Headlines for the week : Getting an Albuquerque lender that’s right for you

by | Aug 20, 2021 | Albuquerque Real Estate Talk | 0 comments

Headlines for the week : Getting an Albuquerque lender that’s right for you

(Transcript Snippet): “Tego:

Couple of headlines this week, Tracy, I just want to hit on one of them was Fannie Mae who, you know, holds a law, all the conventional loans out there. They’re gonna change their, some of their credit standards that are going to benefit renters. And so what they’re going to do is if bef before they, they call it, they have this thing called direct under desktop underwriting. Do you is what would the abbreviation is, is, is where you put in, you know, credit, worthiness and income and their credit score of, of a potential, a person applying for a mortgage. And one of the things they, they, you know, look at is, you know, payment history on any lines of credit and stuff like that. But in the past they would not, or currently too, it’s going to change next month. They did not look at your rental history, which was unfortunate.

Tracy:

So now consistent rent payments will be considered. So if you’ve been a great renter, that’s going to help you get you in a better line to be a buyer. And that’s

Tego:

For the, you know, Fannie Mae underwritten mortgages. And, and, and the thing I will say this, I did talk to Mon Fon. Who’s one of the top lenders in Albuquerque, and just wanted to get his feedback on this story. And what do you thought? And he said, you know, he said, it w it may help some people he said, but you got to look at all the options. You know, Fannie Mae and conventional is just one. It may be that FHA program would be better for folks. So getting a lender that can kind of guide you through and look at those different things will matter too.

Tracy:

Oh my gosh, Tega just opened up Pandora’s box. It looks like I got me all excited that the thing about a local lender, you know, I feel bad for people sometimes that they get online and they fill out something, they saw a TV, commercial or something, and they get a lender in a stable somewhere in

Tego:

If somebody does that and get online and fills out like one of those things.

Tracy:

But, but, you know, they, they get online and they use an online lender that says, they’ve got these great rates. And what they’re missing out on is the local person who can say, is that really the best loan program for you? Have you considered, do you know that if we took blah, blah, blah, and tell me more about your life and how you have income and what you do, and they can get you the best loan program and the local lenders rates are as competitive as all those people spending a lot of money to get you to click on them.

Tego:

I mean, just say this. And I think they, they can be as competitive. I think shopping a mortgage is still a good idea, but, you know, shop it with people that, that, you know, are local, know what’s going on here locally, and can really hold your hand through the process, because if you have not applied for a mortgage in a while, oh my gosh, Tracy, I know I did. We refinanced the property, not too long ago. It is a, it is a process to get a mortgage. And so, you know, having somebody that really helping you through the process is important. And if you’re doing that all online, you’re gonna, you’ll lose your mind. But shopping

Tracy:

A mortgage, Eddie, isn’t calling

Tracy:

A lender and saying, Hey man, isn’t, isn’t calling shopping

Tracy:

A mortgage. Isn’t call lender and say, what’s your rate because they can’t just quote you a rate like that. If they do don’t work with them, right. They need to know a lot of things. They need to know your, you know, steady income, your credit score. They just can’t say, well, we’re at this, you know, because it varies based on you and your credit. So when Tigo says, shop your shop for a loan, don’t, don’t just call and say, what’s your credit? And it’s you don’t want everybody pulling your credit.

Tego:

Well, yeah, you gotta be careful with that, but, but also right, if they’re just quoting you a rate without having good information and just trusting what you say about your income and credit over the phone. Yeah. That’s, that’s that doesn’t work that way.