Mortgage Broker Tips for Durham and Chapel Hill Buyers

When it comes to mortgage tips, there is one  TIP that is not spoken of often. Not all mortgage lenders do it, and most of the big mortgage banks definitely do not do it.

It is glossed over by those who do not as a non-factor due to the virtual nature of business, the cloud, and technology.

Don’t believe that.

Mortgage Tips - Approved Locally

Have your mortgage approved locally.

The Critical Mortgage Factor is……LOCATION.              

Ask your loan officer where your loan will be processed, approved, and where the closing documents and funds will be sent from.

The more locations, the less control the loan officer has and the greater the chance something can go amiss.

Here’s how lenders work…
#1- Most Big Bank mortgage lenders take applications locally and process your loan in another location or state. Then your loan is approved by an underwriter in another location or state and closing documents sent from yet another location in the country.

This is great efficiency for the Big Bank but may not work out as well for the borrower, seller, and Realtors.

#2- A Mortgage Broker takes your loan application, processes the application, and then sends your file to the investor to approve, prepare closing documents, and send the funds to closing. Loss of control happens as soon as the file is sent to underwriting.

#3 – A local correspondent mortgage lender not only takes your application, but also processes it, APPROVES your loan, AND sends the closing documents and money to the attorney, all from their local office.

This is process control, which means faster and easier closings for you.

Your Best Solution Is Local Mortgage Approvals .

Here’s an example of a 7 Day Mortgage Closing that I do not believe 
could have happened with a mortgage broker or a big bank mortgage lender:

A co-worker in my office received a Big Bank turn down from the closing table on Friday morning.

A new appraisal was ordered, and delivered the same day.

Because of our Realtor focus, the loan was fully approved by 5:00 pm on the day it was turned down by the big bank.

Closing documents were sent to the attorney the following Wednesday.

The loan closed on Monday, the 7th working day from turn down, the fastest that Federal law allows a home mortgage loan to be closed.

Can you imagine how relieved the Buyers, sellers, and Realtors felt going into the weekend knowing that their loan had just been approved after a turndown?

This 7 day closing was not unusual. There have also been 8 day and 9 day closings.

Just as the critical factor in real estate is location location location, the critical factor in your home mortgage approval is where is your loan approved – locally, or in another city or state?

Do you have a question about your mortgage approval? Just ask.

Update August 22, 2013: Mortgage Tips – How do Buyers Agents help me in Raleigh, Durham, and Chapel Hill, NC?

Here’s what a Buyers Agent does for you.
http://youtu.be/MZcjEw4W8wQ

Hello, it’s Jim Enright, The Chapel Hill Real Estate, and mortgage source for Chapelboro.com. Today I have a great interview for you, and these interviews are always designed, to help you in buying, selling or financing your home.

Today I’m really pleased to introduce Robin Mullis, of www.TheEarpGroup.com. Robin, welcome.

Thank you.

Alright, now Robin is a buyer’s agent, and you specialize in buyers only?,

Exactly,

So what’s the advantage for a home buyer, if they are using a buyer’s agent as opposed to a, you know, I guess this would be the dual agent?,

Exactly or exactly,
I represent the interests solely of the buyer.

Historically, the seller had representation by both. The agent brought the buyer to the house, then they be represented…, the seller would be represented by both agents.

So now, I just represent the buyers only. Again, their interests and making, everything smooth towards, the closing table for them.

Okay, so it might be kind of a specialization issue. No other distractions, by needing to lease this house or, deal with these other issues.

Exactly.

Yeah. We are focusing on looking for the right house, you know, scheduling those showings, and then when we find one, it’s the due diligence of getting, that to the closing table. Setting up inspections, contacting attorneys, everything that they need to make that,
a successful transaction,

Okay, And I guess one other thing, I know that I can remember,
I haven’t heard of it lately, but I remember people talking about,
having knew, is there a conflict of interest? So having a buyer’s agent,
will certainly eliminate that totally,

Exactly.
Yes, yes.
As we know, I mean we’ve had conversations with, the selling agent or the listing agent, excuse me, and we are working together,
but again there is information we don’t share, confidential information on both sides, of the transaction, so I keeps certain things confidential,
that the listing agent doesn’t need to know,

Exactly, Okay, Perfect, perfect.

How does a “Buyers Agent” work in “Raleigh, Durham, and Chapel Hill, NC?” What’s the difference between a “Buyer and Dual Agent” in the Triangle, NC? Which is best for me?

Get Pre-Approved Today. Call Jim Enright, Raleigh Mortgage Strategist, at 919-569-5930.
http://www.mortgagechoice.com/financial-help.html

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August 14, 2013: Mortgage Tips – What acquisition expenses must be considered and the One Critical Key to breaking even when selling your Triangle NC home sooner than you expected.

http://youtu.be/7FZGuX56QL4

With Connie Shuping of  Http://www.GreatTriangleHomes.com

Jim Enright: That brings up another question. So if somebody’s buying a home in this market, I mean obviously there’s acquisition costs, what would you say would be a break even time on all the different acquisition costs, whether it’s mortgage related or real estate related? Is there any time frame you would give our viewers?

Connie Shuping: Well, I think it’s hard to put an actual number on that, but I can tell you that in the past, it was two to three years to make sure you could recoup all the fees you had put for acquisition — which normally would have been spread over the life of the loan, if you had a short loan in that case — all your fees for selling and maybe some things you might do to fix up your house to sell it.

Today, I think it’s harder to determine what that is. I think if you get a good buy, with an excellent agent who helps you, and of course good financing from Jim, where you’re going to get great rates, and from there, you should be able to probably sell the home, I would think in three to five years and break even. Possibly, I can’t guarantee it. No one knows what’s coming. We don’t have a crystal ball. But I personally think we are about at the bottom of our prices. So if you are going to buy, why wait?

Jim: Right. Good. And so, that break even time is all going to depend upon, as you said, getting a good buy, it could be the right neighborhood and the right buyer at the time you’re selling.

Connie: That’s a good point. There actually are some times people have to make a decision between the house they really like and the house that is, by far, the more generic and perhaps boring, but more sale-able in some areas. If you get a house that is very specific just to you, it will be harder and take more time to sell. So perhaps if you’re thinking of it as a stepping stone house on the way to your next bigger and better house, then you want to keep resale in mind. And again, that’s where a good agent can help you make a wise decision.

Jim: Great. Connie, thank you so much. Now Connie, if our viewers have any questions, how would they contact you?

Connie: The best way to reach me would be go to my website, http://www.GreatTriangleHomes.com

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