Hey there, Bruce Woodburn, CrossCountry Mortgage. I am The Loan Arranger. And, as always, I always want to make sure that you are informed if you are a real estate agent, if you are a builder representative in working with buyers or if you are a client seeking to either purchase a home or refinance a home, I want to make sure that you’re armed with all the most current information and tools to be able to successfully negotiate a transaction, including a refinance for that matter.

1. So first thing you need to know number one appraisals are taking three weeks. These appraisers are so backed up right now that it’s three weeks, it’s 10 days for a rush, and a rush appraisal can cost you $750 to $1000. So my point is here, is it’s always important to be informed so that you can make the appropriate offer and have the proper expectations. So be prepared, appraisals are taking longer. What’s happening is, all these banks and lenders are doing so many refinances that it’s bogging down the system. Now keep this in mind, you guys, if you’re a real estate agent or a builder representative, I am a purchase money lender. You heard me. I focus primarily on purchases so it can help people obtain a new loan to buy a new property. Doesn’t mean I don’t do refinances, but I have a completely different department so it doesn’t bog down my system. What’s happening is, most lenders out there are grabbing this low hanging fruit and all these refinances and letting the purchase business fall by the wayside. And who pays for it? The buyer, the real estate agent and the seller. They pay dearly for it because they’re not getting the focus and attention that they should from a good qualified loan officer that really is taking that purchase transaction most seriously. Why isn’t a refinance as serious? Because there’s no deadline for a closing. Keep that mind you guys.
2. Second big thing. You need to know. How to get the winning offer in a multiple offer bid situation. So here’s the thing. Right now we only have a month and a half worth of inventory. That’s really difficult to deal with. So if there’s only a month and a half worth of real estate on the market, meaning in 1.5 months we’d have no houses left. Now, keep in mind there’s constantly new houses coming on the market, so it’s an amazing time to sell. And it’s a great time to buy, because housing is continuing to go up in value, which means you close today. It’s worth more money next month. That’s great news. But what’s happening is, clients that are in the purchase market are getting frustrated because they’re up against multiple offers on a day to day basis. I have tools that will increase your buyers or your chances, if you’re the buyer, on obtaining the winning offer by 70%. You must follow a system that I have in place, and it has to happen in a certain sequence. But if you want to know how I do it and how my clients win more than other clients do, you call me. The numbers attached this video.
3. The third big thing you need to know is I don’t have overlays. What’s an overlay? An overlay is an additional underwriting restriction that lenders put on their loans to mitigate risk. Maybe they’re already in trouble with Fannie Mae or Freddie Mac or HUD, and they’re on a naughty list. And when that happens, they put additional restrictions on the lenders. I don’t have any additional restrictions. I don’t have any overlays, quite frankly, on my FHA loans. I don’t even have any credit score requirements. If you qualify, you get a mortgage. If you got the down payment, you get a mortgage. So that doesn’t mean everybody qualifies. Some of you just won’t qualify because your credit is that damaged. But some of you, I mean, we got a client approved with a 565 credit score the other day. They had to put 12% down, but everybody else turned them down. I don’t have overlays. Keep that mind. So when you’re a real estate agent and you’re sending your clients or you’re letting your clients go to a lender that is less qualified, like their bank or some Internet lender, then they’re not going to get the level of service that they’re going to get from me. Really, here’s the deal. My rates are the same as everybody else is. If they weren’t, I tell you, mine were lower. They’re not. They’re the same as everybody else is. But here’s what you need to know. You don’t think that service is important until you don’t get it. If you want great service, rely on me and my team at CrossCountry Mortgage.

Those are the three big things you need to know today is Friday the 12th, and I’m really excited about helping each and every one of you either find a home to purchase, get a great mortgage or refinance and help you save money. Have a great day. Bruce Woodburn, CrossCountry Mortgage. The Loan Arranger over and out.