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What Buyers Need to Avoid Doing! | RealtyGo_blog
I keep on saying it and I’ll say it again…. The Mortgage Industry has gone back to the future. Underwriters are looking at loan applications the old way. They are looking at everything.
A 780 FICO score, money in the bank and job . . . Not too long ago if a buyer had two out of three of these, they were almost guaranteed a loan approval. Not any more.
Underwriters are looking at the contents of that credit report, they are looking at the source of the money in those bank accounts, they are looking at the pay checks and tax returns even if the buyer is a salaried employee.
Make sure your clients are prepared and well counseled. Preparation and proper expectations will cure 90 percent of the problems and delays buyers are having in today’s mortgage market.
Below is a list of “rules” all mortgage applicants should follow. It will make their life easier and yours. The only call we want to hear the week of closing is, “Docs are at title and the wire has been ordered.”
Share this with all your clients regardless of who they are.
Things you should avoid before and after making application for your mortgage
Congratulations! You finally found the house of your dreams. Your offer has been accepted by the seller, you have been pre-approved for the mortgage. It looks like you’ll qualify. The closing is only weeks away, and you’re feeling pretty good. It’s smooth sailing from here, right? Probably….
… However, more than one buyer has had the wind knocked out of his sails at some point in a real estate transaction by the mis-steps described below. If at all possible, steer clear of the following until AFTER you have gone to settlement.
These suggestions are merely that—suggestions. No one is saying, flat out, that bad things will necessarily follow if you do any of the below. They are offered as cautions. Many buyers seem to view the mortgage application procedure as a static action, a snap shot of their financial lives at a given moment in time. It’s not. It’s an on-going process that takes into account everything you do right up until the day of closing.
- Do not take on new debt. The temptation is strong. There are so many big purchases that people want to make in connection with a move: appliances, window treatments, furniture, etc. When you add to this the fact that, today, everyone offers easy terms and no money down—well, why not just do it? Answer: because you will change what the mortgage industry calls your “debt-to-income ratios” (the relationship of your income to your debt).
- Do not move money. In preparing for payment required at closing you may be tempted to consolidate accounts. Contact me before you move your money. We may require additional documentation and verification of those accounts. Trying to re-trace your steps can be confusing and delay the process.
- Do not make unusual deposits into your accounts. Unusual or irregular deposits could indicate undisclosed debts. The underwriter will need to know and document the source of those funds. If you do have an odd deposit, make copies of all the documents so that it is easily sourced.
- Do not change jobs. If at all possible, try not to make a career move during the time between your mortgage application and the closing on the home you are purchasing. But, you ask, “What if it’s a BETTER job, for MORE money, in the SAME field?” Still, try and wait until AFTER closing. One of the factors mortgage companies consider is length of present employment; they are partial to stability. At the very least, changing jobs initiates the need for more paperwork, and may delay your closing.
- Do not pack too soon. Well, go ahead and pack your clothes and dishes. But do not pack your bank statements, tax returns, or other important paperwork. Most especially, do not pack your checkbook! More than one buyer has had closing delayed while a friend or relative hurried over with additional funds because the checkbook was in the moving van.
- Do not lease a new car. This should go under the general heading of “no new debt.” It is highlighted here because, for some strange reason, many buyers do run right out and lease a new car during the time between mortgage application and closing! As with any debt, this will change your “debt-to-income ratios” and may cause you not to qualify for your mortgage.
- Do not sell something unless you have proof you owned it. This can go under odd deposits. Discuss this with me before you sell.
In short, do nothing that negatively impacts your ability to qualify for your mortgage loan, or initiates a new round of paperwork. If you have any doubts about doing something that may affect your ability to qualify for your mortgage loan, please consult me before you do it.
Special thanks to Nino Pascale for this email article!
RealtyGo – Your Real Estate Listings Best Friend!
Adobe Systems ( ADBE – news – people ) Chief Executive Shantanu Narayen is counting big numbers: 4.9 trillion Web display ads will be shown this year, he says. In the last quarter of 2010, 100 million smartphones were sold worldwide. This year there’ll be 17.7 billion downloads of mobile applications, creating a paid-apps market worth $15.1 billion.
