Remember in 2004-2005 all those people you sold that bought with Adjustable Rate Mortgages? They are going to be hurting soon. You know it is true from reading the news and posts that I've written like:
Florida Mortgage | Adjustable Rate Loans ~ Your current loan is about to change on you
So here is a Call to Action for you!
Your past clients need your help. They need that trusted voice to call them and talk to them about what is about to happen in their financial worlds. They need their trusted Real Estate Professional to clue them in on what they might be missing - their ARM adjustment date.
Here's what I propose - Call them!!
This call from YOU will mean so much to someone that isn't prepared for the potential jump in their mortgage payment. You already built the trust with them, this will just continue that relationship.
This is when you would let them know that there are options and that you have a great Mortgage Broker that you would like to introduce them to in order to help them weigh their options.
There is no time like the present to help your clients. You might need business... but I doubt you want the listings from your old buyers who are on the brink of financial ruin, right??
For the Plan of Action read on at: Florida Mortgage | Adjustable Rate Mortgages and Realtors
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That is a really good suggestion, however, I was not given the information on the product my clients signed up for. Is this something that I should be asking for at the closing? Will most mortgage companies provide the agent with that information? Thanks for the help - it would be great to have that information.
Linda
you wouldn't have been GIVEN anything pertaining to the loan. You would have to ask in most cases. Best thought is to just add a note to your file and in your database.
a) when you are at the closing, the loan is redisclosed.... you could make a note there
b)the mortgage broker you work with should be happy to tell you this and even give you adjustment dates etc for your records
c) read on to my main site and you'll see another way to find out how to do it retroactively!
sometimes agents don't get the information because they don't go to closings!! sometimes they do but don't pay attention during the mortgage part of the closing because it IS boring... but there's a lot to pay attention to...
you should at least be able to peruse a mortgage and find pertinent data like Rate, Term, Loan amount, adjustment date, margin and index and even prepayment penalty!
There are all sorts of reasons why these things might or MUST be there depending on the client but for your business you should know at least how to help your client locate that data!
and... if you're working with a great mortgage broker (like me - shameless plug) then you know I will lead the way!
Right on. I have been calling and writing many ARMs. I have even went to the house and left a package for them. People need to know what is going on with their ARM and we should educate them about it.
Dave - good one!
David I started making these call at the beginning of the month. Most were in good shape, but there is one that I put into a Subprime Loan because we had no other choice. Her mortgage is going to increase in November and it is good that I talked to her now, because she needs to get one thing cleaned up for me to get her into a conventional mortgage. I looked at FHA, but her ratios were still pretty high. But by talking to her now and telling her what she still needs to do, we will be in good shape by the middle of October and I will be able to refinance her out of the Subprime Loan.
David, You really past on some good information. The sad part is I have met many Realtors who don't even keep records of their past clients... (Like a copy of a HUD) This is where a true Professional Realtors will set themselves apart.
David - This is just one more tidbit that will go in my client file. I have always sent out copies of HUD-1's to clients around the first of the year, now I have one more item that is very pertinent to their overall home owning experience. Thank you