I won’t be pasting the entirety of Jay Vorhees of JVM Lending’s blog about this here. I’ll just hit the major points. But this is a perfect example of why I only refer clients to lenders I trust. Read on:
Last week, a borrower came to us to discuss her refinancing because she had lost trust with the lender she was working with (America’s largest non-bank lender). She was trying to refinance the house she lived in but it was owned by her Dad and she was not on the title, so a refinancing was impossible.
In any case, she was trying to refinance the house she lived in but it was owned by her Dad and she was not on title. So a refi was impossible – something the other loan officer failed to comprehend – and it had to be structured as a purchase.
Further complicating things was a “gift of equity” down payment, the need for “cash out” for improvements, and the need to avoid capital gains taxes for the seller – all issues that the other loan officer had zero understanding of.
In any case, one of our Mortgage Analysts quickly figured out how to structure the loan and then re-locked the same borrower with the same lender via our correspondent relationship but at a 1/2 percent lower rate.
I share this story not to make JVM the hero but to once again warn buyers away from the big call center mortgage companies. The call centers stuff bodies into cubicles to do nothing but sell.
Those “bodies” often do not have the skill to close transactions when there is even a small amount of complexity, and…their rates are way higher to boot.
That’s Jay’s horror story about call centers. It does a great job of explaining why I prefer to refer specific lenders I know who will always get the job done. It creates a smoother process for everyone that way. Most banks or Quickens of the world don’t fully underwrite upfront; it requires a lot of paperwork initially, but it creates a very smooth process to closing. This way the buyers are aware of any potential issues before you ever write an offer. They also don’t tell you that once you are in contract, you are handed off to loan processor who you have never spoken with and many loan agents are on to the next approval and are no longer in the immediate loop. Communication often falls apart at this point. Your loan officer may be local, but the processor could be in a different state.
I currently have a new home buyer who is shopping three different lenders looking for the best rate. With two of them, I expect possible delays and a questionable overall experience for my buyers. One is fantastic, but a first-time home-buyer doesn’t understand those nuances far outweigh an eighth of a point difference in an interest rate. Hopefully whoever they choose will do right by them and it will be smooth sailing.
I just closed on a house (blog to come on Thursday). When we first met, they were talking to one of the largest non-bank lenders. I recommended they speak to JVM and just compare the experience and decide who they would like to work with. They closed with JVM and when I handed them the keys, they remarked at how smooth the overall process was for them and when compared to their friends who recently purchased and had a loan with one of the big banks, they said their lending experience was horrible.
Recently, I held my annual pumpkin pie party supporting the Trinity Center and it was another success! This is my third year combining the coat drive with a pie give away which brings full circle gratitude and appreciation for my clients, referrals, neighbors and friends. This year we had 34 pie orders, in addition, I had many people who just dropped off items for Trinity. As you can see, I had an SUV full of coats, gloves, hats, etc. and $300 in checks!
This was by far my most successful and giving pie party to date! You can see pictures of the pies and donations above, as well as some fun shots from the party itself below. This year Indy, aka Daryl Choy donated his time for chair massages and for our drawing and JVM donated a couple of Hydro Flasks, the winners were picked at the end of the night with a few stragglers, picking the winning prize winners!
This is my favorite charity event of the year, as it combines food, drink, friends, and mingling! I can’t thank everyone who joined, donated, ordered pie, etc. enough. It really shows that this community is in the giving spirit this holiday season, and it means a lot to me to know that Trinity can be supported and celebrated by the people around me. Thank you, thank you, thank you!!!
A couple weeks ago, I held an event for my sphere of friends, clients and neighbors at the Capital One Cafe in downtown Walnut Creek! It was about connecting people, community and just a Saturday morning coffee get-together. Overall, about 20 people showed up and most stayed to enjoy the conversation and Peets coffee. We had a large, round table that enhanced the flow of conversation. It was the perfect spot to host the gathering. At the end, there was also a drawing for a few gifts donated by JVM Lending.
I love these get-togethers and I believe everybody enjoyed themselves. Here is one comment I received: “What a delightful morning spent meeting new people while sipping a yummy latte. Such good vibes for building a strong community. I think I heard at least four people say if they have anything real estate-related you are their go-to person. I agree. Very cool. What a nice group of friendly people. You did a great job keeping it all flowing. I was impressed with your knack for remembering names.”
Check out the pictures below. I would love to see you at my next event!
I want to offer my sincerest congratulations to Amanda and Siubhan on their recent closings!
Amanda, a past client of mine, decided she wanted to pursue her dream of having land, horses, chickens and a big garden. When a piece of land became available in Vacaville, she decided to make an offer and it was accepted! We then rushed to get her Concord home ready over the Thanksgiving holiday and were in contract by December 9th. Whew!
Siubhan is another past client who had bought a condo in Antioch four years ago, but had not been living in it for the last year or so and could not rent it out due to rental restrictions. She felt now was the right time to sell. Twelve offers and $26,000 over asking price later, Siubhan is excited to take a trip back to Scotland to visit family.
I would love to know your story and help you accomplish your dreams, reach out to me or visit my website: www.kristinlanham.com.