Why We Have Closed Loans on Time for 6 Years Straight

Why do we make sure every one of our loans close on time? We take it seriously, we take it personal, and we love what we do.

 

I just want you to take a second and imagine what it would be like to refer a homebuyer to a mortgage lender and never have to worry about them again. Imagine that your buyer is being called once or twice a week just to check in, and closes on time every time with no settlement pushbacks. Wouldn’t it make your job a little bit easier?

 

For six straight years, we’ve closed every loan on time. How do we do it? First off, we are a wholesale brokerage. I’ve got over 100 banks that I can work with and if I start a loan application and sniff something out that one bank won’t like, I’ll just go with another.

We haven’t missed a closing in six years.

My guys take this seriously, take it personal, and they love what they do. You give me your paycheck for 30, 45, or 60 days, and you expect a return on it. We have returned, on time, without settlement, every loan on time and we’re extremely proud of it. We have returned every loan on time and without settlement, and we’re extremely proud of it. I surround myself with professionals who make their living ensuring that you close on time and you get paid.

 

If you have any questions or want to know more about what working with us is like, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

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Using Your Cell Phone to Get Pre-Approved Is a Recipe for Disaster

Are you looking to get pre-approved? If so, don’t use your cell phone to do it.

 

Cell phones have some amazing capabilities these days. Yet when it comes to something as serious as your real estate goals, you’re better off not relying too heavily on handheld technology.

 

Commercials you see on television make it seem like using a smartphone to get pre-approved for a mortgage is a fast, easy, and effective option. The truth is that it’s a recipe for disaster. Allow me to explain why:

It simply isn’t possible to get an adequate, accurate pre-approval using your cell phone.

These apps can’t and don’t account for important details of your financial circumstances. Someone who has used their cell phone to get pre-approved very well may get three-quarters of the way through a transaction only to run into serious problems as a result. It simply isn’t possible to get an adequate, accurate pre-approval using your cell phone.

 

There are so many moving parts to a loan application. So to get pre-approved, you must fill out a long-form loan application with a real mortgage professional. Doing this will protect you, the seller, and your goals against serious detriment.

 

If you have any other questions, would like more information, or would like our help getting pre-approved, please feel free to reach out. We look forward to hearing from you soon.

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The Benefits of Buying Over Renting

If you are currently renting, you may want to hear about my recent client who is saving over $300 by buying instead of renting.

 

If you are currently renting a home, then you are going to want to pay attention to what I’m about to say.

 

I recently had a client buy a condo that was identical to the one he was renting for $334 less per month. The place that he purchased was even in the same neighborhood.

 

How was he able to do this? He was able to qualify for a loan and borrow from his retirement account to get the 3.5% that he needed for a down payment. By doing this, he is saving $334 per month, which he can use to pay back the $3,300 he borrowed from his account and now he has his first home.

 

I have owned this company for just under 20 years and have been in the industry for 30 years, and I promise you that this will not be his only home. It will be his first home, and he will call me in a few years looking to move up. The best part is that this home, when he gets ready to depart it and move up, is his investment property. He is building his own wealth.

If you are renting a home, you can start investing in your future by buying your first home.

When people call me to purchase an investment property, I have them put down 20% to 25% depending on the program. However, if you are renting a home, you can start investing in your future by buying your first home. Get in there now, get the savings through the ownership and then when you go to your move up home, you have a great rental that is in place that will give you a positive cash flow. And, when you do it this way, you can use your equity to purchase your next home.

 

The message is that if you are renting, even if you have a little bumpy credit, nine times out of 10 your mortgage payment will be less than your rent. This is because there is a lack of rental inventory available, which artificially drives up the value of rentals.

 

If this is something you may be interested in, please feel free to contact me. I would love to help you transition from renting to buying.

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Agents, Are Your Buyers Cheating on You?

On today’s episode of “The Peter Dellane Mortgage Show,” we’ll be discussing what happens with the referrals you send to your loan officer.

 

Welcome back! It’s time for another episode of “The Peter Dellane Mortgage Show.” This time we’ll be discussing an important topic: lender referrals.

 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

 

0:10 – What happens with referrals you send to your loan officer?

0:55 – What is triggered data?

2:26 – Are people obligated to use an agent?

5:25 – The importance of the buyer-broker relationship.

