Today Countrywide Mortgage, the largest lender in the United States annouced that it will no longer lend with no money down on their "BC", the division that handles lower credit scores. Countrywide is the largest lender out there, not just in the amount of loans they originate, but also in the number of loans they are the investor on. I don't know the exact number but I believe something like 40% of the loans in the US are tied to them in some way. This is really huge news. I don't really have much else to say, other than if you plan on buying a home with 0 down, you better start fixing your credit if you are currently below a 680 FICO Score.
Here is the article...
http://money.cnn.co m/2007/03/09/real_estate/countrywide.reu t/index.htm?postversion=2007030917
Real Estate Agents****if you are about to submit an offer, make sure you have your clients pre-approval validated with the broker or lender that it will comply with the todays 100% financing standards.
If you need advice on what to do in your situation, I will be available all weekend at 650-465-5846. Don't hesitate to call if you need me.
Have a great weekend!
Tags: 100% Financing, no money down, countrywide, submit offer
Monday, March 12, 2007
Friday, March 9, 2007
Credit, what is it, why is it so bad, why is it so great!
Credit, what is it, why is it so bad, why is it so great!
Post Applaud Total: 0
March 9, 2007 at 12:46:21 PM
[Edit] [Delete]
I think there are many many common mistakes out there when it comes to credit, and it seems like even the most educated people make those mistakes. As of late, I have had a lot of clients and new applications from people that are making the same common mistakes, and I think it is important to find out where your "FICO" score comes from, and why it is the most important thing when it comes to real estate and investment financing.
First things first, FICO is a formula, I don't have it, no one in the public has it, but the glorious people at the Fair Isaac company, the people that formulate the FICO score, do. What I am offering for information here is purely what I have read, and experienced. If you want the true numbers of where the score is derived, go to www.myfico. com.
The most common misconception is that once you have paid off all of your credit cards you should cut them up, and close the accounts. Well one part of that is true, cut them up so that the next time you walk into Sears and see that shiny stainless steel BBQ with side burner, you won't have access to the credit card if you don't have cash or debit. The reality is that one of the major factors of your score is your history. Let's take an example, if you have had your VISA card for ten years, never had a late payment, don't have a balance, and then you close the account, you lose that 10 years of history. History makes up 15% of your score. Cutting up the card will have a positive effect on how you spend money, but closing the account will have a negative effect on how your score performs.
The biggest effect on your score if your payment history. Make payments within the first 30 days of their due date is the most important, even if you are just making the minimum payment. 30 day late payments are the most important on mortgage payments. Auto payments and credit card or installment payments are important, but mortgage payments are the most important, because as a lender, a mortgage late almost always puts you into a subprime or more alternative financing situation.
The next most significant factor is the balances of your credit. The best way to think about Credit Cards, is to always try to keep your balances below 35% of the credit limit for the card. For instance, if your limit is $10,000, try to keep the balance below $3500 to avoid having a negative effect on your score. Some people believe that it would be better to max out one credit card, and have the others with 0 balances. The fact of the matter is that you would be better off spreading out the debt amongst all of your cards, and try to keep the balances on all of them below 35%.
New Credit! Applying for new credit can have a negative effect on your score and the type of account you are applying for can effect your score. Opening discount accounts, or accounts with teasers (no interest for 12 months) can have a negative effect on your score. I know when you are at Sears about to get that new plasma screen and the salesperson offers you 12 months free financing, and you think, "hmmm, should I keep the money in the bank, or let Sears pay for it over the next 12 months." I have wrestled with this type of decision myself, not for a plasma, but for a washer and dryer. From a credit decision, the decision should ride on your short term goals with credit. Are you buying a car or home in the near future? Maybe paying cash would be a better option, because applying for that new credit MAY, and I stress MAY, have an effect on your score and even your debt to income ratio. How did I make the decision? I went with getting the Sears offered financing because I could keep the money in the bank, and pay for it over the year, only because I wasn't making any large important credit based purchases in the near future. ****MAJOR NOTE FOR PEOPLE BUYING A HOME*****As a mortgage broker, the most important advice to you is, if you are in excrow on a purchase, do not, and I say again, do not, buy anything with credit, until that loan is closed. For two reasons, the lender can repull your credit and if that new account shows up and your score drops and takes you out of that loan that you have been "approved" for, you may have issues. Wait a few days, and buy the cabinets with credit when the loan is closed. You may laugh and say it doesn't happen, but believe me, it does!
