When talking to a mortgage banker prior to making an application, it might be helpful to have he answers to the following questions in order to make an informed decision.
- Will this loan be sold on the secondary market or will it be placed in your portfolio?
- If private mortgage insurance is required, at what point will it be unnecessary so that it can be dropped?
- When does the servicing department pay the property taxes to insure the income tax deduction for that year?
- How many months worth of property taxes and insurance are required for the reserve account?
- If obtaining an adjustable rate mortgage, describe how and when the loan can be converted to a fixed rate mortgage and what charges will be involved. Will another appraisal be required?
- If obtaining an adjustable rate mortgage, what is the margin, index, and anniversary for adjusting the payments?
- When is the house payment due and when is the late fee incurred? What is the late fee?
- What is the up‐front charge for private mortgage insurance and the renewal?
Buyers will be tempted to go on-line to price interest rates and terms. I have had the misfortune twice of clients who priced and got mortgages on line from companies located out of state (and often, out of mind). Sounds great but when it comes time to close,- there are almost always problems. The best person(s) to talk to about your loan is a company or agent who your realtor or a friend has had personal experience with and knows that they will follow through beyond the initial great rate and promises. Most lenders use the same sources. The differences come in delivery and in closing fees. That said, a few lenders will have their own funds to lend or a handful of investors that provide them the backing to make loans without outside approvals.
A couple of suggestions:
Matt Pizette – Home Services Lending
Cell: 214-914-1818, Office: 214-302-5622, MattPizette@homeserviceslending.com
Rate snapshot (contact Matt for specifics)
Scott Moize – Great Western Home Loans
Cell: 214-755-7307, smoize@gwloans.com
Brian Jordan – First National Bank
Cell: 469-212-0228, brian@brianjordan.com
In looking for a house, the smartest thing you can do is to suffer through a 30 minute phone conversation with a “good” lender to get a ball park idea of where you should be on the price scale in your search. He can “pre-qualify” you after minimal information (including running a credit report). A written pre-qualification letter given with a contract offer is powerful. It shows that you’ve already taken preliminary steps to obtaining a mortgage.
If you plan to purchase within 6-8 weeks, it then also is wise to go through the entire written
application process, and have, in hand, a lender’s qualification letter.
What this means is that you have been qualified (paperwork done) to purchase up to a certain price home. When you find a home within that range, the only thing that remains is the appraisal of the home and your mortgage. What a great negotiation tool when the “right” house is found! It also means that your interest rate in “locked in”!
I’ve included the names of a few good mortgage companies for you to start with:
Matt Pizette – Home Services Lending
Cell: 214-914-1818, Office: 214-302-5622, MattPizette@homeserviceslending.com
Rate snapshot (contact Matt for specifics)
Scott Moize – Great Western Home Loans
Cell: 214-755-7307, smoize@gwloans.com
Brian Jordan – First National Bank
Cell: 469-212-0228, brian@brianjordan.com
Listings Services
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents.
The broker becomes the seller’s agent by entering into an agreement with the seller, usually through a written Listing Agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interest of the seller first.
The buyer should not tell the seller’s agent anything the buyer would not want the seller to
know because a seller’s agent must disclose to the seller any material information known to the agent; i.e.: how much the buyer can spend, etc.
If you are considering putting your house on the market, contact me. I will prepare for you a current comparable market analysis (CMA) of your home by evaluating the selling price per square foot, property size, and amenities of all comparable sales within the last 6 months.
When you are ready to list your home, I will actively represent you in the listing, marketing and selling of your property. Below is a list of just some of the services that I perform for my listings:
Residential Property Listing Services
1. Comparable Market Analysis (CMA)
2. Professional photography of Property
3. Property Measurements
4. Assimilation of MLS data information
5. MLS entry
6. Initiate CSS (Central Showing Service) service for home – if applicable.
7. 4‐ Color Graphics for inside Property
8. Seller’s Disclosure, Survey and Lead Paint Addendum available on line and in property
9. Sign Installation – Idzi’s personal Office Number on Sign for all sign calls. (Does not go to office “up‐desk”)
10. 4‐ Color Page graphics for Sign hanger – if applicable.
11. Upload to multiple websites and search engines.
11. E‐Mail to 2000+ area Agents and Prospective Buyers
12. Mail 4‐Color Card Announcements to immediate neighborhood
15. MLS Tour – 2 Hour agent tour
16. Log all showings into Seller’s database for Marketing Report
17. Obtain feedback from all showings and log into file on daily basis
18. Daily Prospecting for property
19. Public Open House(s). if applicable
20. Send out Seller Listing Reports on all showings/feedback (as obtained from agents)
21. Present Contract Offer(s)
22. Represent seller in contract negotiations between all parties.
23. Timely disbursement of executed Contract
24. Schedule potential buyer’s inspection with all parties
25. Availability during potential buyer’s inspection to get answers to any questions or potential
miss‐Information.
26. Negotiation of Addendum(s) following inspections and whatever that might entail:
possible re‐inspections, scheduling of professional estimates, etc.
27. Keep all parties, including Title Company abreast of any/all changes in contract
28. Continual communication with Buyer’s lender regarding state of potential mortgage
29. Continual pulse on dates in contract and parties to the contract
30. Scheduling of appraisal of property between all parties.
Meet appraiser with property comps.
If property does not comp, ‐ argue value for seller.
31. Scheduling of survey of property between all parties
32. Scheduling of Closing times/location for seller(s)
33. Consultation regarding pre‐closing activities
34. Pre‐inspection of HUD statement. Making sure that seller has documents in enough time to look over and inspect before closing (to the best of my control over the situation)
35. Do all that I can to make the sale of property as easy as possible for seller.
