Mortgage Resources

Income Issues in Mortgages – Video

Quick re-cap of the previous 2 weeks FB Live videos- stats on videos, encourage folks to keep it going by sharing, like and commenting

Dave points out that Leah knows how to work on tough deals… and knows video and radio… offers Leah to run this weeks show!

Everyone throughout the video is saying “when we close tough deals, we like to close tough deals… this is how you close tough deals… etc… as often as you can say “CLOSE DEALS” and “CLOSE TOUGH DEALS”…..

Leah- continue to comment on how important it is TO YOU AS A REALTOR for the lender to seek the highest and best approvals for the buyers and try not to be limited by one or two ways of doing the deal, but to vet out every way to get the buyer approved for the best loan amount

Tough Income comes down two 4 big concepts:

– #1- Becky – Getting all the information early (full disclosure- tax returns, assets, job history, other income docs that may exist… Becky needs everything to present the loan in the best light to the underwriter)

– #2- Danelle – Get an automated underwriting approval if possible…. automated = higher income usage and that = higher loan amounts … DU, LP, GUS, FHA ScoreCard, Proprietary UW Systems…. You want the highest allowable debt to income ratio approved possible to handle tough income (DANELL- TAKE THIS COMPLEX IDEA AND MAKE IT SIMPLE)

– #3- Maria – Lender shop! Contact tough loan underwriters, check with lender guidelines, look for “max guidelines” choose the lender based on their ability to approve the highest possible loan amount

– #4- Dave – (Secret / sneaker income!) – Co-signors, boarder income, switch from self employed to full-time, spouse removal from the application….

Close the video out- share, like comment, let us know if you want to be featured….

Next week- Closing Tough Deals V.4 – Danelle is running the show! Tough property!

Issues in Mortgages – Stay in the Boat

STAY IN THE BOAT!

Dave – Thank you for making last week’s video the most successful video in BDMC history… 6000 post views, 300 click thru video views! Clearly, live is better, and we will plan to keep delivering for you Wednesday’s at 11am, and topics of interest to you!

Here’s a quick Recap of tough deals week 1.. 3 C’s and Big G… full disclosure, always pay housing on time, and have a good excuse when you make a mistake.. watch last weeks episode on our FB Page, it was funny! And informative

Maria- Reminder: the emotional component of working on tough deals (recap, and we understand)… we were reminded in our last FB Live, by Realtor Brenda Twete, that in addition to the challenges of qualifying for a tough deal, there are challenges in keeping the deal together with all the things that can come up…

Dave – This is truly an interactive, live weekly show, so comment, like and share this episode or last weeks, and if you want join us for an episode to bring your expertise

Maria- Last Christmas we bought that picture for the office (explain a bit)…. So… We’re headed to one of Brendas listings here in Whitefish to meet up and talk more about how important the emotional component of a tough deal is…. next week, we will pick up on tough deals and income…

Dave- unless our audience gives us something better 🙂

Maria- hey, there’s Danelle Connors… Loan Officer at BDMC and local legendary Realtor, Brenda Twete!

Danelle- Mention that we are at one of Brenda’s listings with a few comnents.. ask Brenda what she told us last week during FB Live…. ….

Brenda- “Stay in the Boat!”

Danelle- What does that mean?

Brenda…. stay in the Boat explanation.. what it is, why it’s hard, what’s required, why it’s important to you, the client getting what you actually want and have hired a team of professionals to help you do

All- conversation… examples of staying in the Boat, one example of jumping out of the boat… more of staying in the boat.. examples of challenges that come up with all parties and name the parties: buyers, sellers, realtor (buyer and seller side), escrow, appraisal, home inspection, home insurance, lender (processors, underwriters, broker).. noncontracted 3rd parties … mom, dad, kids, friends….

Conclusion… surprises are fairly common, it’s how you handle them that makes all the difference… stay under contract as long as possible, and even if you fall out of contract, stick with your trusted partners … you can get back into contract or have your rights protected…

The deal is over when the ink dries and the county records, up until then, things can happen requiring a disciplined response!

Thank you for watching! Please comment, like, share… this will be on our page today..

Next week… Tough deals v3… Income… unless you give us something else!

If you want to be featured… let us know! 6000+ people saw our last FB Live video post

Special thanks to Brenda Twete and National Parks Realty!

Credit Issues in Mortgages-Video

Hello internet universe!
Welcome to our first facebook live broadcast! We are taking a break from closing deals and grabbing a coffee, so we thought we’d take a moment to cover “important tips” for closing tough deals!
I’m David Boye
Maria Phelps
Danelle Connors

When we are talking about tough deals…
We understand that there is a big emotional aspect to the equation! A borrower seeking a tough mortgage may have already been turned down once, so hearing that another mortgage lender will consider them is full of mixed emotions…
We get that, and will try to isolate the problem down to one big variable and make a clear decision on whether or not it makes sense to proceed or to wait until things improve before trying for the loan.

