7/12/23 Mike’s Morning Mortgage Update – What does a good lender do to help you get an offer accepted

I had a hectic weekend work-wise, and this week has been no different.

I love it when it is busy, but this is different. Everyone put an offer on the same house. LOL!

Well, that’s not the case, but we see a lot of this. In my team meeting yesterday, we discussed how important it is to walk our clients through the buying process. Telling them how great their agent is, is equally essential, and ensuring they hear that it is a competitive market from the lender and not just the real estate agent. The lender spending time with the potential buyer reviewing numbers, offering solutions, and explaining what the market is all about is also critical.

I explained to my team what we say to buyers so we are all on the same page. We talk to clients about the 6 Million home shortage in the United States and the 1.5 million we are short in Los Angeles County. Talk about the 12-15 offers we are up against and let the buyer know how important it is that they are working with the agent they have (you) and that they are aligned with the lender with the best reputation in town that knows just about everyone in the area! Let them know they can trust their agent, and if their agent says to offer X, then you should offer X. Make the buyer understand that $10,000.00 in loan amount is only $63.00 per month. With 20% down $10,000.00 in price is $50.00 in payment. Let the buyer know the payments when rates hit 5.5%, 4.5% or 3.5% somewhere down the road. Let the buyers know what the interest deduction is, how much principal they are paying off, and what the appreciation is when they get a loan. Explain to the first-time buyer that it’s like your first day of kindergarten when we open escrow, and we will take your hand and walk you through the process until you graduate and close escrow. We call or text the listing agent and explain how painless the process will be and why they should choose our client’s offers over all others. We let them know how fast we can close and whether we need any loan or appraisal contingencies. I could continue on, but you get the idea!

Now explain to me why you let your buyer choose their lender? Because you are afraid they won’t buy from you if you push them? Have you thought about the value a lender could bring to help you get your buyer to buy? I know many of you value that, and others, well, not so much, but I wanted to explain how we help you. It is great when we get strong referrals, and we appreciate that. A good lender will help you get more closings! Choosing the right lender will cause you less stress and allow you to sell more.

I didn’t know where I was going on this when I wrote the first line, and remember that I am here to help. Choose me and my team, someone else at my company, or another strong lender from an inferior company. Be loyal, work together, talk often, hit your goals, make money, and live well. That’s my goal for all of you! We want to be your partner and help you become even more successful than you are, no matter how much business you do.

Interest rates have improved over the past two days and we need about 83 more to get into the 3's again!  LOL!

• 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the high 6’s.
• Conventional Loans up to $726,200.00 are in the 6’s and low 7’s.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6’s and 7’s
• Jumbo loans above $1,089,300 are in the 6’s and 7’s
• Bank statement loans - They are available with 10% down again! 7’s and 8’s + depending on down and credit score.
• No income qualifier – 20% down with reserves! In the 9’s!
• 0 down loans are in the mid to high 6’s – 660 credit score min right now, up to $740,000.00.
• Private Money lenders - hard Money Loans – 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans - are typically 8.250% with limited fees – But they get you where you need to go!
• 0 down California Dream for all Equity Share – Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!

Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!