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Mistakes Borrowers Make When Getting a Mortgage

When people buy a home they are consumed with the excitement, and rightfully so. Sometimes this excitement can lead them to missing important details or not understanding the process completely. Here are some mistakes that home buyers tend to make:

Not Fixing their Credit:

• Buyers should always obtain a FICO score about 6 months prior to getting a loan. This will give them enough time to fix any blemishes they may have in order to obtain their optimal loan. Mortgage companies pull from all three major credit score companies so always look at the middle range number as that is the one they will be using.

Not Paying Attention to Specialty Programs:

• There are many programs available to borrowers with poor credit, low money down, and minimal cash reserves that most people don't even know exist. Borrowers need to take the time to do research and team up with a lender that can cater to their needs and find them the right loan for their specific situation.

Not Shopping Around (BE CAREFUL NOT TO SHOP TOO MUCH)

• Making sure they are getting the right loan for their specific situation is important and can be achieved by getting with the right lender. However, too much shopping can create a dip in their credit score so they shouldn't go overboard.

Paying Unnecessary Fees

• Many lenders will make borrowers pay unnecessary fees, such as ridiculous costs for pulling credit, in order to boost their profits. This goes back to getting with an ethical lending company that will provide them with the proper service needed. They should always check the Good Faith Estimate as it has a loan fee worksheet that will have all fees to be payed by the borrower.

Not Being Prepared for Closing Costs

• Many home buyers don't realize how expensive closing costs can be and are not prepared to pay them once they get their loan. They should request the Good Faith Estimate as early as possible in the loan process so they know what is coming. It is also important to have enough money in reserves for after closing to be prepared for any home maintenance or emergencies that can happen.

Getting with an ethical lender that knows what they are doing is truly important for the borrower. Contact us to learn more about our ethical practices and our vast portfolio of loan programs available for all types of borrowers:

www.aapexfinancial.net

704-331-6652

What Real Estate Agents Should Be Doing Online

Social Media has taken the world by storm and it is no secret. Homeowners, investors, agents, lenders, attorneys, and of course your marketing professionals are all tapped into the world wide web of networking. So what should you, as a real estate agent, be doing in your "free" time? Check it out:

• A large amount of homeowners, 73%, say they would be more opt to list with an agent that run videos. Even with this statistic, only 12% of Realtors have YouTube accounts. That is a social media platform that needs to be taken advantage of.
• The Realtor.com App for the iPhone is really taking over. This application has averaged 20,000 home views an hour and 20% of that traffic comes on Saturdays and Sundays (Prime Home Showing Time!!). This app not only generates views but staying power as well as the average time spent on this app is 16 minutes, versus 4-5 minutes on other iPhone applications.
• Internet Listings are a must in the current market as everything is done online. If people are buying their groceries online, bidding for cars on EBay and even ordering overseas brides, they are looking at houses. A staggering statistics shows that 45% of people searching for homes walked through an entire home showing online. Agents also have full means of advertising themselves on the Internet as 29% of home buyers located agents online.
• What is the number one social media platform for agents? FACEBOOK of course! Almost 80% of real estate agents have a facebook page with Twitter coming in as a short second with 48%

So what does all this mean? If you are reading this blog, you most likely are somewhat computer and Internet savvy. Just make sure you are fully utilizing the options available to you as if your not, you can bet your competition is.

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