6:55 – How our outbound calling strategy generates referrals.

8:42 – Why working with an experienced broker matters.

 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Solutions to Use When Listing Difficulties Hold You Back

What’s the best way to tackle today’s difficult market? Today we’ll discuss a few solutions to help you transition homes when selling your current residence proves difficult.

 

In today’s market, some are finding it difficult to schedule showings for their listings. Does that mean this is the top of the market? Is this a stall? No one really knows, but there are solutions to these problems regardless of what they indicate.

 

Whatever your situation may be, you can rest assured that there is a path to success for your real estate goals.

 

If your home is currently on the market and difficulties with selling are creating delays as you attempt to move into your next home, one solution you might consider is converting your current property onto a rental.

 

Doing this frees up your debt ratio and gives you the ability to proceed with your next home purchase.

 

There are a number of favorable solutions you can use to navigate difficult market conditions.

 

But there are also a number of other workarounds you may utilize to finance your next home purchase if you choose not to use your rental proceeds toward the down payment. VA or USDA loans are great options if you are eligible.

 

Or if the departing residence has equity in it, you could consider putting a second mortgage on the property to use as leverage your next home purchase. Ultimately, there are a number of favorable solutions you can use to navigate difficult market conditions.

 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Will Your Lender Go the Distance for You?

You should work with an agent who is willing to go the distance to help you reach your goal. This is a story of what I did for a client who encountered an issue with his transaction.

 

Not all lenders are created equal.

 

I recently just got a veteran ratified with a non-VA loan. We initially submitted a VA offer, but sometimes sellers aren’t willing to entertain a VA offer because the home appraiser sometimes acts as a home inspector. This frustrates me because the VA loan is such an awesome program.

 

So, we had to get a little creative. My buyer had a high-balance loan, which means it’s above the conventional limits and below the true jumbo limits. The buyer had 5% to put into the transaction, so we brought the loan amount down to the 517 conventional limit and did a 5%-down loan with no mortgage insurance.

 

The buyer, however, was short $15,000 at closing. So I covered that gap with wholesale credit—this is something that you don’t see in the market because, in the event that the loan is paid off in six months to a couple years (depending on the contract), I would have to pay that money back.

 

There’s so much agility in being a broker like myself.

 

There’s so much agility in being a broker like myself. To be able to put that proud veteran into a home, to simply be able to step in and do a standard 5%-down product with no mortgage insurance and pick up the wholesale credit is a risk on my end, but that’s just the cost of doing business.

 

This is yet another reason why I absolutely love doing what I do. Going the extra mile and using my expertise to solve problems for clients is immensely rewarding for me. Not every agent will do that for you.

 

If I can serve you in any way, please feel free to reach out to me. I’d be happy to lend you a hand.

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How Does My New Program Benefit Self-Employed Borrowers?

I have a new program I’m offering that will help a lot of self-employed people in Maryland buy a home or refinance.

 

How does my new program for self-employed borrowers work?

 

Basically, this is a bank statement program. What we do is take 12 months’ worth of bank statements, add them up, divide by 12, and use those deposits. Banks have an expense factor they apply toward the deposits, and that expense factor is for each individual industry. They then use that percentage to solve what they can use for the income and apply that on the application. To qualify, you have to have a 25% or greater share of ownership in your business.

 

This is a program that was around prior to the meltdown, and now it’s back. To make it even better, it is back with a bank I trust and do a lot of business with.

 

This will help a lot of self-employed people in the state of Maryland buy a home or refinance.

 

We already have people reaching out to us about this program, so if you know anyone who could benefit from it, give me a call, send me an email, or message me on Facebook.

If you have any other mortgage questions, feel free to reach out to me as well. I’d love to help you.

9,571 total views, 6 views today

What Is Repair Escrow and How Does It Help Homebuyers?

What if your buyer wants to purchase a property that won’t qualify for a conventional or FHA loan? I have a new product to help buyers get the homes they want.

 

I want to talk about a product I have that will enable Realtors to get more buyers into homes and help buyers get homes that they’d normally be unable to buy due to having restrictions on collateral.

 

What do I mean by that?

 

This product can be used for a house that is not in good enough condition to be purchased with a conventional loan or FHA loan.

 

A bank that I have a great relationship with will allow me to hold a repair escrow loan up to $5,000.

