WHAT LENDERS ARE LOOKING FOR IN A BORROWER ?

Richard Chimniak — Fri, 08 Feb 2008 20:01:00 GMT

CURRENT MORTGAGE REFOCUSING - FEB 2008

· During the refinance boom, lenders would get back to you whenever

· Bust of the sub-prime market has eliminated a good percentage of buyers 40-50%

· Traditional buyers with good credit (>720), little debt, and equity in their primary residence are in the drivers seat.

· Lenders are climbing over each other to get your business. You can count on better service.

· You now have leverage to possibly waive fees and negotiate a lower interest rate.

· Beware of thin profit margins with the lenders that are left.

· Mediocre credit scores and not much equity can still get a refinance, but it may take more time and higher rates.

· Do your homework, talk to a least 3 lenders, compare rates and costs, look for room to negotiate.

· The lender doesn’t want you to take a good loan to a competitor.

· PROFILE OF A WANTED BUYER

o Solid Credit scores – (720- 850)

o EUITYT – At least 20% of equity or down payment on a new home

o Good Debt-to-income ratio Debt needs to be less than 42%-45% of income

o Cash reserves equal to six (6) months of living expenses. (Bank, 401K or brokerage accounts)

FULL SERVICE BROKERAGE

Richard Chimniak — Thu, 22 Feb 2007 19:05:00 GMT

According to the 2006 NAR (National Association of Realtors) Profile of Home Buyers and Sellers, 83% of sellers use full-service brokerage, 9% use limited-service brokerage and 8% use minimal-service such as simply listing the property on the MLS.

Consumer satisfaction with the level of brokerage service varies, with 71 percent of sellers saying they are very satisfied with their full-service experience. Fifty (50) percent of sellers using minimal-service say they were dissatisfied with their experince.

As a full-time agent/realtor, Charles Rutenberg Realty provides a full-service brokerage including but not limited to marketing plans, strong internet sites, visual tours, CD's, professional pictures, advertising...etc.

Richard Chimniak CNC - Charles Rutenberg Realty : Homes for Sale

WHAT LENDERS ARE LOOKING FOR IN A BORROWER ?

FULL SERVICE BROKERAGE