| November 2008 | Weekly Motivational
Ideas! Inspirations that I hope will help you make more $$!! |
 |
Dear
Sam, Know the oldest cure for
a sore throat?
Gargle with ice water for 30 seconds! This may be the world's
best kept secret too. This is what a doctor told my daughter to do and it's the
first I have ever heard of it. But, you need to stop at 30 seconds because it
will give you a 'brain freeze' or cold headaches if you don't.
Speaking of old ideas that still work, why not start a "Newcomer's Club?" This is an
awesome idea that you do not see anymore that can be a huge way for Realtors to
capture new buyers and build a huge referral network too. Read my tip of
the week below for more on this neat idea!
Are you working hard at selling?
Here's the quote of the week I heard this week:
"I can't tell you that you will be
successful if you work hard everyday, but I can tell you that you won't if you
don't."
Remember the following selling points:
1. $7500 first-time home buyer tax
credit, - Agents are not doing this yet!
2. Low interest rates with programs down to a 580 FICO score.
3. Some of the best home values in this greatest buyer's market in
history!
Also, please make sure
that your buyers and sellers know that WE HAVE MONEY
TO LEND!! With all the negative mortgage news, many
in the public do not know that we can lend money. Spread the news. Put this in
your print ads too!
CALL ME FOR A QUICK CLOSING TOO! WE HAVE A
NEW QUICK CLOSING CHECKLIST TO GET YOUR BUYERS CLOSED IN A
HURRY!
Keep reading for 2 good ideas that can really help you with this.
Good luck!
___________________________________________
Try us for your JUMBO LOAN clients too! We have a new Jumbo pricing
special that is kicking butt right now!
___________________________________________
Thanks for your business.
 Senior Mortgage Advisor President's Club Member 2007 Mortgage Services
910-489-6918 or
843-230-7929
__________________
|
 |
Top Ten Credit Advice for Loan Processing! | |
|
|
 |
 Protecting the
credit score!
Top 10 Credit Do's &
Don'ts
during the Loan
Process
Did you know that most lenders pull your credit report a couple of times
during the loan process? Keep in mind that we typically pull a new credit
report prior to closing the loan, and if your credit scores have dropped, you
may no longer qualify for the rate or program that you are attempting to get.
Credit scores are very important as all lenders qualify you by your credit
score as to which criteria you fit and every loan has different criteria
attached. The loan to value, the debt to ratio and so on, etc.
Why It Matters: Knowing what you should and shouldn't do can affect the terms of your loan. It is always best to be as educated as possible in the loan process to ensure you are getting the best deal. What You Need to Know: Following are some helpful tips to
avoid the credit mistakes that many borrowers make during the loan process:
1. DON'T APPLY FOR NEW CREDIT OF ANY KIND.
Including those "You have been pre-approved" credit card invitations that you
receive in the mail. Every time that you have your credit pulled by a potential
creditor or lender, you lose points from your credit score immediately.
Depending on the elements in your current credit report, you could lose anywhere
from 2-50 points for one hard inquiry.
2. DON'T PAY OFF COLLECTIONS OR CHARGE OFFS
during the loan process. Paying collections will decrease the credit score
immediately due to the date of last activity becoming recent. If you want to
pay off old accounts, do it through escrow, and make sure that 1) you validate
that the debt is yours, and 2) that the creditor agrees to give you a letter of
deletion.
3. DON'T CLOSE CREDIT CARD ACCOUNTS. If you
close a credit card account it will appear to the FICO that your debt ratio has
gone up. Also, closing a card will affect other factors in the score such as
length of credit history. If you have to close a credit card account, do it
after closing, and make sure it is a more recent account.
4. DON'T MAX OUT OR OVER CHARGE ON YOUR CREDIT CARD
ACCOUNTS. This is the fastest way to bring your score down 50-100
points immediately. Try to keep your credit card balances below 30% of their
available limit at all times during the loan process. If you decide to pay down
balances, do it across the board. Meaning, make an extra payment on all of your
cards at the same time.
