By Lori Martinez
I know, I can hear it now … “Really, you’re grateful to be in the mortgage industry, is this lady for real?” Yes, it’s true, I am grateful and as we enter the month of “Thanksgiving” I will share a few reasons why this lady is honored to be a “Licensed Mortgage Originator” in 2014.
Mortgage companies and “Loan Officers” were lumped in with used car salesmen and lawyers in 2007 and 2008 when we were blamed for causing the financial crisis along with our perceived partners in crime; realtors and title companies. We have worked hard to combat that public perception and one of the best ways that was accomplished was by the forcing of all loan officers to become licensed. Not only did we have to pass a State exam, but a federal one as well. I am grateful for that the mandatory licensing as it weeded out the less serious and added much integrity to the position.
It is much harder to qualify for a mortgage. Why am I grateful for this? No more “stated income” or “stated asset” loans are available. Consumers need to document their income and assets, not just “state” it. You must have a solid two year work or school history and be able to submit real pay stubs. Stronger rules and guideline tend to make stronger more qualified applicants and buyers.
I make a difference in peoples lives. Although purchasing a home is not a “right”, everyone who deserves to purchase their own home should. Whether you saved for a great down payment or have a high “FICO” score because of disciplined spending and want to purchase a home, you deserve too. But if you’re someone who has made some mistakes in the past such as not paying a cell phone bill, skipped out on an apartment complex or even had a BK or foreclosure, yes, you deserve to purchase too. Key word above was past. Because some consumers made bad choices in the past, and we did have some challenging economic times, more people than you know have challenging credit histories. I pride myself in getting these consumers in a qualifying position so that they can purchase. These consumers need to know that it still is possible to purchase and I show them how. Does it take a little work and they need to show they have “skin in the game?” Absolutely, but it can be done.
When you are ready to purchase or have general question to see if you are in a qualifying position, call me for a no obligation conversation. Lori Martinez “Personal Mortgage Professional” 602-339-0959.