About 2 months ago I was referred by a business associate a new client who wanted to refinance his home. When I called him to set the appointment he mentioned that his neighbor also wants to refinance. I thought to myself, Wow this is great, 2 loans not just one!! I met with him and I realized it wasn't as simple as it seemed. The first indication was when he mentioned that he has been working on this for over a year and he had been unsuccessful.He mentioned he had worked with a mortgage broker and he had been close to closing twice and it never worked out. He said the previous broker had tried 6 or 7 banks! He then explained he owned a condo, one of a two unit mini "condo complex". He and his neighbor had built it as a two family home, took a mortgage and then legally split the home into 2 individual condos. so when I refinanced him I had to simultaneously refinance the neighbor in order to pay off the mortgage.
Now for all those in the mortgage and real estate industry, you know how difficult condo financing has become, compound it with the challenges of a 2 unit complex, a self employed borrower who needs to do a No Income Verification loan, an difficult appraisal situation because this is a unique property type and there are no comparable sales at all in the area and a low credit score and then multiply it all by 2!
With the right programs and investors, the right appraiser, and of course, the right Mortgage Professional, the closings scheduled for this coming week. The referral source feels great. The timing is perfect. Their rates are really low and I now have 2 more happy clients.
My whole business is by referral. A lot of my Raving Fans' are clients that had been turned down or been given the runaround previously sometimes for weeks, months and in this case years. Home financing is complicated. It is very important, more than ever before, that you need to work with a mortgage professional who is versatile, innovative and accountable.
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