Don't we all, want that best deal... My first several transactions in my second year in 1993 in the mortgage industry were interesting ones at that. I still can remember a Veteran that wanted a VA loan, yet I had to try to put him into a FHA loan because of his credit. And then that became a problem because he wanted the same deal that his neighbor was getting, who was also getting a FHA loan, but I told him that he had too wait 6 months or so. And back then, credit scores didn't even exist. But he had an employment issue, that he had 5 different jobs in 2 years with less than perfect credit.
One key point to remember through this whole post, Not one borrower is the same. Even though these two pears look the same from the outside, they aren't the same. You can argue taste, texture, and color, just as a few differences.
Another key point? 'rates change daily' & 'home values can change'.
As we look into real estate and mortgages, how many times did someone say these key phrases??..........
-- Well, my neighbor sold their house for $325,000 and I should be able to get the same since we have a similar house.
Okay, so let's look at what the differences could be.
- Does your house have upgrades?
- Is one lot larger than the other?
- Is one house in average condition and the other in excellent condition?
- Does one have a superior view than the other?
- How long ago was that sale? 3 months ago? Values could change...
-- My co-worker just got a 5.00% interest rate with no points and I know it's still out there, so I want that.
How could this be so different for so many? I'll name just a few reasons why.
- Did you see the good faith estimate? It could have many fees on it. You need to compare apples to apples.
- What was your co-worker's credit scores?
- How much money are they putting down?
- Are they getting a FHA loan or a conventional loan or a VA loan?
- What was their debt-to-income ratios for qualifying with income?
Summary : Not one person has the same fingerprint. This goes for the same for those selling homes or trying to buy one or refinance one. Not one home is exactly the same. Not one borrower is exactly the same. What you need to do is be able to pick a real professional and not a wanna be. Please read : Are you begging me to lie to you?
Overall, there are too many variables when selling homes, buying homes, or trying to obtain financing for these homes. This is more true in today's market, considering the major changes that have taken place. You have a friend or family member in the business? This doesn't even mean that you will get the best deal. Besides, define best, it might not be the same with your friends or family member. And what about this part... did your friend or neighbor leave something out? How do you know. Did they pay extra somewhere else? Keep in mind, not everyone is upfront and or ethical. Do you want reality or fluff & deception?
- FHA Loans - USDA Loans - VA Loans -
- Energy Efficient Mortgages -
- Conventional Loans - 203 k loans -
- Mortgages -
Experience & Knowledge at its BEST !!!
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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
