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The Truth About Joint Ventures
In the residential real estate industry a common entity has emerged in the last few years. It's called the "In-House Lender". Inner circles refer to it as the Mortgage/Real Estate Joint Venture (JV) and it's created as the joint ownership of a separate company to provide mortgage loans to the customers of the real estate agency. The joint owners are, of course, the Real Estate Broker and a Mortgage Lender. The JV is marketed as "an extension of services to you the customer" so that you may benefit from the convenience of "one stop shopping". That's Nonsense! Folks, it's about the money!
View This Article Bankrate is Feeling the Heat
Just like King Kong clutching the top of the Empire State Building…Bankrate, the "800-pound Gorilla" of online home loan rates is falling under fire. The Bankrate website draws millions of visitors, as it promises to give a listing of companies and their rate and cost offerings for mortgage loans, and even passes that information on to most of America's largest newspapers as fact. It proclaims itself to be a tool for the consumer, just delivering information and advice…but as many reputable mortgage lenders have known all along, it turns out that consumers are finding the reality of Bankrate to be a little different.
Is Your Name Being Sold?
Having credit checked is an important and necessary step in the home buying process. But very few people realize that each time their credit is checked, the “inquiry data” that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file have now become a commodity. This information is being sold by the credit bureaus to other lenders…and also to companies that sell and resell the same names and personal information.
Are You Ready to Buy a Home?
Shape up your credit and determine your affordability range before starting the hunt.
How to Avoid Surprises
The reality of the typical home purchase process flow is that you search and find a property, often on the web, then contact a real estate agent who then tells you to get pre-approved for a mortgage. You'd contact a Lender who conducts an interview, gathers your financial information, hopefully performs some level of verification, and provides an approval letter of some sort. The approval is based on the assumptions about sales price, your financial means, the type of property, and other terms, timing and real estate sales contract conditions you portray at your initial meeting with the Lender.
It Still Makes Sense to Buy Versus Rent
Show your potential clients and relationship partners what drives the housing market and why purchasing a home versus renting is still a smart move.