker we offer the most variety and choice!
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IF President Obama signs the bill that Congress just passed - we will have the 1st time homebuyer tax credit extended for Purchase & Sales agreements under contract with qualified buyers before May 1st, 2010'
The bill was approved by the Senate last week by a unanimous vote of 98 - 0 oppossed! The House passed it today.
Remember that there are qualifications that must be met.
First - any home over $800,000 is not eligible even if the buyer meets the income limitations - this is new.
To be eligible for the credit - there are Income limits. Limits will be raised from $75,000 to $125,000 for individuals and from $125,000 to $225,000 for couples. So...
INCOME LIMITATIONS for receiving the new Tax Credit
The credit can be up to 10% of a home's purchase price.
The maximum credit remains at $8,000 for first-time homebuyers which is defined as someone who has NOT owned a home in the last 8 years...
The maximum credit for CURRENT homeowners is $6,500 IF they have been in their primary residence (owner occupied) for at least of the last 8 years - and they must sell their home and buy a new one to qualify.
For additional details go to www.loancentral.com/homebuyertaxcredit
The 2009 Eastside Panel Event was a huge success again this year! Our very own George Charles is the founder of the event
The Eastside Real Estate Panel event came from a vision from LoanCentral's President and CEO George Charles. A vision that while local real estate agents and lenders compete with each other - we are still a community of professionals. If we share ideas, systems and tools amongst ourselves, the public perception of the real estate professional will be elevated and our production, income and personal time with our families will benefit.
Each year we pull together the industry's top Realtors to share these ideas and systems with other local agents. This year we had nearly 300 people attend at the Westin in Bellevue with a goal of all net proceeds from the event going to Habitat for Humanity.
We did 2 panels this year, one for general real estate and a second for REO's and short sales which make up nearly 32% of all sales in the nation. We were able to get outstanding panelists for both events.
2009 Panelists along with the Founder of the Event George Charles and Director Sheryl Mullins
Our Emcee's were Brian Combs, owner and Team Leader from Keller Williams in Vancouver Washington and Kendra Todd - the youngest person to win the acclaimed TV series "The Apprentice". For more information see www.EastsideAgentPanel.com
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