For those of you that are new here, I worked as a loan processor and assistant to a busy wholesale mortgage broker for 6 years back in Burlingame. Because of this experience, I am uniquely qualified to help my clients through the mortgage side of buying a home — which, arguably, is the scariest and most confusing part of the entire process! As we analyze a property, in preparation for writing an offer, we often will obtain an updated “payment scenario” from the lender to take a careful look at the monthly payment based on the proposed purchase price of the home and also current interest rates. Here’s why I do that…
T & J had been shopping for a home since April. They were looking for a home under $650K with an FHA loan, and needed a $15k seller concession for a 2/1 temporary rate buydown to make it work within their budget. All in all, a steep challenge in a low-inventory market with a median price point of $850K. We had written a few offers, only to be beat out by cash offers or offers with a loan but a larger down payment.
In August, rates were trending downward in a significant way. We asked for an updated payment scenario on a home that was slightly out of their $650K price point, but it had been sitting for a while and the seller was motivated. We asked for an updated payment scenario, but the quoted rate didn’t reflect the downward trend in interest rates as I expected.
Something just didn’t feel right, so I encouraged my clients to get a 2nd opinion. Low and behold, the second lender quoted them a rate almost 1.5% lower than the first. As a result, they were able to increase their purchasing power by almost $100,000. It was a total game changer, and we were in contract on their new home just two weeks later. They got their rate buydown, and we even negotiated an extra $3,500 credit for them before closing. They are now enjoying football 🏈 Sunday in their cozy living room, setting up their home gym 🏋🏻 in the garage, and looking forward to handing out candy from the porch on Halloween 🎃 🍫.
When you hire me as your agent, what YOU want, becomes what I WANT. You have a true teammate on your side who knows how to navigate this market to get you results.
Want to work together? Reach out and let’s start the conversation.