Another major factor is the time frame the credit report shows something as occuring. Things that have happended recently, will have a larger effect on your credit. For instance a late payment that happended last month, has more of an effect than a late payment that happened 2 years ago. The rules I follow are, that first 6 months have the largest effect, the next 6 months since that late payment will have less of an effect, the next 12 months will have even less of an effect, and the following 12 months from that, will have little effect. The thought behind this is that if your are missing a payment today, you may be having financial issues, therefore, you are a higher risk, and should have a lower score. A tip for old collections and things that are over 12 months old. It may be in your best interest to NOT correct those accounts. The reason is, if you update or correct things that are old, they will have a "last updated" date of today. This makes it a current collection or late payment. We want to let old issues stay where they are, in the past!
With the news on how the subprime market is changing daily, credit is the most important factor in real estate finance right now. Income, and being able to document it is a factor, but that first and most important factor is credit. If there are negative items on your credit report that are not correct, removing them from your report is possible, it will just take some effort to call the credit company and resolve it.
For more about my services and to chat if I am online, please visit www.jonathanvettermortgage.com
Tags: Credit, finance, subprime, credit cards, FICO, Debt
Post Applaud Total: 0
March 9, 2007 at 12:46:21 PM
[Edit] [Delete]
I think there are many many common mistakes out there when it comes to credit, and it seems like even the most educated people make those mistakes. As of late, I have had a lot of clients and new applications from people that are making the same common mistakes, and I think it is important to find out where your "FICO" score comes from, and why it is the most important thing when it comes to real estate and investment financing.
First things first, FICO is a formula, I don't have it, no one in the public has it, but the glorious people at the Fair Isaac company, the people that formulate the FICO score, do. What I am offering for information here is purely what I have read, and experienced. If you want the true numbers of where the score is derived, go to www.myfico. com.
The most common misconception is that once you have paid off all of your credit cards you should cut them up, and close the accounts. Well one part of that is true, cut them up so that the next time you walk into Sears and see that shiny stainless steel BBQ with side burner, you won't have access to the credit card if you don't have cash or debit. The reality is that one of the major factors of your score is your history. Let's take an example, if you have had your VISA card for ten years, never had a late payment, don't have a balance, and then you close the account, you lose that 10 years of history. History makes up 15% of your score. Cutting up the card will have a positive effect on how you spend money, but closing the account will have a negative effect on how your score performs.
The biggest effect on your score if your payment history. Make payments within the first 30 days of their due date is the most important, even if you are just making the minimum payment. 30 day late payments are the most important on mortgage payments. Auto payments and credit card or installment payments are important, but mortgage payments are the most important, because as a lender, a mortgage late almost always puts you into a subprime or more alternative financing situation.
The next most significant factor is the balances of your credit. The best way to think about Credit Cards, is to always try to keep your balances below 35% of the credit limit for the card. For instance, if your limit is $10,000, try to keep the balance below $3500 to avoid having a negative effect on your score. Some people believe that it would be better to max out one credit card, and have the others with 0 balances. The fact of the matter is that you would be better off spreading out the debt amongst all of your cards, and try to keep the balances on all of them below 35%.
