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Why Use Arrowhead Home Loans, Inc.

Steven Keefe, Broker/Owner
Coldwell Banker Sky Ridge Realty
Arrowhead Home Loans, Inc.
www.mountainmoves.com
steve@mountainupdate.com
909.336.2131

I was talking with Tom Crate this morning discussing current market conditions in the mortgage market.  Tom was telling me that buyers in this market have not yet got the message that loans are more difficult to get.  This statement is backed up by my experience over the last few months with some of our buyers on the real estate side that have gone out and shopped for the "best rate" only to come up empty handed and out monies paid the "low guy" for upfront fees.  On several occasions, the transaction went sideways because the mortgage lender or bank could not deliver on what they promised.

What is going on today is that the days of "fog a mirror" and get a loan are gone.  Loans today are more challenging to obtain, and buyers must put their trust in proven professionals who are going to get the deal done.  Somebody who promises a lower rate to get the loan could cost the buyer dearly.

In a quarterly survey of 84 banks, 75% of the respondent banks said that they have tightened mortgage guidelines over the last 3 months even for the most qualified of home buyers.

"Prime" is a vague term when it comes to mortgages, but historically, a prime borrower is one that can document:

• Well Documented Credit History with a Fico range of 640+.
• Documentable income subtantiated by complete documentation.
• Cash Reserves.

Historically, banks and lending institutions bent over backwards to lend money to this class of borrower.  Today the rules have changed.  Banks are significantly more conservative.  Individuals who were in the past a "slam dunk" are finding that they are being declined for loans because some banks are looking too critically at their "package."

The chart above illustrates the sharp ascent the mortgage market is experiencing.  Although some corners of credit appear to be ready to recover, the mortgage market is yet unaffected and should be among the last to thaw.

Prospective home buyers in 2009 will need to make sure they are working with a mortgage professional with a proven track record, or run the risk that their mortgage application will be declined.  No matter how qualified a buyer thinks they are, the rules have changed.  Many banks employ "order takers" who don't know how to properly package a loan to insure approval.  Things such as multiple properties, or other stumbling points may stand between a borrower being approved or declined if the application is not handled properly.  The message is simple, I can not say it any louder or clearer:

Don't Go to Your Bank if You Want A Loan

If you are buying a home in California and want good service, a fair rate, the least amount of hassle, and you actually want to be approved for the loan instead of being declined, call Arrowhead Home Loans, Inc at 909.336.1793 and ask for Marty, Tom or Steve.

Why Use a Realtor?

Steven Keefe, Broker/Owner
Coldwell Banker Sky Ridge Realty
Arrowhead Home Loans, Inc.
www.mountainmoves.com
steve@mountainupdate.com
909.336.2131

You're ready, you've decided to seize the unique opportunities by the current housing market.  The single most important transaction of your lifetime should not be conducted without the expertise and assistance of trained and licensed professionals.  This is where Realtors come in.  Chances are you may buy or sell a home again... developing a long term relationship with a Realtor is the best way to ensure you will be well-armed and informed when making housing decisions 

What is Different About a Realtor?

Working with a real estate professional who is a Realtor is in your best interest.  Not everyone who sells real estate is a Realtor.  In fact many of the agents who sell in our mountain communities are not Realtors.  Just because you have a real estate license does not automatically make you a Realtor.  Realtors are members of local, State and National trade associations with access to a vast array of educational programs, research and resources.  By being a member, Realtors subscribe to a strict code of ethics, developed by the National Association of Realtors.  Realtors pledge to provide fair treatment for all parties involved, protect the rights of individuals to own property and keep abreast of changes in real estate practices through continuing education and interaction with other professionals.

Realtors are also committed to higher levels of education and professional development;  many Realtors have earned professional designations or specialty certifications requiring intensive study. 

As a member of the California Association of Realtors, your Realtor can tap into numerous resources, like immediate access to full-time staff real estate attorneys who can provide objective up to the minute counsel.  Your Realtor receives up to date information on a wide variety of legal, financial and economic issues and has access to an association with more than 80 years of experience in real estate. 

The Right Realtor for You

Like finding the right house, selecting a Realtor you can trust and comfortably work with is paramount.  Just as you wouldn't be casual in the selection of a doctor or attorney, you shouldn't take the selection of your Realtor lightly.  Not all real estate practitioners were created equal.  When selecting the right Realtor, ask lots of questions and request that they provide references that will document their companies performance and their individual performance.  You owe it to yourself to have the right person working for you.