Posts Tagged MMS
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!
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!
What is that Odd looking image?
We are referring to a QR Code. If you are not yet familiar with them, you soon will be. If you haven’t seen one yet, you soon may in an area near you. The funny looking box thats black and white and looks like a pixelated patch, is a QR Code. A QR Code is a matrix code (or two-dimensional bar code) created by Japanese corporation Denso-Wave and is the most popular open 2D-Code for Mobile Tagging. The “QR” stands for “Quick Response”, as the creator intended the code to allow its contents to be decoded at high speed. RealtyGo uses QR Codes to deliver dynamic real estate listings via the mobile channel using Smartphones, iPads, Tablets or any PDA device.
What does a QR Code do?
A QR Code is a bridge from the displayed QR TAG to a web URL (website address page) that has been formatted for viewing on mobile devices. Delivering dynamic information quick and efficiently to the end user. All you need is a smart phone like an Android, Blackberry or iPhone, then you simply visit your App Store of App Market to get your FREE QR Code reader, by typing in ‘Free QR Code Reader’ in the search bar. A QR Code reader is necessary to ‘read’ the QR Code. Basically, a code contains data and links to many different avenues within the internet. RealtyGo offers QR Codes as part of promoting your Mobile real estate listing(s), at no additional cost. Our Analytics also allow you to track and report on how effective the QR Codes are with consumers. Why are analytics important, well we know for sure that banks giving agents foreclosure homes to list are a huge fan of analytics and tend to give their business to agents/brokers that provide them. Once you start using QR Codes and you realize the power of how they help you business grow, you will be a fan forever. With a smart phone like an android,iPhone,Windows,etc.., you can open up the QR Code reader which will load through your phone’s camera. With your camera you will snap a picture of the QR Code by selecting the scan button and then it will return the data held within the QR code, instantly to your mobile device. This might be a photo, website, video clip ect… For example, you see a QR Code on a real estate sign or within a real estate magazine. You scan the QR Code, then instantly you recieve current and relevant information about the real estate listing; pricing, square feet, bedrooms, photos, contact information of the lister, videos, as well as other listings the lister may have for sale or lease.
There are many bar codes today, why is this one different?
Well, it’s made of funny little squares. Seriously, the most important thing for us (the users) is the fact that it’s two dimensional. 2D barcodes contain more information than conventional one dimensional linear barcodes. Conventional barcodes get wider as more data is encoded. 2D barcodes make use of the vertical dimension to pack in more data, giving the end user more specific information about the real estate their interested in. Many experts involved in mobile marketing think that QR Codes, being one of the more versatile systems, are going to be the next mobile linking systems of the future while the rest are supported and funded by large corporations with commercialism in mind. RealtyGo goes a step further. Most QR Codes are only good for a one time use or a promotion. RealtyGo has designed our service and QR Codes to last forever. We assign a MobileURL to each QR Code, so you can continue to market and use the same code forever. This saves you time, you don’t have to create a new code each time you take a listing or change the price or photos of a current listing. RealtyGo gives you a easy to use login area where you can manage your listings, add new ones, edit information, change photos,etc.. , all while using the same QR Code. This will save you money with marketing, digital and print advertising. You don’t have to replace you QR Code ever. Once a company has your unique QR Code, it links back to all you current and relevant information with RealtyGo and is assigned to your Unique MobileURL, which is used to promote you real estate listings and professional business all over the web. This links all your current and archived real estate information together building you a dynamic online resume, which search engines love for SEO (search engine optimization) and give you an advantage when consumers are using engines like google, yahoo, bing to look for real estate in your area.
QR Code store more information, so how much exactly?
In short, if you stored only numeric data, you can store up to 7,089 characters within each QR Code. With binary data (8 bits), the little squares can store up to 2,953 bytes of information. Alphanumeric, 4,296 characters and Kanji/Kana up to 1,817 characters. For a little square like that, THAT is a lot.
Ok this sound great, however what’s in it for me?
Here’s how QR Codes can change the way we live our lives. While riding the train, you could stumble upon an advertisement for a place to rent, vacation rental, or destination area you may want to visit for vacation. There is a web URL available to type in and visit a website but you would have to wait until you get to the office or home to check it out. The problem is by the time you get home or to work, you can’t for the life of you remember what the URL is anymore. In the event your fortunate enough to get the correct website and not a competitors site, then starts the agonizing process of hunting around the website for the exact listing, home or offer that originally caught your interest.
A QR Code enables you to get all the exact details in regards to that specific ad or property listing. With an android mobile or smart phone like an iPhone or a Blackberry, you can take it out, picture-scan the QR Code and there you have it – a website, a forum, message board, link to download some media files, photos,reviews, contact information, additional listings…whatever it is that the lister of real estate wants you to see!In Japan, consumers use QR Codes to find information about organic food and check out buildings or videos of homes just from scanning these QR Codes
QR Codes everyday?
You don’t have to be a real estate agent or broker to use RealtyGo real estate QR Code applications. However, if you do use RealtyGo to promote your real estate profession, you can benefit drastically compared to current methods and/or traditional real estate listing promotions. RealtyGo’s user friendly software walks you through an easy and self explanatory system for optimal use. You don’t have to do anything, we dynamically create the QR Codes and sync them to all your other social networking sites, your professional website, ALL your real estate listings and much more. Start creating your online resume and powerful marketing platform with RealtyGo today. If you are new at QR Codes and not sure why you need to get a head start on them in the real estate industry. 5o % of home buyers in 2010 were new home buyers, medium age of 35, a generation engulfed in technology and creative thinking. Offer all modern channels of communication to potential home buyers and other professionals doing business with you and watch your online presence skyrocket to mirror your years of hard work in perfecting your off line presence in your preferred real estate community. A wave of acceptance is sure to hit this part of the world as soon as more people become aware of QR Codes and their many great uses. RealtyGo gives you an easy way to use and shows you cost effective methods to promote your listings using QR Codes and many of our other free applications all as part of your membership with us. RealtyGo is also designed to promote Green real estate communication, offering your modern clients an alternative to traditional print listings, they may just ask you to forward them the digital listing, or you may even promote your self as an environmentally friendly agent, offering a Greener way to preview listings, saving you money and helping to reduce your carbon footprint, all while giving the consumer exactly what they need and want.
I don’t have a scanner on my phone, what do i do?
The most beautiful thing about modern technology is, things are becoming easier to use. Go to Your App Store or App Market and in the search bar type in Free QR Code reader, download it, install it to your mobile device and you are ready to hit the ground scanning. RealtyGo also offers a SMS/MMS Text message application for people who do not have a Smartphone or Wifi PDA device. You can simply send a text message to get all the real estate listing information as well.
Step by Step to getting started!