New Credit! Applying for new credit can have a negative effect on your score and the type of account you are applying for can effect your score. Opening discount accounts, or accounts with teasers (no interest for 12 months) can have a negative effect on your score. I know when you are at Sears about to get that new plasma screen and the salesperson offers you 12 months free financing, and you think, "hmmm, should I keep the money in the bank, or let Sears pay for it over the next 12 months." I have wrestled with this type of decision myself, not for a plasma, but for a washer and dryer. From a credit decision, the decision should ride on your short term goals with credit. Are you buying a car or home in the near future? Maybe paying cash would be a better option, because applying for that new credit MAY, and I stress MAY, have an effect on your score and even your debt to income ratio. How did I make the decision? I went with getting the Sears offered financing because I could keep the money in the bank, and pay for it over the year, only because I wasn't making any large important credit based purchases in the near future. ****MAJOR NOTE FOR PEOPLE BUYING A HOME*****As a mortgage broker, the most important advice to you is, if you are in excrow on a purchase, do not, and I say again, do not, buy anything with credit, until that loan is closed. For two reasons, the lender can repull your credit and if that new account shows up and your score drops and takes you out of that loan that you have been "approved" for, you may have issues. Wait a few days, and buy the cabinets with credit when the loan is closed. You may laugh and say it doesn't happen, but believe me, it does!
Another major factor is the time frame the credit report shows something as occuring. Things that have happended recently, will have a larger effect on your credit. For instance a late payment that happended last month, has more of an effect than a late payment that happened 2 years ago. The rules I follow are, that first 6 months have the largest effect, the next 6 months since that late payment will have less of an effect, the next 12 months will have even less of an effect, and the following 12 months from that, will have little effect. The thought behind this is that if your are missing a payment today, you may be having financial issues, therefore, you are a higher risk, and should have a lower score. A tip for old collections and things that are over 12 months old. It may be in your best interest to NOT correct those accounts. The reason is, if you update or correct things that are old, they will have a "last updated" date of today. This makes it a current collection or late payment. We want to let old issues stay where they are, in the past!
With the news on how the subprime market is changing daily, credit is the most important factor in real estate finance right now. Income, and being able to document it is a factor, but that first and most important factor is credit. If there are negative items on your credit report that are not correct, removing them from your report is possible, it will just take some effort to call the credit company and resolve it.
For more about my services and to chat if I am online, please visit www.jonathanvettermortgage.com
Tags: Credit, finance, subprime, credit cards, FICO, Debt
Wednesday, March 7, 2007
What is a HELOC?
March 7, 2007 at 02:21:12 PM
[Edit] [Delete]
First off, thank you Silvia for bringing me back to reality, I guess some of the terminology I have used in past blog posts are a little confusing and I should have stated more clearly where I was going with my comment. Well, at least it has inspired me to break down what a HELOC (Home Equity Line of Credit) is, and how homeowners and investors can use it to your advantage.
What is a HELOC?
In my opinion, the most effective way to compare a HELOC to something else if to compare it to a credit card. The difference being that the credit card in unsecured, and the HELOC is secured by the equity in your home. They have a similar function, access to a pre-determined amount of money, which costs a certain rate, and will be paid back on a certain schedule. That is where the similiarities really end. A HELOC is a line of credit tied to your property, allowing you to access your equity, to use as you please. Typically the HELOC's interest rate is tied to the Prime Rate, that nasty thing Alan Greenspan seemed to increase every few months forever. The actual rate will be determined by the Value of the Home compared to the amount you are borrowing, your credit score, and the type of documentation used to qualify. The rate is usually expressed in a value below or over prime. Meaning, if the prime rate is 8.25% (which it is right now), and you are getting a HELOC at .25% below prime, your rate would be 8%. Make sense?
How can you use the HELOC?
That really is up to you. The smart way to use it is for remodeling, improving the house, or investing. The common way to use it is to pay off credit cards, cars, and toys. I feel, you should use equity to best suit your life. If you are swamped with bills, feel overwhelmed because of the car payment, and the HELOC will give you some relieve by combining them all into one loan, then make it work for you. But don't keep building that debt. You need to set a serious goal that you are going to pay down that HELOC. Adding onto the debt, is the downward spiral towards real problems, I am sure you all have seen or heard it lately.
