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Home Purchase Loans
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Dealing With For Sale By Owner Properties (FSBO's), First Time Home Buyers And Other Home Purchase Mortgage Loans
This department covers information specific to mortgage financing and the purchase of residential properties. Home is where the heart is (and also where the hefty commissions are). Remember, home purchase loans are always out there and even in bad times, people still need a place to live. Loan officers who have a plan on how to market to realtors and FSBO (For Sale By Owner) properties will never go broke. (For commercial properties or dealing with real estate agents, please see the other mortgage training departments we have.)
RESOURCES IN THIS DEPARTMENT:
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DOWNLOAD = Golden Ticket Mortgage Pre-Approval Letter For Home Buyers
One thing every home buyer will need is a pre-approval letter from their mortgage company saying that they are qualified and eligible for a home loan. Realtors and brokers know the truth about these letters that they aren't worth a hill of beans (as there are still many qualifying factors to be determined before the person actually gets the money). Despite the big "secret", pre-approval letters are the golden ticket into open houses and showings as it at least demonstrates that the buyer is serious and has taken the first step. In this letter, you'll share in your borrower's excitement, create rapport and establish goodwill from day one. I've written it for maximum marketing effect as well as keeping enough qualifiers in there to cover your behind if things go sideways. Feel free to modify as needed. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Absolute Must-Have Purchase Loan Customer Documents Needed Checklist
One thing you absolutely must do when dealing with a mortgage customer is take control. There's no doubt about who's driving the bus in this transaction...it's you! And you, as the loan officer need to make sure you have everything in order and all your ducks in a row. With this handy purchase loan checklist, you'll never have a customer say that they didn't know about something. Here it's all organized into a simple format and can even be emailed. Modify as needed. We also have a refinance loan documents checklist to go along with this one. Be sure to look for it! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = FSBO Quick Checklist
Here is a quick and easy property checklist you can use with all your FSBO (for sale by owner) prospects. Includes basic features like types of rooms, mortgage agent name, and more...but feel free to add your own headings as well. This resource is courtesy of Erik Webster, who is also the author of our loan officer survival section here on Battlecall. Thank you Erik for sharing this great resource! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Easy Purchase And Sale Agreement You Can Use With "For Sale By Owner" Properties Or When Your Real Estate Agent Drops The Ball
Before a purchase deal can commence, you must have a written and fully executed "purchase and sale" agreement. I wouldn't even consider submitting a loan without one of these and you shouldn't either! Whether the customer is buying through a realtor or direct from a "for sale by owner" seller makes no difference. You must have a "p & s" as it's known in the business, in your hand. Here is an easy purchase and sale agreement you can use when dealing direct with buyers and sellers. Every real estate agent has these in their arsenal and now you do too! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Opening The Door To A Home Of Your Own, First Time Homebuyer Marketing Brochure
Need a simple way to get first-time homebuyers off the fence? Then use this brochure from Fannie Mae. It covers a lot of the questions people need to answer before they make a firm committment. We've used this successfully to help some of our borrowers make up their mind as well as provide useful information. It helps to create trust as well as sets you apart from everyone else in the mortgage industry. And this report can be easily emailed and sent on its way! Costing you nothing. This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Home Inspection Nightmares And A Good Laugh (Albeit At Someone Else's Expense)
On every home purchase loan, before the sale goes through, the buyer has the right to get a home inspection. Despite the cost, a home inspection is vital to making sure you don't have a lemon on your hands. There are "hidden" dangers in every home and any of these will surely sink the deal faster than the Titanic. When the bank underwriter gets a whiff of these makeshift "solutions" on the appraisal report, your commission will go straight out the window. This quick slideshow is not only a good laugh but fair advice for all. Enjoy! This resource is in Microsoft Powerpoint format. . . . >>> READ MORE
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DOWNLOAD = Snappy Foreclosure Purchase Letter
Want to target foreclosure properties as a viable investment strategy? Use this snappy foreclosure letter to help you open doors...literally! A fellow warrior sent this in and has used it in their mortgage business, as well as doing some property investing on the site. Feel free to edit as needed. Useful for any direct mail or postcard marketing campaigns. This resource is in Microsoft Word format. . . . >>> READ MORE