5. DON'T CONSOLIDATE YOUR DEBT ONTO 1 OR 2 CREDIT
CARDS. It seems like it would be the smart thing to do, however,
when you consolidate all of your debt onto one card, it appears that you are
maxed out on that card, and the system will penalize you as mentioned above in
4. If you want to save money on credit card interest rates, wait until after
closing.
6. DON'T DO ANYTHING THAT WILL CAUSE A RED FLAG TO BE RAISED BY
THE SCORING SYSTEM. This would include adding new accounts,
co-signing on a loan, changing your name or address with the bureaus. The less
activity on your reports during the loan process, the better.
7. DO STAY CURRENT ON EXISTINGING ACCOUNTS. Like
your mortgage and car payments. One 30-day late can cost you anywhere from
30-75.
8. DO CONTINUE TO USE YOUR CREDIT AS NORMAL. Red
Flags are raised easily with the scoring system. If it appears that you are
changing your pattern, it will raise a red flag, and your score could go down.
9. DO CALL YOUR LENDER if you receive something
in the mail from a creditor or collection agency that you believe may affect
your score during the loan process. We may be able to supply you with the
resources you need to stop any derogatory reporting to the bureaus.
10. DO GET A FREE COPY OF YOUR CRDIT REPORT. http://www.annualcreditreport.com is a free resource to the
public that allows you to get a complimentary copy from each of the three credit
bureaus every 12 months.
|
|
My brands* that I represent are:     Want to jazz up your website? Add the "get approved" graphic
below and then put my website link in the properties of the image as follows.
Call me if you need help with this.
 *Any time I am working with your client, if you are under a specific brand, I am projecting your brand logo in all that I say and do as do my colleagues. |
|
Tip of the Week: Start a Newcomer's Club! | |
|
|
 You can do this!
This idea could be the best thing you can do to build your real estate
business and here's why:
1. It gives you something different to promote and advertise in the papers,
real estate circulations, magazines, retail flyers, hotel
flyers, restaurant flyers, etc. and many
can be free as part of the community calendar. Newspapers will print these to
help add value for their readers. Think about how many new buyers moving to town
you'll meet first!
2. It gives you a great thing that you can control in getting people
together on a regular basis and since they are newcomers, they are great for
helping you pick up new buyers when their friends move to town. This club can
be fun and will help them feel great about living here and this will help them
recruit others.
3. Think about how attractive this group will be to existing businesses!
By being in charge of this group, you can go to existing businesses and collect
coupons, giveaways, promotions, etc. since these businesses know how important a
new resident can be in becoming a new 'repeat customer' for their business. By
going to these businesses regularly with ideas, etc., you can use these
relationships to help your businesses too for networking for referrals from them
too.
4. Once you start this group, you can start a special website for it too
for getting the group together and for promoting events and the town. This
website can be another place for you to promote your business too and soon,
other sites will link you to theirs.
5. Beyond the business side of this, this can be a lot of fun for you too
in meeting new people and in introducing them to old friends and in planning all
kinds of events.
6. If this idea is too big for you, get some others to do it with you or
talk to your broker about getting the entire office to start one. This approach
would be better for larger cities. Maybe the broker can start it for the entire
office for the whole city and then the agents can all get involved with
neighborhood subgroups or areas of town subgroups. This would allow for smaller
groups and also larger get togethers.
Click here for: Oakville Newcomers Club
Website
Go out and start your "Newcomers Club" and
grow your business! And when you start getting new buyers with this idea, call
me to help them get a great mortgage too!
|
|
Weekly Mortgage Commentary Snippet | |
|
Rate Lock Advisory - Sunday Nov. 16th
 This week brings us the release of five monthly reports for the markets to digest along with the minutes from the last FOMC meeting. The first report scheduled for release this week is October's Industrial Production tomorrow morning. It gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is expected to reveal a 0.1% decline in output. Stronger levels of production would be considered bad news for the bond market and mortgage rates. We will get the first of this week's two key inflation readings early Tuesday morning when October's Producer Price Index (PPI) is posted. |