The way investors use HELOC's to their advantage, and make a killing in real estate, is by leveraging their properties with the HELOC, and buying more property. Real investors aren't affraid of debt, they are affraid of losing cash. Real investors would rather use other people's money to invest, and keep their own. Why you say? ROI (Return on Investment). One of the first things I learned about in college, and what was stressed to me, is to maximize ROI, and the way to do it is with other people's money. The HELOC is the best way to make this happen. Flippers (people who buy houses for a period of time, fix it, and sell it) use HELOC's to leverage properties, buy supplies, and then sell. They try to avoid using their own cash. Yes, it does cost more in interest, but the cost of interest is worth it when they are only in the property for a number of months.
You can also use a HELOC in case of emergency. Something I recommend heavily. If your car breaks down, if you get sick, or if you need to buy a new refrigerator, you can use a HELOC to purchase that item, and the likelihood you will pay off the purchase is higher if you were to use a HELOC than if you were to use a Credit Card because of the interest cost. It should be much lower than a Credit Card with a HELOC.
There are endless ways you can use it, if you need any advice on whether it can benefit you, let me know.
Tags: Prime, HELOC, Home Equity Line of Credit, Interest, Credit Card, Debt Consolidation
Comments
[Edit] [Delete]
First off, thank you Silvia for bringing me back to reality, I guess some of the terminology I have used in past blog posts are a little confusing and I should have stated more clearly where I was going with my comment. Well, at least it has inspired me to break down what a HELOC (Home Equity Line of Credit) is, and how homeowners and investors can use it to your advantage.
What is a HELOC?
In my opinion, the most effective way to compare a HELOC to something else if to compare it to a credit card. The difference being that the credit card in unsecured, and the HELOC is secured by the equity in your home. They have a similar function, access to a pre-determined amount of money, which costs a certain rate, and will be paid back on a certain schedule. That is where the similiarities really end. A HELOC is a line of credit tied to your property, allowing you to access your equity, to use as you please. Typically the HELOC's interest rate is tied to the Prime Rate, that nasty thing Alan Greenspan seemed to increase every few months forever. The actual rate will be determined by the Value of the Home compared to the amount you are borrowing, your credit score, and the type of documentation used to qualify. The rate is usually expressed in a value below or over prime. Meaning, if the prime rate is 8.25% (which it is right now), and you are getting a HELOC at .25% below prime, your rate would be 8%. Make sense?
How can you use the HELOC?
That really is up to you. The smart way to use it is for remodeling, improving the house, or investing. The common way to use it is to pay off credit cards, cars, and toys. I feel, you should use equity to best suit your life. If you are swamped with bills, feel overwhelmed because of the car payment, and the HELOC will give you some relieve by combining them all into one loan, then make it work for you. But don't keep building that debt. You need to set a serious goal that you are going to pay down that HELOC. Adding onto the debt, is the downward spiral towards real problems, I am sure you all have seen or heard it lately.
The way investors use HELOC's to their advantage, and make a killing in real estate, is by leveraging their properties with the HELOC, and buying more property. Real investors aren't affraid of debt, they are affraid of losing cash. Real investors would rather use other people's money to invest, and keep their own. Why you say? ROI (Return on Investment). One of the first things I learned about in college, and what was stressed to me, is to maximize ROI, and the way to do it is with other people's money. The HELOC is the best way to make this happen. Flippers (people who buy houses for a period of time, fix it, and sell it) use HELOC's to leverage properties, buy supplies, and then sell. They try to avoid using their own cash. Yes, it does cost more in interest, but the cost of interest is worth it when they are only in the property for a number of months.
You can also use a HELOC in case of emergency. Something I recommend heavily. If your car breaks down, if you get sick, or if you need to buy a new refrigerator, you can use a HELOC to purchase that item, and the likelihood you will pay off the purchase is higher if you were to use a HELOC than if you were to use a Credit Card because of the interest cost. It should be much lower than a Credit Card with a HELOC.
