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How many of you make guarantees and or promises? We are all human and I think this is easy to do, because we just want our client or potential client to feel at ease. We want them to feel comfortable and in a tough situation, we want them not to worry. But how many out there, when it comes to mortgages and real estate, actually throw the word guarantee around to get people through their doors. Hoping by using such words guarantee or I promise, that it will solidify the deal.

A few months ago, there was a loan officer that debated with me, telling me that she believed that loan officers wouldn't do this knowingly. That someone wouldn't stick a deal on the wall hoping that it would stick. Knowing that it didn't have much of a chance, or wouldn't work at all. Or sometimes doing what is called "bait & switch".

This post is not about being negative, but educating the possibility of this happening to you, if you don't work with a true professional.

One would think that it would be easy to tell someone that you can't help them. A simple yes and or no. Well, it's not always simple to say no, but if you give a good explanation, that should work. Then again, I am sure that there are some consumers out there that don't take no for an answer, and will keep on trying.

Overall, just because someone says guarantee, it doesn't always mean it will happen. Here is an excellent example of that from over the weekend.

I received a call over the weekend from a gentleman that was trying to lower his 6.75% interest rate with a FHA loan. He told the loan officer that he was on workman's comp and had no idea when he would be going back to work. The loan officer said no problem, that he could get him a 5.00% rate by using his workman's comp income. Well, after 40 days and $500 for an appraisal, he was denied. He then tried another company and that didn't work. Thinking 3 times was a charm, he tried a 3rd company. He asked the 3rd loan officer to guarantee his loan, which the loan officer did. He stated that they are a direct lender and that they use their own money, which is how they could do this. To the average client, this doesn't mean too much. This company didn't service their loans, which means that they sell them. All they do is use their own monies from a warehouse bank to close the deal and then get reimbursed by an investor after it's funded.

Luckily this guy is not in dire straights, that he can make his mortgage payments, and that he doesn't need to be rescued. He just wanted to take advantage of the lower rates. I did tell him that I thought this could not be done, that I was 95% sure because of the programs out there. His only hope would be to do a No Doc loan, and those rates are very high. After talking to him for about 20 minutes, and both of us having a few good laughs, he said he would call me once he went back to work.

Overall, you need to be careful of who guarantees what. Maybe do some research on that company, person, or that product. If you ask any of my past clients, even though I say that I will get the deal done, I won't say "I promise" or "I Guarantee". .... I just won't, because they sound like phrases used to sell with desperation.

** For a good laugh with some truth to it, please listen to this movie clip from Tommy Boy. Listen : The Guarantee (1 min & 5 seconds) **

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger

I was picked to do the Blogger's Choice selections just recently. Here is my interview with Midori Miller prior to my selections. :

Hey All You Single Ladies-Jeff Belonger Takes On The Member Spotlight!

Now I have the honor of picking 5 to 8 blogs for the Blogger's Choice Selections group. These blogs are in no particular order and this is like a mini week in review. I hope you enjoyed them as much as I did.

Debe Maxwell -

Shoulda'- Woulda'- Coulda'

A very realistic post on Listings and how to list your home. The expectations of you, the seller, she be realistic, especially in today's market. And Debe does a very good job of giving her expert opinion.

Tom Ferry -

Lesson Learned From A Hall of Famer

An excellent blog in my opinion because of the simple message that Tom explains in this post. The message? "have you completed or finished your unfinished business?" Such things as completing your web site or blog site, returning phone calls, etc, etc

Lenn Harley -

WHERE DO YOU PLAN TO ADVERTISE YOUR SERVICES IN 2009 - Chapter 3.

Yes. Lenn is mentioned often on AR, but why not, when you write as good as she does. This is a must read series, not just one blog post. Lenn gives her insight of 20 + years as a realtor.

Larry Bettag -

Why Your Posts Need to be Quality Now More than Ever!!!!

A very positive post for those newbies on Active Rain, that may get frustrated after they have written what they thought was a very good blog. It's sometimes not easy to find your voice right away. Larry talks about writing quality and being persistent. please read this one... and it took Larry several months prior, but he is proof of finding his voice and now putting out quality posts.

Kristen Wahl -

The Law of Attraction: Musings of a Former Skeptic

Will all of the negative news out there surround the Stimulus Bill, this is an excellent post that is not only positive, but keeps you in a "thinking positive" mode.

Teri Eckholm -

House Moved Across Frozen White Bear Lake--This Ain't No Fish House Either!

Anything is possible in life and if you don't believe this, read what Teri wrote in regards to moving a house across a frozen lake. If you haven't read Teris's blogs in the past,read them now, she always has some entertaining blogs from her area, Ham Lake - MN.

Jeremy Blanton -

Dear Real Estate Agent, Maybe We need to Learn from Miss America!

Here is another lesson learned from watching a tv show. Jeremy shares what can be done in today's market when it comes to listing new homes. Basically, throwing out the old and bringing in the new, new ideas that is.

Ron Withers -

Usury......We Hired The Fox To Guard The Henhouse!

Ron always has a way with his titles just as he has with his way of think, always sharing a good opinion. I guess being an officer in the Navy has helped in who Ron is also, sharing his political views also. Ron, thanks for your years of Service.

Allison Stewart -

Maybe Your House Just Isn't That Into You

Some very easy to understand wise words of advice that buyers should read. So, what does turn a buyer on? Read these ideas and thoughtful tips by Allison.

Okay, so shoot me, I picked 9. Just giving back my love to those that continue to share so much in what they write. I hope you enjoyed these and Happy Valentine's Day to those with loved ones in their lives. Don't

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2008-2009 Tax Credit for First Time Homebuyers : 2008 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger