Unlike many programs that the subprime market used to do that got so many borrowers in trouble, these are fixed rate programs. The subprime programs that the other guys were selling were usually set up to adjust in 2 years and once the rates starting climbing in 2004, many borrowers found themselves in over their heads resulting in record setting foreclosure rates. Ours are not set up like that and we will ensure that they are a solid borrower before giving them a pre-approval so their chances of default are very unlikely.
In addition, we can now forgive up to $10,000 of collections on some programs!! This has been a show-stopper for many with medical collections and by being able to offer these programs to your buyers; you are going to get many more pre-approved!
Please excuse me while I get on my soapbox for a second to defend the mortgage and real estate industry.
Many in the mortgage and real estate industry have taken advantage of people with programs that were doomed to fail that need to be put out of business but as I read about the many initiatives that congress and others are making to stop this, I have to ask, what about the credit card industry and medical insurance industry? These two segments are hitting borrowers much harder than the mortgage and real estate industry that has to take the wrap for the country when the homes go into foreclosure. But, think about this, even the worse rates in the mortgage industry that the worse lenders charged are still less than half than what the credit card industry charges. And medical collections due to problems resulting from poor medical insurance programs that cost too much and don't pay out enough that end up in collections are killing people's FICO score causing them to only qualify for the worse programs at best. These are huge problems that need to be fixed too!
I had to get this off my chest after reading about how the mortgage and real estate industry is under scrutiny for changes in the paper yesterday. Congress is jumping on mortgage lenders for charging 12% interest rates while credit card companies are getting away with charging 28% with no signs of intervention! Until changes in these industries happen, the small impact of mortgage is not going to make a big difference, but rest assured that my company is going to do everything we can to continue trying to help your buyers with steady fixed rates that they can budget for. We try to treat everyone like family.
So, in getting back to our new programs, remember to call me the next time you get a borrower AND look through some old files that may have just missed the cut-off before, if they were otherwise a strong buyer and call me with their names and phone numbers.
Together, we are going to have a great year in this business!
Quick Tip - Program my name and number into your cell phone like I do with my supporting agents so we can quickly get in touch with each other.
And then, you can call me anytime and please think of me as your PERSONAL MORTGAGE ADVISOR for your clients.
Sam Thompson Mortgage Advisor
'The Jumbo Guy!'
CELL PHONE (843) 230-7929
http://samthompson.phhmortgage.com/