To close tough deals, you need to understand the basics of mortgage lending… all mortgages must address the 3 c’s in order to happen:
– credit
– cashflow
– and collateral
(cashflow is like income, and collateral is like the appraisal)
You have to address all three in some way to get a mortgage
There is one other secret weapon, i call it “big g” or the government… and they occassionally create ways to put less emphasis on the big 3 to get more borrowers into homes….
Today, we will talk “tough credit” and how those deals either happen, or when to wait and get the credit better before proceeding….

We have closed deals this year with borrowers having credit scores in the 580’s or even with borrowers having no credit score at all….
When these deals close, there are certain things that need to happen for them to work, but the good news is that these borrowers are closing this year and not being made to wait till next year!

So it we are going to talk briefly today about closing tough deals that many lenders would say no to, with borrowers that have a credit score under 620/640 or no credit score, or some derogatory information, liens, judgements or other rough credit events and how those loans can still close…..

3 big principles:
1) Full disclosure about everything!
2) Regardless of what the rest of the credit looks like, the housing payments are made on time
3) You need a good excuse for the bad credit

We want to get the tough loans to close! we will isolate the trouble down to one big variable, like something we’ve presented here, solve it with a viable loan- and then go for it!

If now is not the right time, the best thing to do is apply anyway so we can roadmap the way forward, because there is always a way forward from where you are

Next week! We hear that a lot of people are employed seasonally, so some folks may be about to get laid off or encounter other income challenges….
Tune in next week for tough income!
Please share this with your friends, like it, and ask questions…. if we get a lot of interaction, we will try an interactive program sometime with q&a, etc…

If you messaged us today or asked a question, we will follow up soon- after we finish our coffee, etc…
thanks you for watching, go to www.blackdiamondmortgage.com for more info, of contact us for a one on one

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Don’t celebrate before the buzzer.

Have you ever experienced the last 3 minutes of a game? It could be any game. Even a game that doesn’t have time constraints. It could be the last inning, race, 20 meters…. I am referring to the moment when you could either give up, or keep pushing forward……

When we look at these last few weeks of December, we find ourselves filling out goal charts and ideas for the next year. We list out our goals and hopes for the next month, quarter, and year. But what we may forget is that the last few weeks of the year, can actually make or break our future. At Black Diamond Mortgage, we are working to get people into the their homes before the end of the year….but what would happen if we slowed down? Right before the end of the year?

Imagine this: you are playing a basketball game. You are ahead by 10 points with 3 minutes to go. You feel you have already won the game…..but, little do you know, your opponent is still trying to score so they can beat you. But, you slack off, and suddenly, you have 30 seconds left and the team you were playing is now 2 points behind you. Then they make a 3 pointer with 20 seconds left, they are ahead…..

OR Imagine this: You feel you have already won the game, but you aren’t letting up. You have 3 minutes, you are up by 10 but 10 points is still way too close. So you take a deep breath, look at the clock and say “I can do this, it’s only 3 minutes.” You find yourself running harder than you have ever ran. Stealing balls, driving the basket and working to find your open teammates so you can increase the gap. The other team is fumbling and end of putting you on the foul line. You take a breath, and sink more free throws to widen the gap even farther. You are NOT letting up.

The buzzer sounds. Have you won or lost the game?

As in a Mortgage Transaction, things always come up. Especially in the last 3 minutes. It is critical that we don’t ‘let up’ and ‘give in’ when we think it is over. As we end our year, we want to make sure our clients start their New Year off right and it starts with how we, at Black Diamond Mortgage, end our December.

How are you going to end your December? Are you going to back off and let it ride, or are you going to give it all you’ve got to finish tough!

Here are 5 things you can do to make December your best month.
1. Finalize ANY project in process – Don’t let it go to next year….get it done now!

2. Send a Christmas Card – December is a great time to reconnect with clients. Send them a Merry Christmas note!

3. Plan for ‘This Time’ next year. Focus on where you want to be next December. It’s great to plan out the year, but big milestones will greatly impact your overall business goals.

4. Take a breath of fresh air. Don’t forget to take some time for yourself to reflect on the past year and what you did great!….BUT don’t dwell on past mistakes as it won’t do any good if you look at these in detail. Take the position of ‘I will get the job done’, and stick with it.

5. GET IT DONE! Walk out of 2016 feeling like you have already set yourself up for a positive new year. Don’t be frazzled come January 2nd. Feel empowered to keep moving forward in January.

And….

Don’t be caught at the buzzer wishing you would have given it more at the end….

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