Options Are Everything!

Written by Posted On Monday, 25 January 2021 00:00

Business is booming and a large number of first time buyers are entering or coming back to the market. It’s a great time to make that commitment to buy that first house, but in many cases, the buyers don’t get the full story or know ALL of their options. See if any of these sound familiar:

• You are going to need a seller’s contribution to get into a house.
• You can only borrow a certain amount of money.
• You only qualify for this type of program.

People are told these things but are never actually given all of their options or a plan to improve their opportunities! We all know it’s almost impossible to get a seller’s contribution in most markets across the country. So why set that client and the referral partner up for frustration and failure? Was it ever suggested that that client and likely co-borrower entertain taking a part time job to generate additional funds? Two people working a job that even paid $10 an hour could easily generate an extra thousand or two a month. Instead of being frustrated, empower them to solve the problem. It may take a few months or longer to get the cash needed to not needing help from the seller, but isn’t that better than not making any progress at all?

Sometimes credit scores or DTI steps in and becomes a challenge. Instead of just giving the borrowers a smaller loan at a higher rate, what if we used the extra money earned to pay down or pay off debt? That $300 a month car loan with two years left to go can be paid down or off so that $300 can easily become about $70K in additional borrowing power!

What if we are stuck with a limited down payment and need FHA or USDA in order to buy? A couple of thousand dollars a month can quickly grow down payments to 5% or 10% or more! Lower rates, lower or zero MI costs, all possible IF the clients knew they had options!

Think about it. Look back at your preapprovals that are three or more months old and ask yourself; would these people be in a better position to buy if they were banking an additional thousand or two in the bank every month and had a real plan on how to use that money to get their house and under significantly better conditions?

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Michael White

After 18 years working in all phases of mortgage originations, Mike left day to day originations to start his consulting and coaching company. Now, more than 18+ years later, Mike is working with clients across the country in all markets, big and small, that have generated more than three billion dollars in loan originations within a year.

Mike teaches a system that is focused on time management, action planning, marketing a message, and creating value for both clients and referral sources alike. Quite simply, providing more value leads to more opportunities, more income, less time, and a systematic approach that begs to be duplicated.

 

By breaking down individual aspects of the mortgage business and providing a step by step approach to creating a consistent flow of opportunities that can lead to a highly successful mortgage practice. That is why people who incorporate these strategies out produce the national averages by almost 3 to 1!

Fundamentals and simple strategies provide day to day activities that help provide a “scheduled success” philosophy. It’s all about identifying, targeting, and establishing profitable referral relationships using exceptional value to keep you in the center of your own referral triangle. 

 

https://www.imtcoaching.com/

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