Almost every ad and app out there, along with most of the business and consumer-oriented content on the Web, is going to be tracked and responsive to some entity’s remote control. That entity, he hopes, will be Adobe.
“Everything is changing!” says Narayen during an interview at his hotel suite in Salt Lake City during a break between meetings with some of the 700 companies here for the annual customer summit run by his subsidiary, Omniture (OMTR – news – people ). Adobe bought Omniture for $1.8 billion in 2009 because the Orem, Utah software firm makes the Web’s most successful tracking tools. Its annual conference gathers people who spend 30% of all Internet ad dollars.
Narayen got blasted for paying 24% over Omniture’s share price, but it looks like a good move. Omniture’s revenue is growing 20% a year while sales of Adobe’s better-known creativity programs like Photoshop and Illustrator were repeatedly hit in the recession. Adobe’s Flash software, the standard for rendering graphics and video online, is taking a p.r. beating by Apple ( AAPL – news – people ), which refuses to use it in its phones and tablets. Yet Adobe’s stock has kept pace with Apple so far this year. Earlier this year Narayen picked up another audience-tracking tech firm, called Demdex, to further entrench his position among companies that manage, analyze and act upon what people do on the Web, particularly around selling stuff.
Narayen is building into Adobe’s content-creation tools the planning, tagging and tracking software, plus newer technology that plumbs Twitter and Facebook for information about how people, ads and products are seen. With the right analytics built in, an ad can get automatically tweaked to improve response, or maybe a new app is created because someone raved on Twitter. “It’s a huge opportunity for us, if we can step up to it.”
Adobe does not break it out, but about $1 billion of its $3.8 billion in revenue last year came from big corporate sales, the kind that would combine creative tools with some analytics. The rest of its revenue is from sales of individual software. In the near term Narayen thinks this new market is worth more than $10 billion. He envisions, further out, selling services around these insights. “We can be the mission-critical company for digital experiences and not just a products company,” he says.
Virgin America, which gets 70% of its revenue from its website, uses Adobe software to track where its passengers click to offsite so it can craft the right mix of search and display ads. Hearst uses Omniture to test how its readers click on Web stories. It tested “royal” stories and “celebrity weddings” stories, and found people were obsessing on so-called storybook weddings more than on storybook royalty. The editors ordered up more celebrity wedding stories.
Narayen could get bought or beaten along the way. IBM ( IBM– news – people ) just announced it will deploy 1,000 consultants and 1,200 salesmen into its “smarter commerce” initiative, dedicated to helping advertisers figure out the real costs and effectiveness of their online marketing. Hewlett-Packard ( HPQ – news – people )’s new CEO, Leo Apotheker, used his first public appearance to talk about the growing importance of data-analysis software to HP.
Google ( GOOG – news – people ) gives away a somewhat more primitive service than Omniture’s called Google Analytics, but Google retains its own file of the data people plug into it. If Google Analytics is taking business from Omniture, there is no evidence of it from the outside. The market is still growing fast.
QR Code – YouTube Video Contest. Send us your favorite video, showing off your RealtyGo QR code/TAG being used in your real estate business..
Free QR Code_MobileURL_Micro-Mobile-Website for life from RealtyGo. We are giving away 100 free QR Codes and all the services to 100 lucky winners!
QR Code_YouTube Video contest from RealtyGo. Send us your favorite YouYube video/link URL showing how you or your company uses QR Codes for your real estate listings/business. Win a Free QR Code_MobileURL_Micro-Mobile-Website for LIfe. RealtyGo is giving away 100 Free QR Codes including all the services, SEO, technology, micro website, auto scheduler and more to each winner. Send us your YouTube Video and we will post it on our RealtyGo YouTube page, asking others to vote for the top 100 videos. The top 100 videos with the most votes at the end of the contest will receive one free QR Code for life.
