JD Terry - IHaveMoney2Lend

Today I traveled up to Martinsville, VA to watch my brother and his team race in the Craftsman Truck series. He is the jack man for the 09 truck who is sponsored by Zacksby's.

For those of you who do not know much about racing, the jack man is the one who...you guessed it, jacks up the truck when it comes into the pit to change the tires. We sat seven rows up and could really smell the exhaust and feel the rubber off the ties! My brother's pit stall was directly across from us. We could see with an unobstructed view every move he made. Now, you might be thinking with the way that I am talking that I am die hard race fan. That statement is not 100% accurate. This is only my second race I have ever been to and I really only go to see Justin (my brother).

Don't get me wrong, once you get in the stands, hear the roar of the engines and see how fast they drive around that track you can't help to notice that your heartbeat is up and you have butterfly's in your stomach no matter what fan level you are. Today his driver was a guy by the name of Jamie McMurray. He races the Crown Royal car in the Nextel Cup. Even though Justin's team had a great driver the day would not get any better than 23^rd. They had a great truck, great driver and all the pit stops for executed to the tee. It just was not their day. Either way, the day was enjoyed by all. I don't get to see my brother in action that often and I was real proud of him today. It was great seeing someone do something they feel so passionate about and watching them enjoy every moment of it!

I often wonder if that is people say about me when I am in the heat of the mortgage biz and helping a client purchase a new home. I hope it is and I hope my co-workers and support staff are proud of the job I do. I sure do have that drive and passion that my brother had today. However, it is sort of hard to have a fan base come to your office and cheer you on when you are pulling credit, explaining GFE's, signing disclosures, locking in interest rates, or sending a loan file to underwriting. I would have to say that my raving fans are my clients who go to the closing table and purchase their new home. When they walk over that front door threshold for the first time as a homeowner, that is my checkered flag and finish line. When the market is slow it is even more important than ever to surround yourself with your raving fans. Now is a great time to reach out to our databases and try to re-connect with our raving fans, the ones we helped achieve the American Dream. Remember, everybody wants something to cheer about so why don't we give it to them J

I know this blog was not much on the mortgage biz or industry, but I just wanted to share a little bit of me with you. I hope you have gotten to know me a bit better!

Are you still writing mortgages? This is a question that I have heard from Realtors and also prospective borrowers over the past few weeks. To me this is an unbelievable question, but after watching the news for the past few weeks I really see how that question is one that is on the top of mind with many Americans.

The facts are that credit market has become a bit tighter and there have been some changes to our lending environment over the past 9 months. It has been a very volatile year and will probably continue to be through the end of the election and the end of the year. There is no doubt that if you, as a mortgage professional are not constantly plugged in, you can miss the next guideline change or update to the products we have. However, the bottom line is that there is still money to lend to buyers, rates are still near historic lows (see below chart of Freddie Mac avg. interest rates from 1972-2007), 100% loan programs are still out there for the right buyer, and FICO scores as low as 580 are eligible for high loan to value financing.

Despite the negative news we hear on a pretty frequent basis, now is one of the best times to buy in recent history. Spread the good word that the mortgage industry is alive and well and ready to help new homeowners achieve that all American Dream of owning their new home!

Today I was listening to a coach talk to a room full of hungry industry professionals like all of us. He was discussing how the "new" thing in this market is for us to get back to the basics. You may ask, what are the basics....have I forgotten them??? Only you can answer that question. One of the back to basic techniques that I think we all need practice on is prospecting. This is one that could have gone by the wayside in the past few years.

It is hard for folks who are not used to picking up the phone and asking for the business to do it. As long as I have been doing it I still have to make a conscious effort to sit down and knock it out. But every time I do, I have a great feeling of success and accomplishment. However, I might not be the best example. The way that I am wired, it actually excites me when I hear "No". That word tells me two things right off the bat; one, I am that much closer to a yes, and two, they don't know it yet but I am going to keep following up with them until that no becomes a yes!

