“A Jack of All Trades May be a Master of None”
By Dale W Doughty
For those of you who have shopped or are shopping for a new mortgage or are
somehow involved in the real estate industry it would be tough for you to argue
that these are some of the most fluid, volatile and challenging times that the
industry has faced.
I have recently had numerous situations where a homeowner, investor or
business owner has approached the bank or credit union that they have done
business with for years and trust and be told that they can't be helped. These
institutions are great to have relationships with. I myself belong to a credit union
where I hold a couple asset accounts and a signature line of credit. I also have a
checking account with a larger bank. However, in today's volatile environment
the "general practice" lenders of the industry are sticking by the very basics and
being very conservative to protect their interests.
If you are a homeowner who needs to refinance and does not fit the mold of
perfect credit, solid home equity and employed by someone other then yourself it
can be a real challenge to get a mortgage through traditional sources in the
world we all currently must adapt to.
I have many such loans that I and my office are now working on and closing. I
have several homeowners who were told they "owe too much" and can not
refinance when in fact there are programs out there in which they can and still
take advantage of current low rates. I have a few clients looking to refinance or
use equity in investment properties but were told "no investment properties,
especially for cash-out refinancing." Plus, we have a few "picture-perfect" clients
who were told that their debt-to-income is too high and they don't qualify. These
are just a few of many situations that we hear every day.
What do they all have in common? We are getting them all approved and closed
in to a better loan then they had before. Does that mean my office and I are
"superstars"?? I'd like to think so, but "No."
What it simply means is that mortgages is all we know and all we do. We do not
live off of deposit accounts, car loans, credit cards, CD's, Home Equity Lines of
Credit and "Oh, by the way" mortgages.
We only work with mortgages,... period. We deal with dozens of lenders and
screen more and more every day (as well as cut a few here and there) to make
sure that our clients best interests are served. That does not mean that we are
the best bankers in Maine but it does mean that if you are in the market for a
mortgage or have questions about a mortgage, whether you are an individual or
small businessman, you owe it to yourself to invest a few minutes talking to us,...
even if someone else has said "NO".
Visit my website, run a scenario by me and don't give up. The mortgage industry
is now changing daily and what wasn't acceptable two months ago might be
today and vice-versa. However, you need to deal with an organization that
monitors it weekly, daily and hourly.
reprinted from Dale's Blog at Trulia.com
By Dale W Doughty
For those of you who have shopped or are shopping for a new mortgage or are
somehow involved in the real estate industry it would be tough for you to argue
that these are some of the most fluid, volatile and challenging times that the
industry has faced.
I have recently had numerous situations where a homeowner, investor or
business owner has approached the bank or credit union that they have done
business with for years and trust and be told that they can't be helped. These
institutions are great to have relationships with. I myself belong to a credit union
where I hold a couple asset accounts and a signature line of credit. I also have a
checking account with a larger bank. However, in today's volatile environment
the "general practice" lenders of the industry are sticking by the very basics and
being very conservative to protect their interests.
If you are a homeowner who needs to refinance and does not fit the mold of
perfect credit, solid home equity and employed by someone other then yourself it
can be a real challenge to get a mortgage through traditional sources in the
world we all currently must adapt to.
I have many such loans that I and my office are now working on and closing. I
have several homeowners who were told they "owe too much" and can not
refinance when in fact there are programs out there in which they can and still
take advantage of current low rates. I have a few clients looking to refinance or
use equity in investment properties but were told "no investment properties,
especially for cash-out refinancing." Plus, we have a few "picture-perfect" clients
who were told that their debt-to-income is too high and they don't qualify. These
are just a few of many situations that we hear every day.
What do they all have in common? We are getting them all approved and closed
in to a better loan then they had before. Does that mean my office and I are
"superstars"?? I'd like to think so, but "No."
What it simply means is that mortgages is all we know and all we do. We do not
live off of deposit accounts, car loans, credit cards, CD's, Home Equity Lines of
Credit and "Oh, by the way" mortgages.
We only work with mortgages,... period. We deal with dozens of lenders and
screen more and more every day (as well as cut a few here and there) to make
sure that our clients best interests are served. That does not mean that we are
the best bankers in Maine but it does mean that if you are in the market for a
mortgage or have questions about a mortgage, whether you are an individual or
small businessman, you owe it to yourself to invest a few minutes talking to us,...
even if someone else has said "NO".
Visit my website, run a scenario by me and don't give up. The mortgage industry
is now changing daily and what wasn't acceptable two months ago might be
today and vice-versa. However, you need to deal with an organization that
monitors it weekly, daily and hourly.
reprinted from Dale's Blog at Trulia.com
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Sanford Branch
909B Main Street
Sanford, Maine 04073
(207) 850-1007
(877) 440-2739
909B Main Street
Sanford, Maine 04073
(207) 850-1007
(877) 440-2739