Please be creative and have fun with the videos. Your Videos will run on our YouTube Channel offering free advertising for your and your real estate business. Please have some type of real estate related business video in order to be considered for the contest. Please also use a RealtyGo QR Code / MobileURL in your video. There is no purchase necessary, visit at Twitter and choose ‘ follow’ us for your free 45 day trial using RealtyGo and the most unique and dynamic QR Code system available. Once you follow us on Twitter you will receive an Auto direct message thanking you for following, with a link and the free 45 day trial. Please remember there is no purchase necessary and you will not be charged. Good luck and we look forward to seeing your QR Real Estate Videos.
Please email your questions and/or Video link to firstname.lastname@example.org
RealtyGo – Your Real Estate Listings Best Friend!
Interesting type of creative marketing, so we thought we would share!
With a snap of a camera, smart phone users can now give their favorite celebrity a big head, thanks to JumpScan, an all-in-one, custom QR code generator. The Big Head Project, an effort to showcase QR technology, features the top Twitter celebrities based on the number of followers, including Ellen DeGeneres, Oprah, Justin Bieber, Ashton Kutcher, Lady Gaga, President Obama, Katy Perry, and Taylor Swift.
Any web-enabled smart phone with a QR reader can scan the QR code under their favorite celebrity to cast a vote. Each vote inflates the head and scores a point. The celebrity with the most votes will have the most tech-savvy fans and win the coveted “Big Head” award.
They should consider putting howard stern in the mix, im sure he would receive a lot of votes..?
The idea behind the contest is demonstrate the physical-to-virtual capability of QR codes. “They work great for creating interaction between the offline and online worlds,” according to JumpScan co-founder Mike McKearin. “We’re seeing them used for everything from instant mobile purchasing, movie information and streaming video to real estate signage and scavenger hunts.” Get your free QR Code Contact at Scantac.com and start promoting your Scantac
QR (quick response) codes originated in Japan in the mid 90s and surged in popularity in the U.S. with the recent increase in smart phones, such as the Apple iPhone and Google’s Droid, as well as the move to high speed 3G and 4G networks on AT&T, Verizon and Sprint.
“We’re seeing a tremendous interest from brands and marketers looking to capture, connect and interact with consumers on the go,” states Phil Davis, fellow JumpScan co-founder. QR codes have shown up in Best Buy, Target and other large retailers beginning last year, familiarizing a growing number of shoppers to the curious looking black and white boxes. “Once more people are using smart phones with QR scanners, the ease of scanning codes will simplify the process, making it more intuitive,” Davis predicts.
“We’ll be making an announcement in the next couple of weeks about which celeb has the most smart phone fans,” Davis continues. “I know the President is a big Blackberry fan, but I wouldn’t count out Ellen’s base.” If she wins, we’ll even have her do a victory dance.”
Understanding the interplay between the wireline and wireless worlds is important as value shifts occur. You can’t have a blockbuster iPad2 launch without Wi-Fi. And 55% to 60% of the embedded home Wi-Fi base is coming through cable modems. Apple Inc.’s success eventually results in Comcast Corp.’s, Time Warner Cable Inc.’s, Verizon Communications Inc.’s FioS and even AT&T Inc.’s U-Verse’s success.
With the next generation of tablet and phone devices (Apple’s iPad2 and the HTC Corp. Thunderbolt, for example) comes the front facing camera. We wrote about this with the column “The iPhone without a contract” last Labor Day. Sprint Nextel Corp.’s HTC Evo 4G launched last year with a front-facing camera using the WiMAX network and QiK (now owned by Skype) as the pre-installed app. New hardware begets new software. And this new software is high BPS (bandwidth per second). The higher the BPS, the faster the app.
The next $100 billion of value in the telecommunications industry (inclusive of software) is going to be created by the fast app ecosystem. Combine secure cloud computing with gigabit Ethernet backhaul and dual-core processors and you have the makings of an entirely new industry. It’s not that Groupon brought millions of us daily deals – it’s that they now bring them to us in 1080p (or whatever form factor your device can support). I can now see next year’s holiday blockbuster toys in action at Amazon.com (or through their app), not still photos. And video communication, including a revamped Pandora + YouTube, is now connected to my television. Why do I have a V-Tech cordless phone (and a $40 per month bill)? Why do I have a premium digital video tier?