There are endless ways you can use it, if you need any advice on whether it can benefit you, let me know.
Tags: Prime, HELOC, Home Equity Line of Credit, Interest, Credit Card, Debt Consolidation
Comments
Reverse Mortgage- Another Option
March 2, 2007 at 03:35:54 PM
[Edit] [Delete]
I want to first say that I am not that educated on the reverse mortgage. From what I have heard, they are a case by case situation. I am writing this scenario with what I have seen as the basis.
We just refinanced an older couple out of their reverse mortgage, because they weren't really thrilled, after getting into it, with the features and functions of it. My understanding of a Reverse Mortgage, is that you use your equity to pay your an "income" every month. I don't really want to get into the details, that isn't the point of this post. What get's to me is that the client paid crazy fees to get into the new mortgage, but also paid rather high fees to get out in the form of a prepayment penalty. Not to mention the interest rates were pretty high compared to conventional financing. If the basic reason to get into a reverse mortgage is to create income for yourself, maybe there is another option..
Let's say that a couple owes $100,000 on a $500,000 house. Sounds like a good situation doesn't it. They are heading into retirement but haven't really planned well enough to ensure that they are going to have enough money to retire comfortably. They are equity strong but cash weak.
How can we allow them to retire without resorting to a reverse mortgage. One solution, home equity line of credit. Let's say they forcast their monthly expenses to continue their lifestyle at $3000 per month. Let's also assume they do have some social security that will come in month to month in the amount of $2000. They are short about $1000 per month. They can use the HELOC to float that $1000 per month. More importantly, they will have the control.
Another Option that I like... How about cashing out $300,000. Payments for that new loan will be about $2000 per month. If you invest the $300,000 at 5% really conservatively, you will generate $1250 in income, and netting you a $750 loss per month from the cost of borrowing those funds for living. Again, this situation costs money, but it gives you control. If you spend money smartly, and invest it properly, you can make retirement a lasting venture.
Really, I am just trying to brainstorm with myself a little bit, if anyone has any insight or would like to educate me about reverse mortgages, it would be greatly appreciated.
Comments (2) NEW
[Edit] [Delete]
I want to first say that I am not that educated on the reverse mortgage. From what I have heard, they are a case by case situation. I am writing this scenario with what I have seen as the basis.
We just refinanced an older couple out of their reverse mortgage, because they weren't really thrilled, after getting into it, with the features and functions of it. My understanding of a Reverse Mortgage, is that you use your equity to pay your an "income" every month. I don't really want to get into the details, that isn't the point of this post. What get's to me is that the client paid crazy fees to get into the new mortgage, but also paid rather high fees to get out in the form of a prepayment penalty. Not to mention the interest rates were pretty high compared to conventional financing. If the basic reason to get into a reverse mortgage is to create income for yourself, maybe there is another option..
Let's say that a couple owes $100,000 on a $500,000 house. Sounds like a good situation doesn't it. They are heading into retirement but haven't really planned well enough to ensure that they are going to have enough money to retire comfortably. They are equity strong but cash weak.
How can we allow them to retire without resorting to a reverse mortgage. One solution, home equity line of credit. Let's say they forcast their monthly expenses to continue their lifestyle at $3000 per month. Let's also assume they do have some social security that will come in month to month in the amount of $2000. They are short about $1000 per month. They can use the HELOC to float that $1000 per month. More importantly, they will have the control.
Another Option that I like... How about cashing out $300,000. Payments for that new loan will be about $2000 per month. If you invest the $300,000 at 5% really conservatively, you will generate $1250 in income, and netting you a $750 loss per month from the cost of borrowing those funds for living. Again, this situation costs money, but it gives you control. If you spend money smartly, and invest it properly, you can make retirement a lasting venture.
Really, I am just trying to brainstorm with myself a little bit, if anyone has any insight or would like to educate me about reverse mortgages, it would be greatly appreciated.
Comments (2) NEW
Tightening of the market.
