So, today we’re gonna talk about how one size doesn’t necessarily fit all in the mortgage lending business.
We have so many choices in this world. You can choose between a home, a condominium, a townhome, hey, even a mobile home or a boat.
You can choose all sorts of different yogurts, different size cars, different color cars. Nothing in the world is plain vanilla anymore. We’ve got so many choices.
Did you know that you actually have choices even in the mortgage lending business?
Well, you do. Oh yeah, you’ve heard there’s conventional, there’s VA, there’s FHA. But even within the conventional world, there’s a whole line of products there that you may not be aware of.
Just as your relationship with your realtor should be one of trust, the same thing should be with your lender. You need to be very honest with them about where you are financially so that they can best assist you. Just like I’m best able to assist you when I know what price point you need to be in.
So, talk with your lender and ask what other kind of products are out there because different lenders offer different products that have different guidelines.
You may not fit in one little circle, but you might fit in another one somewhere else. So, ask those questions. They have different guidelines through their underwriting. And you’re not going know unless you ask the questions.
Shop Around!
Now, if your lender is really busy, the one that you’ve chosen, don’t be afraid to go and shop it around. Heck, you shop around for cars, you shop around for clothes, you definitely shop around for houses. So, shop around for those loans. Find out what’s available to you.
Even I, and I’m supposed to be sorta in the know, even I’m always learning about new lending programs out there.
I recently had a buyer that was buying a townhome. And when we got ready to write the contract, they started telling me about their finances. They said, “We’re doing a 95% loan-to-value.” And I kind of looked at them and I said, “Conventional?” And they said, “Yes.” And I said, “Well, who is it through?” And they told me.
Well, I spoke to the lender because I hadn’t heard of that in quite some time. And so, sure enough, in fact, they even offered 100% conventional loan product, which was news to me. They sent me over the flyer, so now I have something else that I can offer to my customers, if they’re not aware of it.
Don’t be afraid to ask your mortgage lender questions
We want you to be comfortable, not only with your mortgage, but also with your home. This is a team you’re building, so let’s all talk and let’s get along and let’s find that product for you.
I hope this has helped you. Remember, variety is the spice of life. So check out your different mortgage lending options!
