Jason Sardi, Mortgage Banker

When it comes to mortgages, if you are like me, you are looking for the best price, lowest rate, and shortest travel between two points. There is also one minor detail that you and I may have in common, it's called customer "freaking" service. Looking for the straight line without much in the way of curves, kind of like Calvin Klein before his untimely demise. Nevermind, he is still alive. And if those curves arrive, which is a decent wager in this atmosphere, you probably want someone to stay and inform you every step of the way. Perhaps I'm projecting, but still...

I've been wearing the title of Loan Officer for the better part of eight (going on nine) years now. I've loved it and I've hated it. Still feel both to this day. But what strikes me as the curious sort, why do you chose that entity you choose?

I quote rates on Zillow and firmly believe some of the stuff I'm competing with is a joke. It seems folks want to be baited initially with the 'deal of the day', as much as they detest being switched to 'the reality of it all' by the time the transaction is over. Hey, I could be wrong but I find it highly unlikely (back to back adverbs, love it:) that the person quoting you the costs and profit (low-balling, mind you) cares much on how it turns out... as long as it closes. It's volume driven. It's getting the phones to ring. It's getting the inbox on the email to have more inquiring messages.

While I hate to perpetuate any pessimistic view of the Mortgage Industry, especially in times where that seems status quo, I dare say that some of my predecessors are more John Gotti than they are Jesus Christ. More profit than prophet. Personally, I'd like to be a whole lot more like Jesus. I especially respect his hairline.

If you are shopping for a mortgage, whether it be to buy or refinance a home, don't do it on price alone. Especially not now. Price Warfare in a Service Industry is probably going to mean you are going to get screwed Jenna Jameson style in the end.

While I don't mind porn, it doesn't belong in Real Estate. Shopping service is shopping smart. And you rarely get screwed.

... much of it began when the housing market crumbled. This first-time home buyer phenomenon became an epidemic once again, yet this time it was/is different.

Sure, there are different motivations in getting the blood flowing, but borrowing guidelines today are much more stringent than recent years. Knee jerk - yes. Opposite extreme - of course. Will it get back to some semblance of a common sense reality? The cycle typically does the math for us. I believe we are not so calmly near year three since all of the ruckus started in the first place. Are we out of the woods just yet? Probably not. But it has created quite the opportunity for budding homeowners.

There is demand. There are more incentives for first-time home buyers right now than maybe ever before. Here's the scoop:

• There is an $8,000 Tax Credit available for first-time homebuyers. And to distinguish misinformation with this particular clause, you are considered a virgin within the system if you haven't owned a home within the past three years. So, you don't really have to be first time. There just has to be some time in between ownership of a property.
• 100% Financing is alive and well and living in certain parts of Rural Wherever. The USDA Loan is back and not as rural as you may think. You don't need chickens, pigs, cows, or the soul of Johnny Cash to qualify. It's out there and funds in the sum of $10 Billion dollars have been allocated to it. If I can get my paws on some of that, I'll walk the line;)
• Larger Inventory has helped to create lower housing prices. Do the math. Supply and Demand. Economics 101. Or, if you want to keep it simple, I have a bunch of stuff that needs to sell, but can't be sold at the price I want sell it, at least right now. Give me an offer, and if I can put it in the books... it's done.
• While interest rates still closely resemble the guy's score to the hundredth degree who got his name wrong on the SAT Exam, they are still lower than Gary Coleman doing a KFC Commercial on his knees. They (interest rates) are bound to go up, folks. I've been saying that for way too long now. Lucky for me and those who have already taken advantage of them, I've been dead wrong.
• FHA Loans have picked up the slack and some of the common sense from Conventional Lending which has been ravaged with ridiculous rate hits and mortgage insurance payments from those lovely folks over at the Mortgage Insurance Companies.

All is not rosy in the land of first-time homebuyers, however.

• Job stability seems to be an oxymoron in this atmosphere. Folks may be afraid to take the plunge into such responsibility as owning a home for fear that they are next in line to receive the proverbial pink slip.
• In certain areas around the country, home values are still declining. This may or may not be construed as a bad thing if that is the case in your particular area.
• In an age where money is tight for a lot of folks, a down payment may not be possible. If you don't qualify for a VA Loan or USDA loan, this could be a pretty big stumbling block.
• Underwriting Guidelines are tighter than Joan Rivers face.
• The required credit score for the majority of lenders has increased. The magic number is 620, though don't be shocked if that goes up eventually.

The overview of "Good News/Bad News" for first-time homebuyers right now is tilted slightly in the favor of more good than bad, in my opinion. If you are even remotely considering taking the leap, talk to a trusted Mortgage Professional so you have a clear idea of all the options. They can guide you, yet it will be you who takes that ride that is owning a home. Make it a safe one.

About The Author: He is wide awake on hump day and feeling pretty good. Jason Sardi typically doesn't like talking in the third person, but such is life. He can be reached via email at jsardi@ihmci.com or on his cell phone at 610-653-0317.

I was posed with a not so unique question early on last Friday's morning. It came from a rather astute prospective client who asked, "How do I make sure I get the best rate?"

The more I thought about it after initially answering the question, the more I wondered what was really the right answer? Heck, was he looking for the cheapest deal or the best deal, they are not always one in the same? Was he looking for trust or smoke & mirrors? He's a quality borrower by lending standards, yet seems to have fallen into a similar box of shoppers who have made life difficult for themselves and us by shopping on fees and rate alone.

Devil's advocate may say, "Is this trying to substantiate ridiculous fees and a higher than market rate to pad your pocket book?"