Post Applaud Total: 3
February 20, 2007 at 02:01:42 PM
[Edit] [Delete]
I am sure everyone involved in Real Estate has personally experienced some sort of tightening of the market, I thought I would give everyone an update on what I am seeing on the lending side.
Back in the prime of the market, lenders were open to just about every situation. If you had a FICO score over 620, you could get approved up to $750,000 with just 3 letters of reference from people that you have done business with. You wouldn't even need any reserves showing that you could put money aside. Wow have things changed. That same lender that offered that program, has tightened up to the point that they don't do this type of loan whatsoever. Stated income loan with 100% financing has dwindled tremendously. Some lenders are still offering it, but the number of them has tanked. The reason for these cut backs is that the lenders that were offering these programs, have continually loss money on these loans. The number of first payment defaults in this type of loan has gone through the roof.
It makes sense to stop offerering these loans. Lenders generate about $1000 total in revenue to close this type of loan, and have banked on the fact that they would get interest in the amount of $1000's per month to hedge against the lack of upfront revenue. People that have qualified and gotten these mortgages, have two options, pay 1000's per month in interest to have a home of their own, or simply not pay for the mortgage. In essense, these people could live expense free for up to 150 days, until the foreclosure sale is done. I know all of us would worry about the consequences of having a foreclosure on your credit report, but we aren't all concerned. Live expense free, great!
Lenders are getting killed in these situations. You may wonder how, or why. Well, they not only never get a payment, but they lose on these other levels as well:
Prepayment Penalty- These lenders make their money by the borrowers prepaying their loan through refinance or sale, if that doesn't exist, they lose big!
Time and overhead- Do you know how much overhead gets paid out to finance the purchase of a home, that the lender takes on. A lot! They have to pay the underwriter, the Account Exec, the managers, and funders, and many others, all paid per loan to close the loan, and move forward. On a loan to loan basis it gets up there.
Foreclosure Sale- They have to pay to sell the property. We all know that isn't cheap.
Unstable or depreciating market- Are we seeing homes sell in days or months right now? Months for sure. Not to say that houses aren't moving, but they we all can agree that they may sit for a while. Even then, they aren't selling for astronomical numbers that we have seen. In a 150 day time period, you would be lucky to see appreciation, and more likely to see depreciation in certain markets.
So how do lenders hedge against these risks? There are a few ways. They raise rates to much higher levels. They require more documentation of assets. They raise credit scores to higher requirements. What is being seen more than all of these is they just stopping offering 100% financing, if you can't prove your income, all together. This seems to be a common trend.
I think it all makes sense. If you don't have the assets, or don't have a sufficient credit score, you shouldn't be buying a home. PERIOD! If you can't qualify now, you should be required to prove that you have the discipline and know-how to get to that point. If that effort isn't there, the effort won't be there when paying the bill.
Tags: purchase, Jonathan Vetter, Mortgage, Home Loan, Rates, San Francisco, First Time Homebuyer, Neg-Am, Interest Only, Investment, Prime, Index, Refinance, Appraisal, Quotes, Fees, Peninsula, Portrero Hill, Quick, Lender, California, webmortgagetv, Option ARM
Comments
February 20, 2007 at 02:01:42 PM
[Edit] [Delete]
I am sure everyone involved in Real Estate has personally experienced some sort of tightening of the market, I thought I would give everyone an update on what I am seeing on the lending side.
Back in the prime of the market, lenders were open to just about every situation. If you had a FICO score over 620, you could get approved up to $750,000 with just 3 letters of reference from people that you have done business with. You wouldn't even need any reserves showing that you could put money aside. Wow have things changed. That same lender that offered that program, has tightened up to the point that they don't do this type of loan whatsoever. Stated income loan with 100% financing has dwindled tremendously. Some lenders are still offering it, but the number of them has tanked. The reason for these cut backs is that the lenders that were offering these programs, have continually loss money on these loans. The number of first payment defaults in this type of loan has gone through the roof.