It’s an exciting world to dream about, and developments are coming very quickly, thanks to companies like Apple and Google Inc. The highest returns can only occur, however, when you expand the market from portable (Wi-Fi) to mobile devices. In car. On train. On bus. If you are moving, you need mobility, not portability. And mobility requires bandwidth that moves with you.
This is where the wireless carriers come in. They hold the keys to mobile fast apps. As much as the developer community wants to circumvent or ignore relationships with the wireless carriers, they cannot achieve a high common denominator (“fastest app”) without the ability to achieve consistent bandwidth speeds and consistently low latency. Said another way, those applications developers that invest in the network interfaces and carrier relationships will create differentiation (and value) faster than those who dumb performance down to the lowest levels. When technology moves quickly, value is created from those companies who can expand with the market, who can achieve the highest and best result instead of the lowest and least. The bandwidth disparity created by 2G/3G/4G and Wi-Fi networks operating simultaneously is too great.
The only way Sprint Nextel and T-Mobile USA Inc. (combined or separate) can grow 10 to 20 million net adds in the next three years is to partner with the fast applications developers. Multi-player Angry Birds in 3D with optional voice chat does not happen without network integration – the connections are real-time, not “push” and servers need to be very close to the network. Sprint Nextel and T-Mobile USA may need more growth than 10 to 20 million net adds over the next 3 years to remain relevant. Dropped calls be damned – what about dropped apps?
So we have a willing development community, at least two willing carriers (on top of Verizon Wireless and AT&T Mobility who will definitely not take this lying down), and capital waiting to earn disproportionate returns. Where do we get started? Three ideas:
1. Multi-player Angry Birds in 3D with optional voice chat takes applications to a new level. Maybe an “all green” AB on March 17?
2. Facebook (or their replacement) could reinvent video communications singlehandedly (and take advertising to a new level).
3. Cloud-based communications directories with caller identificaton (app free version includes a mini-advertisement delivered on every incoming call).
One of the biggest reasons for any directory is discovery. In the old days of White Pages, we discovered a street address and a phone number associated with a name. With the advent of fast apps, I may want to know if you have FaceTime and if you are available for a quick chat, even if you are not in my contact list. Where’s the FaceTime (or Skype or Fring or ooVoo or YouTube or Facebook) listing on my BlackBerry? It doesn’t exist. Then how do I discover that you have FaceTime (meaning an Apple device that has a front facing camera on a participating carrier that has optimized FaceTime for their 4G network)? We need a better discovery engine to make FaceTime or their competitor a more relevant communications application.
The directory needs to protect privacy. I need to be able to turn off applications from being used by some and make an entirely different set of applications available to others. The directory needs to be connected to individuals, not Exchange (which, as explained in the last paragraph, doesn’t have room for these listings anyway). Privacy is easiest with an independent source – friendly to but free from wireless carriers, handset manufacturers, and operating systems.
Finally, the directory needs to be free. Listed or unlisted, private, user-controlled and free. This is not to say that there aren’t charges for “end caps” (featured fast apps), or that larger corporate or association directories don’t pay some fees, or that we show a mini-message on every incoming call in exchange for a free app, but this is not the calling name data storage margins of the past. And, if it can bring in 10 to 20 million customers for Sprint Nextel and T-Mobile USA (together or separate), it’s worth the carrier effort.
Fast apps are the next $100 billion opportunity in the communications industry. A well executed fast apps strategy by T-Mobile USA and Sprint Nextel (combined or separate) can break the current duopoly (or Verizon Wireless can execute it on its own with LTE and cripple their competition). To make fast apps a reality, the discovery process needs to be radically simpler, privacy needs to be protected, and it needs to be free to the end user. We need an independent directory.
Here come the fast apps. Are you ready?
Jim Patterson is CEO and co-founder of Mobile Symmetry, a start-up created for carriers to solve the problems of an increasingly mobile-only society. Patterson was most recently President – Wholesale Services for Sprint and has a career that spans over eighteen years in telecom and technology. Patterson welcomes your email@example.com.