Devil's nightmare says, "Not at all. Sales is volume driven, word of mouth, not getting ‘rich' off of one transaction, but making coin because you do many of them. And I believe if you do it right, there's an education/consultation factor that just may be priceless for those who chose to work with you. That kind of stuff saves them money, even though the Good Faith Estimate isn't the cheapest they've seen and the rate quoted is the lowest they've heard"

And he's still on that fence, which might make me a less than stellar sales guy. Which also puts me on par with most folks who tend to be less than stellar shoppers. My job, in part, is to consult folks on what to do and when to do it, in regards to anything involving Mortgage Financing.

Fair enough...

If you are in the position to obtain financing to purchase a home and have the desire/need/want to do just that, get off that little picket fence. It may be electric when you look forward to see it behind you. What does that mean?

Rates will go up. I'm pretty sure of that. More than likely, sooner rather than later. The historical low we've seen has got to inevitably come to an end. The Tax Credit thing, well, it ends soon as well. And the inventory of homes on the market at prices more appealing than Selma Hayek in white stockings, will eventually reach a happy medium and go away. It will no longer be a Buyer's Market, at least like it is right now.

To answer the young man's question of how one can get the lowest interest rate possible, it's not always by shopping around. While that's a starting point, this isn't a flea market. This is probably one of the most important transactions that gentlemen will undertake.

In retrospect, I should of answered his question with a somewhat different retort. He is looking for the best rate and talking to me at 7:56 AM on a Friday Morning. I think he just found it.

nice lead in....

Sometimes I fancy myself a consumer. Aren't we all? In those moments, I try not to think of things from a professional standpoint, nor a purely logical one. Instead, I attempt to understand what I would think of things if I wasn't in this industry and wanted to buy a home... or already owned one and/or wanted to dabble into refinancing it.

I won't mention names because I'm not a fan of lawsuits. Yet, I've seen subtlety directed commercials from Mortgage Companies "tied" to Government Programs. I've seen rate sheets in the Sunday Paper that made me spit up blood. I've seen sales at its worst, marketing at its absolute most desperate. Creative, yes. Misleading, damn right.

Shopping for a home loan isn't pixie sticks. This is damn real. Not that pixie sticks isn't real, but I'm trying to make an analogy over here:) I believe it's about time we buy the product based upon little things called communication & trust.

I tend to reference my man over at All-State. That's who holds my Car & Homeowner's Insurance. When I was shopping around, he was on the list but wasn't the cheapest and didn't bring me donuts upon my arrival. I was referred to him through a friend. I went with him, cause he sat down and explained it all... warts and everything of insurance. To this day, if I have a question or problem... he's on it and gets back to me like an ex-girlfriend who just saw a naked picture of me on youtube.

These days, with the folks that have survived the proverbial mess that is the mortgage business... most I know are pretty damn good people. They will take care of you. That typed, there are always exceptions.

My point in all this is pretty simple. Be cynical, be careful, and make sure the guy or gal you are dealing with is genuine. They should not only know what they are doing, but really care. If they are churning and burning, you may want to move on. While sales is an institution based upon volume, rarely immediate glory, I'd much rather play the part of Sam Walton (though I don't think Walmart really represents his true vision) than a fictitious character based upon reality named Gordon Gekko.

Advertising can be a short-cut to thinking. I understand the concept, especially when it goes National, yet I loathe the directions it can & will take.

I don't need someone to sell me; I just want someone to tell me the truth of the matter. It's that simple. That's sales.

About The Author : Jason Sardi is somewhat illiterate, somewhat intense, and does mortgages for a living. He/We also has two cats and another stray that seems to like this abode, which he's thinking he/we should adopt. Jennifer is a better mother than I am a father, for sure. They will be in very good hands. Jason Sardi also hates fine print. Jason Sardi doesn't like B.S. Obviously, Mr. Sardi doesn't have a degree in Marketing or direct ties to National Mortgage Companies that pad his wallet. That's a shame, Mr. Sardi likes a padded wallet. Hmmm, maybe Mr. Sardi will just run for Political Office. A suit & tie can make angels of us all.

Oh, forgot the contact info.... jsardi@ihmci.com or on my cell at 610-653-0317. And remember, no prank calls... unless they are really innovative, original, & witty.

When encountered with the question, "Do you believe in God", I pretty much knew that no answer that I gave would be acceptable. For the believers, the very fact that I question such a thing would be a subtle slap in the face of what is true. For the non-believers, the fact that I didn't dismiss such a thing was akin to a crutch to living and a short-cut to thinking. For those in-between those bounds, well, perhaps I was thinking too much about all that and not living all this.

For the record, my answer is a steadfast, "Yes." Symbolically, "God" is a higher power. I believe in a higher power and am pretty sure it isn't us or I.

Last night, I had dreams of tornados...

This past weekend, I learned to think with emotions... rather than my brain. The appropriate next step would be to think with my soul... but I'm not there quite yet.

I don't give a flying rat's beady ass what anybody says or projects, this weekend was an element I've been missing from my life for way too long. I got to see blood, not the horror kind. I got to see folks who were born unto this earth kind of like I was, and I missed them. They are family.

While you won't find me smiling to show my shining cuspids to the stars, you will find something in any picture that is taken... which is very consistent. You don't need to see the smile to understand that the soul is happy.

About those tornados, their winds grew great... the destruction was to date... and dreams are dreams until it becomes too late.

Poets die when questioning anything becomes taboo. I like to question everything. Just in case...

Color me taboo:)

Take me home...