It makes sense to stop offerering these loans. Lenders generate about $1000 total in revenue to close this type of loan, and have banked on the fact that they would get interest in the amount of $1000's per month to hedge against the lack of upfront revenue. People that have qualified and gotten these mortgages, have two options, pay 1000's per month in interest to have a home of their own, or simply not pay for the mortgage. In essense, these people could live expense free for up to 150 days, until the foreclosure sale is done. I know all of us would worry about the consequences of having a foreclosure on your credit report, but we aren't all concerned. Live expense free, great!
Lenders are getting killed in these situations. You may wonder how, or why. Well, they not only never get a payment, but they lose on these other levels as well:
Prepayment Penalty- These lenders make their money by the borrowers prepaying their loan through refinance or sale, if that doesn't exist, they lose big!
Time and overhead- Do you know how much overhead gets paid out to finance the purchase of a home, that the lender takes on. A lot! They have to pay the underwriter, the Account Exec, the managers, and funders, and many others, all paid per loan to close the loan, and move forward. On a loan to loan basis it gets up there.
Foreclosure Sale- They have to pay to sell the property. We all know that isn't cheap.
Unstable or depreciating market- Are we seeing homes sell in days or months right now? Months for sure. Not to say that houses aren't moving, but they we all can agree that they may sit for a while. Even then, they aren't selling for astronomical numbers that we have seen. In a 150 day time period, you would be lucky to see appreciation, and more likely to see depreciation in certain markets.
So how do lenders hedge against these risks? There are a few ways. They raise rates to much higher levels. They require more documentation of assets. They raise credit scores to higher requirements. What is being seen more than all of these is they just stopping offering 100% financing, if you can't prove your income, all together. This seems to be a common trend.
I think it all makes sense. If you don't have the assets, or don't have a sufficient credit score, you shouldn't be buying a home. PERIOD! If you can't qualify now, you should be required to prove that you have the discipline and know-how to get to that point. If that effort isn't there, the effort won't be there when paying the bill.
Tags: purchase, Jonathan Vetter, Mortgage, Home Loan, Rates, San Francisco, First Time Homebuyer, Neg-Am, Interest Only, Investment, Prime, Index, Refinance, Appraisal, Quotes, Fees, Peninsula, Portrero Hill, Quick, Lender, California, webmortgagetv, Option ARM
Comments
What makes me tick?
What makes me tick?
Post Applaud Total: 0
January 23, 2007 at 12:00:55 PM
I get asked all of the time why the mortgage business, and more generally why real estate? I think that my main motivation in the business is definitely helping people. My goal as a mortgage broker is to do the right thing. I fight daily to get rid of the stigma about corrupt mortgage brokers, and provide the advice and service that homeowners and people who want to be homeowners deserve. I work for everyday people, and will give people the support they need to make their goals come to reality. If I don't believe someone, for instance a first time homebuyer, should buy a home, I will let them know that, and work with them to get to the point that they can make something possible in the future. I am not in this business to put people in a worse position than they are, lending has to make sense. I want to make sense for regular people.
To learn more about me, call me at 650-465-5846 or visit my website at www.jonathanvettermortgage.com
Post Applaud Total: 0
January 23, 2007 at 12:00:55 PM
I get asked all of the time why the mortgage business, and more generally why real estate? I think that my main motivation in the business is definitely helping people. My goal as a mortgage broker is to do the right thing. I fight daily to get rid of the stigma about corrupt mortgage brokers, and provide the advice and service that homeowners and people who want to be homeowners deserve. I work for everyday people, and will give people the support they need to make their goals come to reality. If I don't believe someone, for instance a first time homebuyer, should buy a home, I will let them know that, and work with them to get to the point that they can make something possible in the future. I am not in this business to put people in a worse position than they are, lending has to make sense. I want to make sense for regular people.
To learn more about me, call me at 650-465-5846 or visit my website at www.jonathanvettermortgage.com
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