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My customer called me and was upset. I had run a credit report on her the night before with her permission and since the time of the report she had more than 50 calls from mortgage lenders. And, she said many were rude. I had forgotten that the credit bureaus sell the information to banks and lenders when a credit report is done. I apologized to my customer but there was nothing I could do at this time. Two days later one of my loan officers called me. He had run a credit report for a client and he says that client at the time had received 72 calls. My opinion is that this should be illegal but…
Yesterday I wrote about four things buyers should do to begin the home shopping process. But there is a step before that and it is the mental preparation to buy. Today most young people don’t have the income or down payment to buy and need to prepare themselves. When I purchased a home for the first time I was married, 20 years old and already had a baby. FYI; still happily married today 55 years later. Things were so much different then. My purchase price was $19,000. My down payment was $750 and my total mortgage payment was $165 and we had been paying $166 rent. Economies change but the desire, will power, and latent mental and spiritual…
In the title I wrote ‘first home’ but these suggestions really apply to every buyer. Most times buyers are told to simply get loan approval for a certain amount and go for it. Here are 4 things buyers can do to educate themselves before making an offer. 1. Have the Realtor or Lender go over in detail a real Buyers Settlement Statement. Of course the personal data is blacked out. It is important to go over this statement because so many times the buyers are stunned at how many fees there are on a Settlement Statement: Title Fees, City and County Transfer Fees, Property Taxes, HOA transfer and other fees, Lender Fees. Flood Certificates, Courier Fees, Notary fees…
