I want that same deal that my friend got !!!!

Reblogger Tammi Copsey
Real Estate Agent

"I want that same deal that my friend got!!!"

The truth is everyone wants the best rate on their mortgage, to make as much as they can on the sale of their home and to get the best deal when buying a home.  It is human nature and something ingrained in us as humans. 

Why can't this happen?

The post below was originally posted by Jeff Belonger and explains it nicely!  Thanks Jeff for allowing a re-blog!  You rock!

Original content by Jeff Belonger

 

pears

 

Don't we all, want that best deal...  My first several transactions in my second year in 1993 in the mortgage industry were interesting ones at that. I still can remember a Veteran that wanted a VA loan, yet I had to try to put him into a FHA loan because of his credit. And then that became a problem because he wanted the same deal that his neighbor was getting, who was also getting a FHA loan, but I told him that he had too wait 6 months or so. And back then, credit scores didn't even exist. But he had an employment issue, that he had 5 different jobs in 2 years with less than perfect credit.

One key point to remember through this whole post, Not one borrower is the same. Even though these two pears look the same from the outside, they aren't the same. You can argue taste, texture, and color, just as a few differences. 

Another key point?  'rates change daily' & 'home values can change'.

 

 

so many mortgage & real estate questions

 

As we look into real estate and mortgages, how many times did someone say these key phrases??..........

  --   Well, my neighbor sold their house for $325,000 and I should be able to get the same since we have a similar house.

Okay, so let's look at what the differences could be.

  • Does your house have upgrades?
  • Is one lot larger than the other?
  • Is one house in average condition and the other in excellent condition?
  • Does one have a superior view than the other?
  • How long ago was that sale? 3 months ago? Values could change...

 

  --   My co-worker just got a 5.00% interest rate with no points and I know it's still out there, so I want that.

How could this be so different for so many?  I'll name just a few reasons why.

  • Did you see the good faith estimate?  It could have many fees on it. You need to compare apples to apples.
  • What was your co-worker's credit scores?
  • How much money are they putting down?
  • Are they getting a FHA loan or a conventional loan or a VA loan?
  • What was their debt-to-income ratios for qualifying with income?

 

fingerprint, explaining why borrowers are different from each other.

 

Summary :  Not one person has the same fingerprint. This goes for the same for those selling homes or trying to buy one or refinance one. Not one home is exactly the same. Not one borrower is exactly the same. What you need to do is be able to pick a real professional and not a wanna be. Please read :  Are you begging me to lie to you?

Overall, there are too many variables when selling homes, buying homes, or trying to obtain financing for these homes. This is more true in today's market, considering the major changes that have taken place. You have a friend or family member in the business?  This doesn't even mean that you will get the best deal. Besides, define best, it might not be the same with your friends or family member. And what about this part...  did your friend or neighbor leave something out?  How do you know. Did they pay extra somewhere else?  Keep in mind, not everyone is upfront and or ethical. Do you want reality or fluff & deception?

 

 

 

 

 

follow Jeff Belonger on Twitter

 

 

 

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- Mortgages -

 

Experience & Knowledge at its BEST !!!

 

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2008-2009 Tax Credit for First Time Homebuyers : 2008 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!


Copyright © 2009 by Jeff Belonger

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Comments 4 New Comment

Rainer
37,710
Janet Sebile
Coldwell Banker Apex, Realtors

Good repost.  Buyers have to understand that RE is not a changing business and just because one person got it does not mean everyone can have it.

July 25, 2010 09:50 PM
Rainmaker
41,264
Tammi Copsey

Don ~ Thank you for the comment.  If you want EXCELLENT information, subscribe to Jeff's blog...he is full of great stuff we all can use!

Janet ~ Thank you!  As we all know, people don't adapt well to change.  This was a nice way to remind them and I can't thank Jeff enough for wording it so well!

July 25, 2010 10:06 PM
Ambassador
738,141
Jeff Belonger
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Social Media - Infinity Home Mortgage Company, Inc

Tammi...  thanks for reblogging this post... this was one of my favorites and I can't believe that you were the first to reblog this one.  In any case, thanks and thanks for the kind remarks to the other 2 above.

jeff belonger

July 26, 2010 09:47 PM
Rainmaker
41,264
Tammi Copsey

Jeff ~ No problem!  I love your blog and I have no problem rewarding excellence by paying it forward ;)  Have a great day!!

July 27, 2010 09:05 AM
Rainmaker
41,264

Tammi Copsey

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: