Not as Tough as Most Believe

Special Real Estate Report 

How tough is it to get approved for a mortgage? How low can your FICO credit score go before your lender shows you the door? And how much monthly debt can you be shouldering — credit cards, student loans, auto payments — but still walk away with the home loan you’re seeking? You might be surprised. New data from technology company Ellie Mae, whose loan application and management software is widely used in the residential finance field, reveals that even if you’ve got what seems to be a deal-killing low FICO score or you’re carrying a high amount of debt, you still might have a shot at qualifying for a home loan to buy the house you want.

 

Consider some of these findings from Ellie Mae’s latest sampling of recently closed loan applications nationwide: The credit scores of most successful applicants remain well above historical averages, but significant numbers of homebuyers are squeaking through with sub-par scores. The amount borrowers must pay upfront can be much smaller than a lot of buyers sitting on the sidelines might think. The average down payment on Department of Veterans Affairs loans at the end of 2016 was just 2 percent — and that’s higher than the VA’s bare minimum requirement, which is zero down. FHA’s minimum is 3.5 percent and the typical approved applicant came close to that at 4 percent down.

 

So how do buyers with sub-par FICOs, skimpy down payments and high qualification ratios manage to get a home loan? The key is this: They don’t have these negative factors rolled into their applications all at once. If they did, they’d be rejected. If they’ve got a weak FICO, they need strong “compensating factors” elsewhere in their application to counterbalance the credit score deficiency. Maybe it’s a larger down payment than typical, lower than average qualification ratios or higher bank reserves.

 

Source: Ken Harney, The Nation’s Housing

Shared by 
Bob Fisher
McLean Mortgage
Senior Loan Officer
NMLS ID #: 1028088 

Five skill strategies in achieving a 6-figure real estate income

Enjoying the fruits of your labor by having a successful real estate business is what all professionals really want. Real Estate Sales can be tough unless you think Out-Of-The-Box and set yourself apart from typical run of the mill thinking.

If you want to enjoy a lucrative business in real estate that attracts consistent business, you have to be skilled in effective strategies. Everyone has the potential to make it, but if you want to make it bigger than most with consistent growth, then learn to think and behave like a CEO.

After years of firsthand experience in coaching agents and my own real estate business experience, I came up with 5 skills that were common with each of the agents that had mastered success.

"Cindy's secret sauce formula's using her trademarked Master Plan, customized goal platform, and her productive methods to 
drive your business deep is simply
amazing. No one does what she does and I have coached with many of the
lead real estate coaches over the years.
The light came on and led me to a
consistent 6 figure income." S. MeKenney

The first skill is to have a written plan with well managed goals. This plan doesn’t have to be complicated. In fact, simple is best. A one page plan with financial goals broken down into bite sized chunks motivated these agents to follow their goals and associated activities. Every agent found that income grew and they had more control over their business. Each agent credited the weekly contact number formula as being one of the most beneficial and unique in the master plan which are calculated by using a system tool we developed.

The second skill is to be an improved communicator and active listener. Too many of us are on “send”. What that means is we are so focused on what we are going to say, we fail to hear with the other person is saying. Our inability to allow a moment of silence while we think about what someone is saying so we can adequately process what they need, is epic. Active listening is being engaged in listening causing you to absorb what the other person is relaying and what they mean. In fact, when they have finished, it would be acceptable to reply back to them with a summary highlighting your understanding of their communication. There are five other skills that fall under this category so this is just one within this second skill.

The third skill is establishing an excellent follow up plan. Some wise person said that the “Fortune is in the Follow-up”. With today’s technology, finding email marketing isn’t hard, but you want it to be systematic and consistent. We recommend the utilization of an easy to use system that allows for autoresponders that you have loaded with resources and a newsletter as some of the best ways to provide value with a reliable and dependable follow up system. 

The fourth skill is providing activities for lead generation that are valuable to those receiving them. We recommend a monthly newsletter with fun resourceful custom content for the maximum follow up connection to your growing list of followers. Remember, this is where the fan club is built. Just about 90% of your past clients use someone else when they don’t hear from you monthly.  They need to know you care and hear that in the content you send. They need to feel engaged in the resources you provide as well as being part of your community. You are building a fan club, and done right, they will want to be a part of it.

The fifth skill is driving your business deep. Many of the relationships built in a sales business boast surface noise. Driving your business deep can be illustrated in helping other businesses grow by showcasing them in your newsletter or blog postings. Zig Ziglar once said…”If you help enough people get what they want, you will get what you want.” This is an excellent principle to follow. Building other businesses, organizations, and civic clubs is extraordinarily helpful to your own business. This type of marketing brings positive focus on you. By providing educational information from other organizations, you become a resource of value to the community. In turn, these organizations trust you because they know you care and the referrals start rolling in as long as you are consistently delivering.

By adopting these five skill strategies, you can expect to become the master of your business controlling what happens to the outcome.

Cindy Bishop is a Business Development Coach and Managing Director to Cindy Bishop Worldwide

Don’t miss out!

As a young man, I still remember the embarrassment and pain I felt from missing a deadline for a project I was scheduled to turn in for an important grade in college. I am sure most of you can relate to this story. In fact, the term “deadline” comes from a slang description used during the Civil War of an imaginary line used to keep prisoners of war within designated areas. If a POW wandered past this line they were shot!  (Now that’s a deadline!)

Although the deadlines we face don’t cause death we oftentimes think that missing them is just as bad.

So we set alarms, buzzers, and notifications on our phone to remind us of the next MOST important deadline that is approaching.  And then we end up sacrificing what is really important for what is most urgent.  Too often the most urgent things are driven by someone else’s agenda.

Here is an important reminder! Time is running out!  For all the things:

·         -You want to do that will help you become the person you decided you want to be

·        - To have the impact you really desire to have in your life and the lives of those you serve and love

·        - To accomplish the things in your business and work that you know you are truly capable of

·        - And mostly to dream past all of this, to explore the true potential your life has and the influence you can achieve in others

It probably is time to set your buzzers and notifications to those things that are important – and not scramble to meet the deadlines imposed by others urgencies.

 

Blog – David Redabaugh, founder and Chief Solutions Officer of Your Biz Social  - a digital branding agency and social media instructor at Cindy Bishop Worldwide