There are many people refinancing their homes and taking advantage of the lower interest rates. This has bogged down the system as there are fewer investors. I had always taken pride in quick closings, 3-7 days. Today that is not attainable.
Most lenders are on a 5-12 day turn time for underwriting and 48 hours for clearing stips. This means it will take longer to get a clear to close. Also, it is imperiative that the client furnish the documentation requested very quickly. In today's market we need to send a complete file so it does not have to be revisited several times by the underwriter, slowing progress. Be sure when writing a contract to allow for these changes. Have you experienced closings not getting to the table on time? Were you aware of the backlog?
This past month has been a roller coaster ride that has lasted into the new year! What blessings we receive at the most unexpected time.
My phone lines are ringing and many are taking advantage of these low interest rates. Most of the clients I am speaking with have equity in their home and plan on being there for many years. Some are even shortening the term of the mortgage to 15 years and not making much more payment than they are currently at the 30 year mortgage. Adding the bi-weekly payments the effective rate is even less.
People are ready for their money to work harder for them instead of them having to work so hard for their money. There is money to lend and at great rates, if you need to refinance or have approval for a purchase, please give me a call. If you have been sitting on the fence or have clients that have been waiting, GET THEM MOVING! If you wait it may be too late!
Today I had a closing that required me to get on two of the most congested roads in Alabama. It took me 45 minutes to go three miles. People are trying to dart across 3 lanes of traffic to get one car length ahead. Rude drivers and just plain wreckless. Emergency vehicles could not even get through the traffic because people did not want to get out of line. Let me remind you, it could have been one of your loved ones in need of medical help!!!
It really infuriates me when driver's do not want to get in the long line of traffic waiting to exit and fly up to the very end and push their way into the front of the line. It also infuriates me when they hold up traffic in the lane they are in waiting for some kind soul to let them over. It also infuriates me when I get so mad I would like to give some hand gestures and let words fly from my mouth that are not very lady-like. Satan was working hard to get to me today and he was very close. I kept my Southern Charm but it wasn't easy! People need to slow down and allow time to be courteous.
Is it just Alabama driver's or are people rude all over the United States?
26 years ago yesterday, December 20, 1982, I gave birth to a beautiful baby girl. The minute her little head popped into this world our lives were changed forever! She is the only child born to our small family of three. Let me introduce you to Miss Ashlee Springer.
On Christmas Eve 1982, my husband drove Ashlee and myself home from the hospital. What a wonderful Christmas present we received that year and it is one that has blessed us over and over!
Giving birth to a child is a miracle and a gift. It is very painful going through the process but when it is over it is clear the suffering was worth the end result. Our market is suffering right now, but these times will pass and our industry will have learned a life long lesson. Just as with labor, we don't know how long it will last but we also know it can't go on forever.
Happy Birthday Ashlee!
These past couple days have been non-stop for the mortgage industry. Refinances are coming in droves, mostly those with excellent credit that have plenty of equity in their homes and plan on being there for a while. I am working about 15 hours a day and have not had much time for anything else.
Tonight I got a message from Ms Re/Max herself, Debbie Hutchins! Re/Max First Choice in Pelham, AL.
Debbie is a top producing realtor in the Shelby County area of Alabama. I invited Debbie to AR and what a jackpot I hit, she is a pro. I took the number one spot in Shelby County a while back and Debbie has taken the number two featured spot. She is hot on my heals and I am trying to keep my position. (LOL)
I have not mastered the links and placement of photos yet, but hopefully before too long, I will get sometime to learn the skills many of you have. Debbie's blogs are great, please take the time to check them out and comment on mine as well if you have the time. I am trying hard to stay on top!!!
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Network Funding Residential Mortgage Bank is a full-service lender of residential mortgages. Purchase, refinance, debt consolidation with equity, remodeling and construction loans.
Experience and Service will set me apart from the others! My business is 95% referrals from realtors, financial advisors and past clients. My goal is to keep everyone involved in the transaction informed on where we are in the process, to close on time everytime and make the transaction as easy as possible. My knowledge and years of experience allow me guide the client through their options and advise on the positive and negative of programs available. Whether the client needs and FHA, VA or Conventional loan, I can explain in detail the differences. There will be no suprises at the table and I attend all of my closings whether they be refinance or purchase. After all, who knows the loan better than the Loan Officer that structured it?! I have never had a client leave the table with anything other than what they expected.
I can do financing in Alabama, Georgia, Florida, Louisiana, Missouri, Oklahoma and Tennessee. Most of my business comes from Shelby and Jefferson County in Alabama.
Whether you are interested in purchasing a new home or one that has been previously owned, refinance for better rate and lower the term on your mortgage, consolidate debt or add on to an existing home, I am here to help you. While it is true the market has changed drastically in the last year, programs are still available and lenders are still passing out money and the good news, rates are at historical lows. Experienced loan officers are crucial in our current economy. I watch the markets daily and get an update on the bond market every 2 minutes during the day. This helps me to advise you on whether to lock in a rate or float. I also watch the economic reports to help determine when rates may take a dip and when they may rise. I specialize in FHA and Conventional loans of any type. I can also help you with credit issues and repair.
If you need a referral for a realtor, builder, roofer, insurance agent, painter, structural engineer, attorney etc...I can give you one that is endorsed by good practices and excellent service. I work with some of the best in the business and am happy to share my knowledge.
I know when Valerie sends me an approval letter, we are good to go, no surprises for my client. She explains everything in great detail to the client and keeps both agents informed. A great loan officer is the difference in getting to the closing table with no problems. I can also count on getting to the table in 2 weeks. Realtors, have no fear when Valerie is "flying the plane" . TC
As a first time home owner, Valerie made this an easy process and I understood beforehand what I should expect. My payments were actually LESS than what she had estimated. Valerie is the best and I will tell all of my friends and family about her. AJ
Years ago Valerie helped my wife and I improve our credit scores when we refinanced our home. She stayed in touch with us and with her guidance we now have excellent credit. Since then, we have purchased a new home, referred family to her, and refinanced again for a better rate. We wouldn't trust anyone but Valerie for such a huge financial decision. KP
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