Good Morning Mortgage: August 2013
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Transcript of Good Morning Mortgage: August 2013
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Good Morning
Mortgage!
Tips today to close tomorrow
with VAR’s Stacey Ricks, Director of Public Relations
and Steve Farbstein of the Virginia Bankers Association
Mortgage Executives Committee
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Why it’s a great time to buy (through the lens of a lender)
1. Rates are great
2. There are many products and programs available
3. Lenders have money to lend!
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What mortgage products are available to buyers?
• Low down payment products (RD, FHA)
• Bond programs (VHDA)
• Portfolio money
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Rates v. ServiceUnderstanding the potential pitfalls of rate shopping
• What “value” are we getting?
• Apples-to-apples comparisons
• Total costs
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What’s up with mortgage rates?
• Who knows?
• “No expert predicted this rate increase!”
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Smart strategies:Questions to ask when looking for a lender
• Local v. online
• Market knowledge
• Staff experience
• Previous issues (was it the loan or was it the lender?)
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Preparing your client for the mortgage process
Download VAR’s Mortgage Checklist at www.VARealtor.com/ MortgageChecklist
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Yes, REALTORS® and lenders can work together to close the deal as quickly as possible for our mutual clients
Working together to stay on a timeline
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Do you like what you’ve heard? Then you won’t want to miss VAR’s Real Show October 4-5 in Virginia Beach.
We’re partnering with the Virginia Mortgage Lenders Association to bring you two incredible lending sessions that will blow you away:
• Integrated disclosure rules: RESPA/TILA are being rewritten, meaning significant changes to the closing process.
• Dodd-Frank and lending: if you know what to expect, you can prepare your clients for the process.
• www.RealShowVA.com