At the 4/15/2008 Network Plano meeting at La Madeleine in Plano, TX I was offered the opportunity to give the 10 minute presentation:
After opening with a list of far-fetched biographical data such as " winner of a hot dog eating contest with 24 hot dogs in 5 minutes" and " holder of a Guiness World Record for continuous square dancing of 7 days, 9 hours and 22 minutes" Ken closed his list of dubious (and false) accomplishments with a claim that he can get you a loan for "5% interest with no closing costs and no money down"
The point is that if something sounds in the neighborhood of truth or at least nearly what you would believe you are inclined to accept it as factual if the person speaks it with conviction.
However, that does not make what they are saying any more true or accurate.
There are 4 key things that Wells Fargo Home Mortgage and I provide clients to assure them that...
they are working with the right lender and have estimates and qoutes on their mortgage financing that are reliable and true.
Closing Date and Closing Cost Guarantees - we will commit in writing to making your contract closing date and when you lock in your interest rate we will provide you an up to date estimate of closing costs and guarantee their accuracy to within $250 of our estimate
Home buyers are always at an increased exposure of getting "surprised at closing" by unscrupulous lenders or brokers because they know the homebuyer has movers planned, must be out of their current house or apartment and often times comes to the closing appointment driving their U-Haul and all they own. When we lock in your interest rate, you get a written confirmation and a guarantee of your closing costs so this CANNOT happen to you. By guaranteeing the closing date, home buyers can confidently schedule movers, setup their utilities and cable, etc. and realtors love knowing the loan will close on time.Relocating Home Buyers, In OR Out of Dallas - Wells Fargo is one of the biggest corporate partners in the industry in forming alliances with companies to relocate their employees.
In fact, even if a home buyer is not relocating but buying locally, we have many companies who offer closing gifts, even cash rebates for doing the mortgage with Wells Fargo.Wells Fargo offers more loan programs and choices for First Time Homebuyers - we are the largest FHA and VA lender in the country, and we still offer great programs for buying a first home
For people with incomes at or below $62,000 we have choices for 100% financing with no private mortgage insurance. Wells Fargo participates in all of the local and state down-payment assistance programs and bond programs. We work very closely with First Time Homebuyers and our foreclosure percentage being HALF the industry average right now nationally is a big testimony to our care in fully qualifying and educating our clients.I specialize in RENOVATION LOAN PROGRAMS - I am one of only 2 loan officers for Wells Fargo in Dallas certified to offer the FHA purchase plus renovation STREAMLINE program.
According to Housing and Urban Development's website who oversees the FHA program, only 5 lenders in the Metroplex have provided this loan program to clients in the last 6 months. This is a fantastic loan program for people who are going to purchase a home and want to immediately put repairs, upgrades, appliances or other improvements. Why take out 2 loans or use credit cards? This is a fantastic, and little-known program but a great solution for many buyers, first time or not first time buyers.
Wells Fargo provides an incredible platform with a lot experience. While we may not offer every niche or one-off loan program, what we do we execute very, very well. Give us a chance to show you the difference of working directly with the bank and avoid the middle-man of a mortgage broker.
©2008 Ken Stampe
Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Ken provided his first client a mortgage loan in 1996 and writes about home buying and mortgages to help clients make smart home mortgage loan decisions. Contact by email at Ken@KenStampe.com
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