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How To Find First Time Home Buyers...Your Never Ending Supply Of Mortgage Prospects
Regardless of the "doom and gloom" mortgage stuff that is being publicized these days, the first time home buyer market just doesn't waiver very much. Suffice it to say, this is the area that you need to originate mortgages from to survive in the mortgage business. Your mission...should you choose to accept it...is to find those young couples that are renting, who are first time home buyer candidates. . . . >>> READ MORE
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How To Generate Purchase Mortgage
Leads Using Free Reports
Over the last few months, one question I'm often asked is..."How can I attract purchase money prospects without involving local Realtors/Agents in the referrals process." Let's face it, as mortgage rates move around and the refinance applications continue to decline, a solid system for generating purchase leads is a must to ensure your survival. . . . >>> READ MORE
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DOWNLOAD = Interactive Quit Claim Deed
Got a hot purchase deal but need a quick quit claim deed? Use this interactive editable PDF tool to streamline your operations. Simply input the relevant data, hit a button and voila! Making a quit claim deed is extremely easy and why pay a lawyer thousands of dollars when you can just do it yourself for free? Great for the other loan officers in your office and your realtor, title company and closing partners as well. This resource is in PDF format and is editable. . . . >>> READ MORE
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DOWNLOAD = Offer To Purchase Property Letter
Here's a great offer to purchase letter you can use on all your home buying deals. Usually, it's the realtor that handles this part of the loan process, but when they are slacking off on the job you might have to provide one. Or, in the case of FSBO properties, it's your job as the mortgage broker to help your clients facilitate the process themselves. After the "offer to purchase" will come a "purchase and sale" agreement. Feel free to edit document as needed. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = You're In Control Realtor Letter
Real estate agents or realtors are the good and the bad in the mortgage business. All too often, they do more harm than good and can muddy up the loan process by trying to play sides. Just because they start the deal (on purchase loans) doesn't mean they finish it. And I've met far too many that have bigger egos than Donald Trump yet provide extremely little value to the client! That's where you come in. You, as the mortgage broker, are REALLY the one who's driving the bus. . . . >>> READ MORE
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DOWNLOAD = Cement The Sale Pre-Approval Letter
Early on in my career, I learned that the easiest loans to work on are the ones that are properly and fully sold. It's no use fighting with customers the whole way due to a simple misunderstanding...they lose...you lose...and your wallet certainly loses. Purchase loans are especially stressful and I've seen many mortgage deals die because of borrower's remorse than from any other factor. Here is a daring yet dazzling pre-approval letter that not only adds value to the home buying process but helps cement the sale from get-go. Use this on your next loan and you'll be well positioned from day one. This resource is in Microsoft Word format. . . . >>> READ MORE
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How To Help Your FSBO Set The Right Price for Their House
Of all the problems our FSBO will encounter, pricing their house correctly and accurately is by far the most crucial. The wrong price could cost them thousands of dollars any way you look at it. Here's why: A price that is "too low" will result in a "net" that is thousands less than they could have gotten with a little research. A price that is "too high" will cause the house to stay on the market for a longer period of time and quite possibly...never sell! . . . >>> READ MORE
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DOWNLOAD = FSBO Property Flyer
Helping "for sale by owner" properties or FSBO's is a great way to generate new business for your mortgage company. Here is a customizable flyer you can use with your property owners to help them market their home. Replace the headline, photos and description with some of your own and be well on your way to getting the deal sold. This resource is in Microsoft Word format. . . . >>> READ MORE
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Tag Teaming The "FSBO" Prospect
The successful joining of the loan officer and real estate agent for the purpose of prospecting new potential clients has been an activity pursued by far too few loan officers and embarrassingly, real estate agents. The reasons are numerous but mostly the team effort has not successfully been completed because it costs one or the other team members too much money or time. . . . >>> READ MORE
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Why Your Real Estate Agent Is A Spy
