Jay Morrison| How To Find The Mortgage Company That's Right For You! (2019)

Jay Morrison| How To Find The Mortgage Company That's Right For You! (2019)



before someone even pulls your credit now my July told you you can get in many cases you can verify this I want to be accurate what I'm saying I know it's five last I heard but even up to seven mortgage pools of your credit before it adversely affects your scores Parma excuse me one month as you're shopping for mortgage but before you even get it to anyone pull your credit and some things you need to do first no lender should be touching or pulling your credit report until you have first interviewed or vetted that lender when I say vet the lender or interview the lender what I mean is and I'm going to give you the game what I mean is first when you're dealing with a lender you're typically going to be dealing with a representative of that company you're not gonna be dealing with the bank CEO the lender president you're typically gonna be dealing what's called a loan or originator or loan officer one you wanted to find out is the person you're dealing with you want to find out how credible reputable how knowledgeable are they how we do that is ask them how long have you been with the company see I submitted owner is all positioning a posture module they get paid off of your business before you start interviewing me and my credit I don't even know you fam who deemed in dub jus worthy to see my credit let's talk about your resume for a minute how long have you been with the company I'm gonna short right how long have you've been licensed how long do you need maybe even been doing this and doesn't mean because I say all up in license for three months they're only been here for a month you don't go with them what I'm teaching you all again from my experiences I'm just giving back the gain of my family if you haven't make informed decisions we make so many decisions on the women uninformed is why they keep getting beat now if you want to go with somebody new you might say you know what like the energy I like his spirit like I'm a rock with him but cuz we all been new before before you were experienced you were inexperienced I want to came in his game event I was a new loan officer I had to earn people's business but at least do it from a perspective of a informed decision my highest listening as a realtor was ten million dollars I was working his client from four months interviewing driving up to the big French chateau mansion for moms Mila Hanna his wife and their their old English big old you know big old dining room in all the dogs and all this architecture and all those cool stuff and around all this wealth right and he was I mean he was vetting the hell out of me he's making me earn this listing right now mind you all these I knew I'm one of the only black faces in Alpine New Jersey which at the time was America's richest zip code the richest town in all of America and Here I am competing for their business I don't have any allies there I don't have any college education no real prestige to speak about but here I am competing for his business and at our decision day he sits me down in this table he's grilling me he's one of my good friends Dave Brown my good friends now and he says well what's the highest listing that you ever sold I said five hundred thousand of the house that I own and I built myself he said you got the job he said the balls are you man the balls are you to walk in here in my 10 million dollar house and tell me to the highest house you saw with five hundred thousand and you didn't flinch he was like that shows me integrity I didn't say uh well you know no but this is what it is you rock with me or no and not only did I list his house and was one of my good clients and have a good friend of mine my daughter would come up in some town with his daughters and we would go to his backyard his pool and cookouts and all that stuff he was seeing ways he can help empower the community respect it what I did in the community and all that and he wasn't of my nationality my point is is that even as a newbie you could give somebody a shot but you still needed to be an informed I'll tell you what I learned from the wealthiest people I've been around they just taken information when I call it taking data I operate business as a computer I taken all the data all the information and then I make an informed decision I'm not doing stuff off a whim or unknowledgeable right so again you're vetting your mortgage person you're just finding out some data how many loans have you closed in the last 90 days how many loans like mine have you closed in the last 90 days cuz your loan might be a homeowner loan your loan might be an investment loan your loan might be a 203k loan your loan my da-da loan so just cuz you closed 20 loans in the last 90 days how many of them were VA loans for veterans Oh none we have some challenges here how many loans like mine have you closed that's just the originator and any other question you can think of that make you feel comfortable what hours do you work do you work on the weekends are you mobile can't contact you your cell phone if my wife and I are stressed and we trying to close our house can I hit you up and text you like a Brian what's up or you were 9 to 5 Brian so after six I can't hit you so now I gotta hear my wife's mouth all night because the loan ain't closed because you won't answer the phone you're not my guy Brian but these are the questions you want to ask to make informed decisions who are you dealing with then you'll get down to the actual company and this is why I told you everything I just taught you now you want to find out what are your loan programs so you got the loan company now the lender what are your loan programs what's your guideline what are for my kind of loan right so you know what kind of lonely trying