 

How does that work?

 

The title company will hold the repair escrow (the funds that repair the property), which can be up to $5,000. You can purchase the property, the Realtor and the seller will get paid, and the bank will allow the buyer 10 days after closing to fix any issues that were wrong with the property.

 

Now there is a bank that is willing to hold funds for repairs to get you and your buyers into that property.

 

The buyer or the seller can put the money into the escrow account. The escrow account allows you to proceed with the purchase and get the work done after the fact.

 

There are many properties out there with exposed wires, mold, or other problems that don’t comply with FHA or conventional loans. Now there is a bank that is willing to hold that money in escrow to get you and your buyers into a property.

 

A contractor will write an estimate for what needs to be done on the home. The bank signs off on it and puts the money into escrow. Then, you get the house that you want and you have 10 days to show receipts that the items have been fixed after closing.

 

This product allows you to get more buyers into homes and helps more buyers get the homes they want.

 

If I can help you in any way, just give me a call or send me an email. I would be happy to help you!

11,951 total views, 6 views today

The Simple Reason I Love My Job

I love my job, and today I want to tell you a story to illustrate why.

I absolutely love my job, so today I’d like to tell you just one of the many stories I have that illustrate why.

I was recently talking to an agent who was on the other end of a transaction we were both involved in. She told me how her buyer wanted to look at a home $5,000 over her $240,000 budget.

The buyer was uncomfortable with the numbers when they realized how much more their monthly payment would be. So when I heard about this situation, I made them up a quote so we could compare their options more concretely.

Buyers often have more options than they think.

Between the quote I gave them and the one they originally received, there was about $30 per month difference.

Fortunately, I was able to show the buyer that purchasing a home for slightly more than they had planned was an option for them, so long as they went through with the right financing. Buyers often have more options than they think.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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How AMG Goes Above and Beyond for the Realtors We Work With

There are many benefits you as a Realtor can reap if you decide to work with us and send your buyers our way.

 

Why work with AMG?

 

First and foremost, we care. If you call us at 4:45 p.m. on Friday, that call isn’t going to voicemail. You can rest peacefully at night knowing that if there’s an issue on file, we’ll be the ones solving it. For four straight years, we’ve closed all of our loans on time.

 

When I take a loan application, I have over 50 banks to choose from. When I handle a loan application from your referred buyer, I do it to pull their credit and get them pre-approved, but what I’m really doing is eliminating banks as I ask the questions. As I’m going down the application, I’m eliminating any banks that have overlays or restrictions and finding the path of least resistance so you can close with your buyer and get paid on time.

 

I can also pay seller help. In fact, I just did an FHA deal where I paid $15,000 in seller help. The buyer was competing against other buyers for the home and was afraid they were going to lose it, so their agent reached out to me and I pushed their rate up a little bit and paid full seller help. The reason you as a Realtor don’t hear about that kind of thing is I have to write a check back if they pay that $15,000 loan off, depending on my relationship with the bank.

 

Also, did you know that we’re increasing pre-approvals? That’s because of overlays and our pricing. I know that sometimes it’s not important which bank you work with has the best pricing, but it is important. As the owner of AMG and having my staff being paid salaries instead of commission and having no loan officer underneath me, that’s a huge win for you as a consumer.

 

We have solutions to offer that can increase your income.

 

Every week, two or three times a week, we’re increasing purchasing power for buyers. If you have a buyer pre-approved for up to $300,000 and show them a set of homes and they can’t pick one they like, reach out to us and we can raise their pre-approval limit to $340,000. The price points $300,000 and $340,000 are two different sets of MLS pulls you can show to buyers.

 

There are so many ways we ensure that you rest easy, always close on time, get your buyer the best deal possible, and get paid. Our company has hundreds of five-star reviews. In addition to owning the company for the past 18 years, I’ve been in the business for 25 years. We’ve also been named the “Best in the Business” in the state of Maryland.

 

The feedback we get from our agents shows that they absolutely love us. It’s almost corny to mention, but one agent recently wrote that they pray to find a lender like us—a lender who cares and does what it takes to get the deal done.

 

If you have any questions about why you should choose AMG or how we can increase your income or you think you might be a fit with us, don’t hesitate to call me, shoot me an email, or message me on Facebook. I’d love to speak with you.

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