A real estate agent, unless specifically working as a buyer's agent, is working for the seller. Many buyers know this, but don't think it matters, as long as the agent is helpful. This true to an extent, but what buyers don't realize is that an agent has a legal responsibility to and loyalty to the best interests of the seller. This is referred to as a fiduciary responsibility. What does this mean? . . . >>> READ MORE
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Purchase Agreement Clauses That Will Save Your Butt
A real estate purchase agreement is more than just a memorandum or negotiating ploy. Once you and the seller sign it, it is a legally binding contract. Why not include some of the crucial clauses that smart buyers use to protect themselves and save money? . . . >>> READ MORE
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Watch Out On Used Mobile Homes
Why buy used mobile homes? My first home was a mobile on a small lot that I bought for $19,500. Even with the mortgage payments it was cheaper than renting. I paid it off quickly and later sold it for $45,000, so you can obviously live cheap and build equity. (Buying in a park can be the equivalent of cheap rent, but this discussion is about mobiles that are on real estate.) . . . >>> READ MORE
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All About Earnest Money On Home Purchase Deals
Earnest money is a deposit included with an offer-to-purchase, to show the seller that the buyer is serious about purchasing the house. It becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal for reasons other than those stipulated in the offer. . . . >>> READ MORE
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Buy Verses Rent: The Dilemma
To buy or to rent? It all depends on your circumstances, and on the real estate market where you are. I once sold a home for a young couple who owed as much as the sales price. They had to take money from savings just to pay the closing costs and sales commission. I am sure they wish they had rented for the couple years they lived there. . . . >>> READ MORE
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A Simple Way To Get Cheap Real Estate
Want a simple way to get cheap real estate? Offer less. This is the oldest and simplest negotiating ploy of real estate investing. Everybody knows this technique, at least in it's crudest versions, but most are afraid to use it. Why? Well, it can be embarrassing, and it can be a waste of time if you don't do it right. . . . >>> READ MORE
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Buying A Vacation And Retirement Home
Even prior to the financial planning phase, a vacation and future retirement home buyer should take a step back and make certain that there is 100% commitment. Ask yourself a few simple questions. First, is it possible that your financial position could materially change for the better or worse in the upcoming years? Have you decided on a location that requires a dramatic environmental change? . . . >>> READ MORE
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Helping Borrowers Find A Home
Need to find a house? We'll assume you have already chosen the town in which you will be buying your home. Should you get online and start looking there? Should you call a real estate agent? Look in the papers? Real estate guides? . . . >>> READ MORE
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Home Buying Secrets
Are you looking for a home? Then look at these home buying secrets. The information here could just save you several thousands of dollars. . . . >>> READ MORE
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Cheap Houses, Why So Cheap?
Why are there cheap houses for sale? There are many reasons. Knowing what they are, and what they mean, can help you save thousands buying your next home. The following are six common reasons that a house will be selling for less than others. . . . >>> READ MORE
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Home Buying Checklist Made Easy
If you are looking for a new home, you need a good home buying checklist. Like any good checklist, it can make things go more smoothly. You'll probably want to put your own list together according to what your own needs, but the folowing are some items that will be common to most home buying lists. . . . >>> READ MORE
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Real Estate Negotiation And The Art Of Compromise
Why are there whole books and course on real estate negotiation? Because it is too big a subject to cover in just an article. This is one of those reasons why it can sometimes be a mistake to sell your property on your own. A real estate agent - at least a good one - should have some good negotiating skills learned from experience. Fortunately, though, some things can be learned a piece at a time, and this is one of them. . . . >>> READ MORE
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Pre-Purchase Home Inspection
Should you do your own pre-purchase inspection? Yes and no. Yes, you should inspect a house before you write an offer on it. Then you should put an inspection contingency clause in the offer, and hire a professional inspector. Why do both? . . . >>> READ MORE
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