Carolina Mortgage Experts and Melissa Patton - Southern Home & Garden Show

So glad that we were able to join Melissa Patton, 864 Real Estate, RE/MAX Moves, Simpsonville, SC   at the Southern Home & Garden Show.

Melissa and Carolina Mortgage Experts downloaded about 60 Home Scouting Apps that day!  We won the Fairway Independent Mortgage national downloads for that week!

Melissa awarded the YETI Cooler to her future buyer Hieuy Ngo!

Mortgage Application Declined

What is a declination letter and why is it so devastating to a real estate transaction?

So your buyer tells you that they have been pre-approved for a mortgage loan and they are ready to look at properties.  As the Realtor, you trust the pre-approval letter and put them in your car.  After spending two weekends look at different houses all over the city, burning time, gas, and energy your buyer finally decides on their perfect home and you put it under contract.  You submit the pre-approval letter as part of your offer, so that the sellers will feel comfortable accepting your client’s offer. 

At this point, the lender that provided the pre-approval letter then begins to dig deeper into the specifics of your buyer.  You are all shocked when your buyer receives their declination letter!  This has the potential of affecting the sale of multiple homes, especially if the seller was counting on the sale of their property to be able purchase their next home.

“When you are coming to us at Carolina Mortgage Experts, it is like you are here for a “financially physical”.  What I mean by that is, we are looking for things that the buyer is saying and not saying during their pre-approval interview” said Bert Karrer, Branch Manager of Carolina Mortgage Experts.  “We have been doing this so long that we are asking questions in a way and in an order that the buyer is not even aware of what we are trying to diagnose.  We are not just plugging things into an automated underwriting system and hoping for the best.    You may be able to hide a past foreclosure, bad credit, or break in work history from your Realtor, but you can not hide those issues from your Mortgage Loan Officer.”

Let’s discuss the pre-approval letter.  Does it really matter which lender prepares that letter?  “It matters to us at Carolina Mortgage Experts”, said Bert Karrer.  “My staff are  formerly trained underwriters that are skilled at seeing red flags early on a file”.  “We provide white gloved service to our Realtor Partners, so they can trust that their buyer has been assessed for mortgage potential and the letter will hold”, said Bert Karrer.  There are many lenders out there that may provide a pre-approval letter to customer #876567 and have not even checked the buyer’s credit history, their credit score, or even verified the information provided by the buyer.  To big box lenders, that pre-approval letter may be one of 200 that they provided this week.  Yes, it really does matter where the pre-approval letter comes from.  A pre-approval letter that is not even worth the paper it is printed on could cause major issues that could have been avoided in the beginning of the process before the buyer even got into the Realtor’s car.

Always be wary of a pre-approval letter that has stipulations such as:  subject to credit review, verification of employment or information, and buyer’s financial picture has not been altered in any way.

Multiple Offer Madness

Our main goal at Carolina Mortgage Experts is to provide industry knowledge to our Realtors in a useable format that they can take with them into the trenches immediately and put it into action.

Bert Karrer, Branch Manager, has a teacher’s heart and it is in this vein that we have created some strong workshops in 2015 to provide insight to our partners.  Our thought is not to get them to say “Yes, yes, I agree with you.”  We know we have succeeded when we hear our Realtors say, “I never thought about it that way!”

After our “Multiple Offer Madness Workshop”, a seasoned Realtor called us in a panic because he found himself personally in a multiple offer situation for his wife’s dream home.  John Nunnally, Loan Officer, took the call and reviewed what we had just gone over in the workshop.  John walked him through the templates, cover letter, and techniques again. 

“When you are trying to close a deal for your buyer it is one thing, when your wife is looking at you to win it is a completely different thing”, said John.  We did not take any chances, and John advised our Realtor Partner to use all three (3) techniques to win the deal.  In the end, our Realtor Partner was a Hero and won the house for his family!  Our Realtor relayed his gratitude to us at Carolina Mortgage Experts by saying that the listing Realtor had shared that theirs was not the best offer, but the three (3) layered techniques had worked to win the deal!  

When it was all said that done, our Realtor Partner’s wife was crying with joy and the Seller’s wife was crying with joy because the sellers were so excited that a family was going to take over their memories that they had created with their own family. 

That was a great day for us at Carolina Mortgage Experts! 

One Minute News

Hey guys, we have put together this lightning fast read we call, One Minute News, updating you on economic, real estate and interest rate news. We all need information as efficiently as possible, so here is our weekly update.

Real Estate 
45% of homes are sold in less than a month.

Homes are spending less time on the market. Forty-five percent of homes sold in May were on the market for less than a month, according to the National Association of REALTORS®. 
It is the third shortest time since NAR began tracking days on the market in May 2011. 

Economic News
Greek banks are ready to open their branches across the country on Monday
after a three-week shutdown. So i'm sure French wine sales are up as a result.

If there is a topic you are interested in please let us know, our goal is to be a source of information not to annoy or bother.

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What Are Mortgage Rates Doing?

Fixed Mortgage Rates

Freddie Mac today released the results of it's Primary Mortgage Market Survey
near their 2015 lows, as the spring home buying season continues. 

Freddie Mac

30-year fixed-rate mortgage (FRM) averaged 3.65% with an average 0.6 percentage points. A year ago at this time, the 30-year FRM averaged 4.33 percent.

15-year FRM this week averaged 2.92% with an average 0.6 percentage points. A year ago at this time, the 15-year FRM averaged 3.39 percent.

 

 

Freddie Mac-Fixed mortgage