to get King you know you try to a subdivision you know you're trying to build something I know I see it in your face you trying to build something so you go see a lender you want to find out I'm looking to do a 10 unit subdivision what kind of before you even pull my credit know what all your programs for ground of construction oh well we don't really offer that what the hell are you for you ain't need to put my credit ooh give me a query of my one of my five I'm trying to do is VA loan in turns of a second mortgage and trying to do a refinance onto a HELOC I'm trying to do a vacation home if you don't do vacation homes or have great vacation home products why are we continuing the dialogue now another little niche and key for you is every lender you speak to I still write them down and put them in my database because you might not be doing a vacation home today or some vets out the minutes today but whatever product they offered you might need it tomorrow so now when that opportunity comes up for that new for unit flip can you already in position because you remember Brian you talked to three months ago he tries another project well they had a great program stated income for this kind of product so you want to find out what are your niche products and programs some lenders will just do rooming houses student housing this summary kind of real estate asks that some lenders just focus on Hotel developments so you might get a bank that can do hotel developments but is that your expertise your niche are you competitive is the word do you guys offer competitive programs and products for hotel financing then you might get a baked at this hotel financing really well but they don't do Hotel refinancing really well for those who are lower refinance a refinance is a new loan a new mortgage on an existing property and I'll explain that to you in just a second ever getting to refinance and he locks so there's as many of us to what we call equity rich meaning you have equity in your home you have value in your home and then you gotta make an informed decision about how do I pull that equity out of my home in order to use that equity to hopefully invest it to a larger portfolio or expand your portfolio or another entrepreneur endeavor or could be something personal you need to do within your family put a child through school or pay some other bills it may make sense to refinance your home at a 4% rate to pay off your credit cards at a 16% rate so now you've lowered your liability in debt because we said wealth is having an abundance of assets that supersede your liability in debt so if you racked up a bunch of credit card debt at 16 percent that's at interest-only payments or that's annualized maybe you refinance the equity of your home to pay those off at a 30-year mortgage at 4 percent and now you extended those payments over 30 years decrease them by 90% based on an amateur ization of 30 years in a lower interest rate of 4% versus 16% as she's being informed and being a great CEO of your last name I thought this all is about I tell you I found out why we lost and while we're losing this is why they know this and we don't simple they understand if you're losing economically is because you don't have a great economic strategy it's very simple if you don't have muscles because you're not working out simple there's not like rocket science here if we are if that's a we is for anyone personally I'm so well my community was not gonna speak to her statistically and even they brown and black community are in last place and second to last place historically and if we are in last place economically within his poverty gap or this wealth race it's simply because we are not doing things effectively economically so that means we have to change some of what we're doing and what we know and how we execute so this is how you begin to interview a mortgage company the biggest thing for the company is what products and programs you have that fit me and so you can tell them up front with your challenges or hey I'm an entrepreneur I made 300 thousand last year but I had write-off so I'll only show twenty grand a profit do you have a program for self-employed business owners hey I filed a bankruptcy three years ago do you have a program that for those who file B K hey I'm a veteran do you have a program that what's your best veteran programs now after you call at least how many at least three lenders I had a client this week I'm so proud of him tings Eric out of New Orleans called 20 lenders Wow how hard is that to sit on your couch put your feet up in the commercials in the game like they say hard work well you got Google we in the yellow pages are nothing this is Google like it's not even hard this sit back and be a mortgage companies in LA and take note which is that hard work want something that could make you tens or hundreds of thousands of millions of dollars it's not hard work it's light work think about what you do on your nine to five corporate track this is absolutely light work so doing that research what we call due diligence in other words you guys should know doing that due diligence and research is going to be critical for you be making the best most informed decisions now once you narrow down to the lenders that make sense based on your criteria your circumstance your experience and their programs now you can begin to pull credit see my assets get documentation to prepare me for what's called a pre-approval pre-approval for a home loan for an investor load for a commercial loan for construction loan for development loan now we can get into the pre-approval process and with that pre-approval you can then go move forward and executing your financial endeavor that's how you interview and find the right mortgage company for you for home loans investor loans refinances a he locks

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