Yesterday I attended a meeting of my local board of Realtors. The speakers were bankers and they confirmed a lot of what I knew, hoped, to be true. There is money out there.
FHA is alive and well. For those of us in rural areas there is USDA (100 percent financing) . There is VA as well. Conventional loans can be had at 10 percent. So what is the problem?
The problem is consumers are shopping on line a lot for loans. They are not working with companies that have track records in their area. They are avoiding local banks. In effect they are buying the sizzle and not the steak. So they are literally be left at the Altar ( the closing table ) high, dry, and non funded.
Now more than ever it is important to work with a local Realtor. Will the Realtor make your loan? NO ! But the Realtor will have worked with enough loan folks to be able to separate out the good from the Hype.
So the good news is prices are great , inventory is good, Rates are good. Why not buy and use a professional to avoid surprises with your financiing ?
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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
That's a great point! I heard from a co-worker about his situation with an online lender. Instead of using a local lender, they used this online lender who promised a better rate. When it came time to close- the loan couldn't fund. They lied and the deal was in shambles. The realtor recommended the local lender again and the deal successfully closed!
Listen to Charlie, local professionals are the ones that know your area and know the facts. They have your best interest at heart!
Thanks for sharing, Nicole Weidauer
The Egerer & Weidauer Team, Keller Williams Realty North Seattle
We had a presentation on USDA on Wednesday. A large percentage of our island qualifies which is great news.
You are singing the right song Charlie!!! This is so very true. I have pushed for local for a long time and now that some mortgage brokers can't get the deal done and online (that's a waste), this is where we are professionals will outshine them all by getting the file closed!!!
Sing it Charlie!!!!
Sounds like they need a better speaker which I can help you with !
Charlie
I think a buyer or seller should not make a move without a good Realtor!
Sincerely
Tom Braatz
Charlie,
Excellent post! I flagged it for a feature and may spawn a post of my own from it!!! Thanks, Fran
More importantly Charlie is if you have trusted relationships with seasoned professionals in your market, there won't be any need for having to involve yourself in something you don't need to except to be there when they need you
Bo
I like your shopping local warning. If the local ones promise to do something and then renege, we can eyeball them every day and make them feel sorry that they did it. Internet lenders? Forget it; they don't care.