Giving Clients a Shot of Reality!

From time to time, I feel like I need to give clients a "shot of reality!" Why? All consumers are out there listening to crazy, unrealistic offers in the media about home loan programs that few often qualify for....and the ones that do, often don't want the product to begin with! Ofcourse, everyone wants the best terms and deal possible on purchasing a home, you would be crazy not to! But, when all consumers feel that they are on a level playing field...It's time for the shot! Otherwise, they become delarious. Like they have the West Nile Virus. Demanding this and demanding that....In a nutshell...wanting it all!

By all, I mean:

An interest rate that a person with perfect credit, putting 20% down, showing all of their documentation           (W-2's,tax returns,bank statements,investment statements, etc) would get with a conforming loan amount, that has had consistent employement in the same line of work for a minimum of 2 years and actually makes the amount of money needed in order to sustain the mortgage payment, taking into consideration all of their other "daily expenses." And ofcourse, with...NO Preypayment penalty AND NO closing costs...hmmm

But, when I get a call from someone that has:

Filed for bankruptcy, doesn't make payments on time, is looking for 100% financing with a 600 mid FICO and doesn't have anything in the bank in the form of assets for reserves...It's time for the shot...

Yes, we have access to investors that will probably get a loan for you...regardless!

But, the banks and investors are all about "calculated risks." The higher the calculated risk, the higher your interest rate is going to be...period. I'm sorry, I know it isn't warm and fuzzy like the commercials...But, it's a reality.

We all understand that bad things happen go good people and more often than not, we can work through them. But it is important to work with a well informed mortgage professional that doesn't waste your time with false promises...Which I see often!

Give someone credible a call and work through your particular scenario. Often, it can be worked through. But, with history, it has a price...be it for better or worse... The key is to work with a professional that will treat you like a human and won't "take you for a ride because of your situation!"

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.caloan.com/

Blog: http://activerain.com/blogs/lendingmagician

"You find the perfect home, we'll find the perfect loan!"