Home Buyers Can Do Some Dumb Things

Collier Swecker video blogs a story about one of his clients who was qualified to buy a home, put a contract on a home, got approved for a mortgage and then decided that it was ok to stop paying every other bill for the month and half between contract and closing. There are many people that still do not understand that being qualified by a bank for a mortgage is still contingent on your credit all the way through when closing paperwork is signed and keys exchanged. The banks are routinely pulling credit on the day of closing, so do not do anything financially stupid prior to closing. If you have any questions or comments email me at Collier@MegaAgents.com, visit my blog at www.CollierSwecker.com or my website at www.MegaAgents.com.

Mortgage Lenders Stop Playing Games With Preliminary Good Faith Estimates

Collier Swecker video blogs about home buyers searching for a mortgage need to be careful that mortgage brokers are not misleading them and buying their business by making presumptive assumptions on a preliminary Good Faith Estimate. I am vlogging about Buyers that have just started to look for a home and have not found a home yet. We have found numerous instances where our clients have received Good Faith Estimates from Lenders, usually internet based Lenders, who in an effort to get the business of the Buyer, show on this document that a Seller will pay a percentage or fixed amount of money towards the Buyers prepaid items and closing costs. A Buyer is getting this document to find out how much they can spend on a new home and to find out among other things, how much money they will need to bring to closing. While a Seller paying a fixed amount towards a Buyers closing cost is very common in a real estate transaction, this situation involves a Buyer before they have even found a home or finalized a contract. These Mortgage Lenders are making misleading assumptions that cause Buyers to commit to the Lender before truly understanding that there is a risk that they will have to bring much more money to the table than has been disclosed. There are many instances where a Seller will say no to closing cost concessions and in that case a Buyer who is told by a mortgage lender that they will need very little money at closing because a Seller will pay the Buyers Closing Costs and Pre-paids, the Buyer gets very upset and it throws real estate deals in jeopardy.  There are many awesome mortgage lenders that are honest and provide incredible service to their clients, so just make sure you are working with a lender that has come recommended by friends, family or your real estate agent. If you have any questions or comments email me at Collier@MegaAgents.com, visit my blog at www.CollierSwecker.com or my website at www.MegaAgents.com.

[yframe url=’http://www.youtube.com/watch?v=Nwdq8TskNPw’]

Home Buyers That Work For Family Owned Business Face Some Mortgage Obstacles

Collier Swecker video blogs about how home buyers who are employed by a family member in a family owned business will find some additional mortgage underwriting issues that may delay the process if they are not prepared. This especially true if the borrower has the same last name as the owner of the business. Collier talks about a client who had no red flags in his mortgage application other than having the last name of the owner of the business for which he is a salaried employee with no ownership interest. It is so important if you are in this situation that you contact an experienced Mortgage Lender before you start the home buying process. If you have any comments or questions, email Collier at Collier@MegaAgents.com or visit my website at www.CollierSwecker.com.

[yframe url=’http://www.youtube.com/watch?v=Fq7tZjCv81I’]

Self Employed Home Buyers Still Have Problems Qualifying for a Mortgage

Collier Swecker video blogs about how Self-Employed and Independent Contractors who plan to purchase a home, need to make sure they have documented their income properly so that they can minimize the time and frustration of the mortgage qualification and approval process. If you are Self-Employed and/or an Independent Contractor, you need to make sure that you consult a Mortgage Professional early in the home buying process and remember that these issues even affect borrowers that would be considered rich. If you have any comments or questions about Qualifying for a Mortgage as an Independent Contractor, email Collier at Collier@MegaAgentRealEstate.com or visit my website at www.MegaAgents.com.

[yframe url=’http://www.youtube.com/watch?v=o8L0TFGH6s0′]

The Rich Folks are Buying Homes Now and Why You Should Too

Collier Swecker video blogs about how the number of million dollar homes sold in the United States rich surged over 18% from 2009 numbers. This drastic increase comes after 4 straight years of declines in the number of Million Dollar homes sold in the United States. Collier talks about why the rich are buying today and why it is so important for Home Buyers in all price points to use the same reasons to go ahead and purchase a new home, even in this turbulent economy. The rich usually stay rich because they keep doing the same habits that made them rich, so I think that we all may want to follow their lead. If you have any comments or questions about the increase of Million Dollar homes sold in 2010, email me at Collier@MegaAgentRealEstate.com or visit my website at www.MegaAgentRealEstate.com.