Please join Cherry Creek Mortgage as we present Tom Ward of Majestic Consulting.  Tom has over 25 years of Real Estate Broker and Mortgage Co. owner experience.  Tom will address many top issues affecting your business in today’s challenging market.  The seminar is free, but seating is limited.  Here are the details:

When: October 7, 2009, 9:00 am- 2:30 pm, Continental breakfast at 8:30, lunch at noon

Where: Hilton Phoenix East/ Mesa, 1022 W. Holmes Avenue, Mesa, AZ 85210 Kachina AB Meeting Room

Call or email Gary Miljour at 480.214.2818 or GMiljour@ccmclending.com to reserve your space!

Gary Miljour- Mortgage Lending for Tempe Arizona

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Research mortgage professionals to get the best loan and service.

As Arizona Media insider Catherine Reagor at The Arizona Republic puts it, the mortgage industry in the past has “duped you.”  You were deceived Mr. Consumer for having an unlicensed loan officer do your mortgage loan, collect higher fees and force you into the worst loan products possible.  So I guess until our industry is fully licensed next year, no one will be able to get a “fair mortgage.”  The problem with this information is the mortgage professionals left in our industry today are the ones that played by the rules to begin with.  Now we have to face the music for the flaws of others who were looking at the mighty dollar and not what was best for their customers.

In my opinion, it goes back to doing some research before you choose a mortgage lender.  When we need our taxes done we seek out the brightest and best CPA’s, when we are sick we visit the most specialized and best doctors.  For some reason, when the consumer needed a mortgage to buy the biggest investment in their life, they sought out the guy who had a billboard advertising the lowest rate in town.  I’m not sure about you, but I was taught at an early that “you get what you pay for.”

It’s simple advice: seek out the best and the brightest.  True mortgage professionals left selling loans did not get into this business to set our clients up for failure.  Why would I want to put a client into a loan that would cause them to lose their home?  You see, true mortgage professionals want the referral business of their clients and are looking out for their best interest.

At the end of the day, consumers will still buy homes and homeowners will need a mortgage.  You will need a mortgage lender to provide this service.  A piece of paper saying I can pass a test does not make me a reputable loan officer; having a reputation that is backed up from prior clients and business partners does.

Gary Miljour- Mortgage Lending for Tempe Arizona

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The days of funding a loan on an average credit score are long gone.  Today even an FHA loan requires a minimum score of 620.  I’ve highlighted some tips to help you be more aware of your credit and some ways to improve your score:

• DON’T BE LATE!:  One of the worst things you can do is being late on a payment.  Not only are you monetarily penalized, but timeliness amounts to 35% of your credit score.  Set reminders for yourself and if you happen to miss a payment, pay it as soon as possible.  Repeat after me… I will not be late on credit card payments!
• Know your credit score: You can get a free credit report each year (www.annualcreditreport.com) so take advantage of this service.  You will also want to know what lenders see when they pull your credit, so spend the extra $15.95 to learn what your FICO score is.
• Search for errors:  Statistics show that 70% of credit reports show serious mistakes.  That’s a huge number!  When you get your FICO score, search for any mistakes and get those fixed.  The Fair Credit Reporting Act requires credit reporting agencies to fix those mistakes, but you have to take the initiative to make that happen.
• Debt vs. Income Ratio:  Amounting to 30% of your score is how much you owe versus how much credit has been extended to you.  If you owe on credit cards, keep the level under at least 20% (preferably 0-10%) for each card.  The more you owe, the more your credit will be hit.  Are you already over 20%?  Pay down your debt as soon as you are able to.  Without your debts under control, financing a home will be extremely difficult, if not impossible.
• Don’t cancel cards:  15% of your score is based on the length of your credit history.  If you have an old card you don’t use anymore, consider moving a recurring charge (not a high amount!) to these cards so they stay active.  This will also prevent getting a card cancelled on you which has been happening more frequent lately.

There are other factors included that you can’t really affect.  They involve a mix of what types of credit you have (such as credit cards, mortgages and car loans) and new credit.  When you add more finances to manage, it can sometimes have a negative impact on your credit.  Focus on what you CAN change and good luck!

Gary Miljour- Mortgage Lending for Tempe Arizona

Proceed with Confidence

Follow me: 

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Sunstreet Mortgage, LLC NMLS#145171

Gary Miljour Licensed Loan Originator NMLS#207208