I am actually writing this blog for all you folks out there who my be intimated or reluctant to put yourself in a situation where you might hear the word no. The person I was listening to had a very good point about hearing the answer of no in prospecting or even daily life. After all, it is what it is. The word no is an answer to a question that we asked. Typically a question that ends in no only has two options....yes or no. As we get older we tend to take the word no to heart and take it too personally. He continued to relate the answer of no to a child wanting a cookie (or really anything he/she wants). It goes like this; the child asks mom or dad if he/she can have a cookie. The parent tells the child no for what ever reason. When the child hears this answer, what do you think is the most likely response by the child? We all have been there in one way or another, the response is...come on, why can't I have a cookie? Please can I have a cookie? Please oh please can I have a cookie? In response the parents proceed to lay one no down after another. Does the child take this no personally? Did the parent say no to personally hurt the child? Will the child be scared for life by hearing no for the cookie request? As you might imagine the answer to all of these questions is NO. The child will not take it personally, the parent did not say it to hurt the child, and it will most likely not impact the child's emotion stability in the future. It was a question that was answered, it just so happened this time it was a no and not a yes.

Will this series of no's stop the child from asking for a cookie the next day, the next week, or the next month? Probably not. Will the parent get angry with the child for asking for a cookie the next day, the next week, or the next month? Probably not, they most likely will say, "man this kid is persistent". Persistence is a great quality to have, it means that individual is committed or dedicated to a certain outcome. This trait is necessary to be successful in the art of prospecting.

The question I pose to you is, where along the many years of our adult life did we become afraid to ask the questions that may result in a no?

In today's market we need to be able to ask the tough questions, make the phone calls, and reach out our hand without fear of hearing the word no. Prospecting does not come naturally to anyone, but it is a skill that can be learned and used effectively. When you get ready to pick up the phone, or knock on that door, just remember the kid in you that really wants that cookie! I promise it will help you through the no's and get you closer to your next yes.....

Even though banks are closed today for Columbus Day, we have received some hopeful news in the credit market arena. The World Bank leaders gathered this weekend to discuss the worldwide credit crunch. They, in conjunction with our president, have decided to offer up some more cash to the troubled banking system to get the money flowing again.

I know these comments may seen contrary to what I wrote about this weekend, but the facts are that we are in a credit crunch but there is still money for homeowners to borrower for mortgages. What this huge infusion of cash should do is sure up the confidence of our large national banks and let them know that the federal govt. and the other world banks are behind them. The European Central Bank has pleaded to invest what ever money would be necessary to help our banks start the flow of money again.

As I mentioned, this is a bank holiday, but major things are happening while they are closed. The stock market is receiving this info well this morning with the DOW up around 400 pts. The real test will be tomorrow when the banks open up and we see how they will act on this cash "back-up" from various federal and global institutions. I am keeping my fingers crossed that the media will be as positive as they have been negative lately.

In addition, stock market annalists are also starting to talk about how we may have hit the bottom. Let's hope so. There are a lot of clients out there who would like to buy a home, but it is hard to take on new debt when their retirement or college fund has lost over 20% in less than two weeks. I really feel that once the media moves away from the negative news and highlights the positive we will be in good shape. The country wants to know that we are all going to be OK. The bottom line is that we are at one of the lowest economic points since the Great Depression, so we are hopefully that we can only go up from here. With the stocks turning, gas prices dropping, the election of our new president less than 30 days away, and mortgages rates still at attractive levels there is nothing but positive news to talk about. At least that is my opinion :)

My name is JD Terry and I am a new member to active rain. I am a Mortgage Banker for East Carolina Bank Mortgage in Wilmington, NC. Since I am joining this community in such turbulent financial times, I feel it is my responsibility to relay the true message regarding the current mortgage market. Therefore I choose my username "ihavemoney2lend". This username says it all! Despite the negative outlook that we all hear on a daily basis, "ihavemoney2lend". In future blogs I will go into more detail about the true status of lending money for home mortgages, but for tonight I just wanted to get my feet wet.

I will post more info on who I am, where I come from, and what I feel is important to know in these historic times.

I look forward to connecting with everyone and learning more about what is out in this new word of blogging.

Have a great evening!