What Every Buyer Needs to Know in 2011

Mortgage Banker with Larry Bettag - Cherry Creek Mortgage

OK....it's officially here!  2011 is not just a number for realtors and lenders, but it's a huge opportunity for consumers.  But there are so many consumers who are unprepared or who just don't know where to start.  For buyers, here's what you need to know:

  1. Before you do anything, meet with a licensed loan officer.  Yes, that person needs to be licensed.  Check out an earlier post Let's work with someone who doesn't have a license......NOT!!!!!!Before you even meet with the individual, ask if they're licensed.  Believe it or not the Fed has said that some folks can lend you hundreds of thousands of dollars at their terms without being licensed.  Can you imagine any realtor being allowed to not have a license?
  2. Meet with the loan officer - to determine what's right for your situation.  Did you know that FHA has some monster changes for condominiums?  Did you know that both Fannie and Freddie are making some very costly changes to the way they price a ton of there loans?  How will your income and credit affect the rate that you may or may not be able to get?  I just met with a guy and he's getting his credit scores up by the end of January so that he won't be penalized under the new rules.  Right now.....TIME IS YOUR ALLY!
  3. Get your income information together.  If you're self-employed this is even more critical than for those who aren't.  But if you get bonus income, commission income, or whatever, know how the Fed is going to look at your income and that of your spouse if you're buying with one.
  4. Assets - Let's take a look at your asset situation.  Cash is not king!  If you have money we need to document it.  If it's under your mattress or in a safety deposit box, then it's no good!  But again, time is your ally!  Meet with the licensed loan officer.
  5. Get with a REAL realtor!  What does that mean?  It means get with someone who's doing this as a profession, not as a side job.  Not as someone who's moonlighting to pick up a few extra bucks.  After you meet with your licensed loan officer, have them refer you to someone who's known in your community for really working for their clients.  They have to be knowledgeable.  So many folks work with their neighbor who has a license.  That's OK if the realtor is serious about this business and has demonstrated a history of success in this business.  If not, run for the hills!
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Re-Bloggged 20 times:

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ActiveRain Community
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what every homebuyer needs to know
what buyers need to know
what buyers need to know in 2011

Comments 98 New Comment

Eugene Adan
Carlsbad Real Estate
Adan Properties, Carlsbad, CA (760) 720-9710


There have been many changes in the lending industry that it is so vitally important to work with a lender who can inform and guide the consumer.  Many buyers still believe that they can just go somewhere and get financed.  Thanks for iterating that it's important that the lender send the consumer to a full-time agent that is familiar with the geographical area as well as the market.

January 07, 2011 06:24 PM
Denise Pudim
Kear Realty, Inc.

This is the best post I have read in 2011!  Good, solid information.  

January 08, 2011 09:19 AM
Rhonda Abbott
Wadsworth & Greater Akron, OH
Howard Hanna

Fantastic list - something ALL buyers should read!  Thanks for the insights!

January 08, 2011 04:37 PM
Margaret C. Taylor
St Marys/Calvert/Charles MD Real Estate Agent
Century 21 New Millennium MD

Larry thanks for this important and educational information for Buyers.  I was fortunate enough to have a Loan Officer refer my client to his colleague in a different company.  It was when US Rural Development funds were in question.  The first Loan Officer's company was not doing these loans and so he referred me out and my client was able to close on his home.  Needless to say the first Loan Officer won my respect and I return to him whenever I can.  Margaret C.

January 12, 2011 08:34 AM
Wayne B. Pruner
Tigard Oregon Homes for Sale, Realtor, GRI
Oregon First

This is good information for any Buyer. Getting approved for a loan first lets you know what price range to start looking at.

January 30, 2011 02:24 PM

Larry Bettag

Regional Vice-President
What to know how to buy if you're a bit credit challenged?
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Additional Information

 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version) I review for BookSneeze

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