Washington Mortgage Planner-straight up mortgage advice and commentary

Hello all!  I hate to say this but I brought my laptop, am checking emails and have even answered my cell. phone occasionally even though I'm on vacation.  All in the interest of not wanting to miss an opportunity.  I find it's difficult to really ever have down time in this business.  I guess I'm motivated to not only get the next loan but also to be there for my customer. 

I'm curious what you do to not burn out and always be thinking about your business. I have to admit I'm newer to the business (2nd year) and perhaps I'll feel like I can ease up over time.  But I'd still like to know how other people in my business handle the call as it's very easy to work every day.  I will admit I love my job so it's not always drudgery.  I just worry about overdoing it sometimes as I believe there's more to life than the almighty dollar!  I'll talk to you soon.

Good afternoon! Today I thought I'd talk about my commitment to you as a loan officer.

 1) I will be honest and ethical in all my communications with you.  For example, if I tell you I will do a certain type of loan  for you at a certain rate, that's what will happen even if things change during the loan process. 

2) I will underpromise and overdeliver.  I won't guarantee something that I can't follow through on.

3) I will return all your phone calls, good and bad.  I am ultimately responsible for getting the loan done.

4) If a mistake occurs during the loan process, it's my fault.  As tough as it is to admit and easy to point fingers elsewhere, if something goes wrong it's because I missed something.

5) I will be available to you whenever you need me.  I will focus on your loan until it gets done.

The above are my promises to you.  Have a great day!

Paul

I was thinking yesterday how important your credit score is, especially now with the loan world being so much tougher.  Your credit score determines everything including how much your mortgage will cost, your car, your insurance, and even your ability to rent a place if you're not a buyer yet.  All the more reason to make your payments on time (one late payment can impact your score by 40 points or more) and to use your credit wisely (make sure your accounts aren't all maxed out).  These 2 factors account for 65% of your credit score.  If you are remiss in either one of these two areas (or both), expect to pay a much higher rate to borrow money.

So what is a good credit score?  Ideally, it's 680 or above.  720 is better still.  If you don't know your credit score, you can check it free once/year at www.annualcreditreport.com.  My friend Tyrone Dye at Dye Financial Services can also help.  He can be reached at (360) 721-3776.  A lot of times, there is erroneous information on your credit report.  It's worth it to correct it.  Again, it could be the difference between a mortgage in the 6-7% range and one in the 8's or above.  Realize that if you think you won't be able to make your payments, you can always call the lender.  They may be able to work with you.  Adverse credit information stays on your report for up to 10 years.  Although a steady pyament history within the last year will help your credit score, you want to make sure you're on top of it.  It shows the lender that you're a responsible borrower.  I hope this helps.  Have a great day!

Paul

Good morning!  The loan environment these days is much tougher than it was even last year.  It used to be that anyone with a pulse (lol) could get a loan.  Unfortunately, that led to a lot of loans that were given to borrowers who probably couldn't afford them.  We could spread blame all around if we wanted to.  I'd prefer to say that money gets easier to borrow when times are good.  It's capitalism at its finest.  Now, the real estate market has cooled and, with it, it's tougher to get a loan.

With the above in mind, there are two things you can do to make sure you qualify for a loan.  One, have a great credit score.  You can check your credit free once a year at www.annualcreditscore.com. A great credit score is over 700.  This will get you the most favorable pricing on your loan.  if you're under 680 these days, expect to pay more.  The other option is to repair your credit. My man, Tyrone Dye at Dye Financial Sevices, can help.  He can be reached at (360) 721-3776.

The second thing you want to have is money in the bank.  This can be in the form of savings or retirement accounts.  The more the better. It also helps if you're not looking to borrow 100% of your home's value.  All this shows the lender is that you're willing to take some of the risk.  It's not over if you don't have good credit and savings.  Just expect to pay quite a bit more for your loan.  I hope this helps!  Have a great 4th.

Paul

Hello all:  I hope you had a nice weekend and have big plans for the Fourth!  I'm curious as to your thoughts about us, your mortgage lender.  How did we do for you?  I'd like you to share your experiences good and bad on your last loan, all loans, etc. etc.  I'd like to think that most of us are dedicated to bringing you the very best and getting you a loan that meets your needs and criteria.  But I know that we work in a very confusing world and I'm not sure you'll ever fully understand our business.  All the more reason to communicate often with you to ensure a smooth transaction.

Again, I welcome your comments here.  They are very much appreciated as we strive to be all a loan officer should be according to you.  Have a great day!

Paul