*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Basketball season is officially here. As a Utah Jazz fan, it didn't seem like there was too much to be excited about after getting rid of Donovan Mitchell and Rudy Gobert along with most everyone else on last seasons team. The newly formed Jazz haven't looked too bad in their first five games though, going 4-1 while beating some of the top teams in the Western Conference. So needless to say, they've given me hope and optimism for this year! Hopefully they can pull something special off and make the playoffs at the end of this season.
Anyways...Mortgages! Right...Mortgages. How does basketball relate to the mortgage world? Well, let me tell you!
Basketball is a game with free flowing movement, precision passing, and players having the ability to score from just about anywhere on the court. There is a shot clock, a game clock, referees and timeouts that can affect the pace of play. The most important part though is having players working as a team towards a common goal.
When a mortgage begins, the borrower will take the time to pick their mortgage team. Don't get me wrong, they can get referrals from friends, or suggestions from the team they're already working with, but ultimately, they'll be the ones to make the decision as to who helps get them into a home.
When it comes to picking the team, there are a few key players that will be needed. First, a loan officer, processor, and lending team. They'll be the ones to create the loan and customize it to the borrowers specific needs. They'll call in appraisers, insurance agents, and title companies to help bring the loan to fruition.
Next, a trusted real estate agent. This is another key player that a borrower will choose to be on their team. Real estate agents will do research on homes and show them to the borrower in order to help a borrower become a homeowner. They'll negotiate with sellers and find out ways to help the borrower financially as well.
Lastly, Insurance and Title Agents. Yes, I know I said loan officers can call them in earlier in this article, and if a borrower doesn't have a preference on who to use for those needs, they can. If a borrower has an insurance company or a title agent they would like to use though, they have the ability to make those decisions!
As far as free flowing play, precision passing, and scoring from anywhere on the court goes, the team that the borrower puts together will take care of that. As a loan officer, we'll look at different things and make a game-plan to help a borrower get from start to finish. As the ball is brought up the court, there will be moments when the ball will be passed to the real estate agent, the title agent, insurance agent, and borrower in order to make the shot being taken as easy as possible.
Just like in a basketball game, in mortgages time is a key factor. Mortgages take time to put together, and there are certain time requirements for how quickly a mortgage can be completed. These time constraints are put in place by law, and loan officers are required to follow them.
Lastly, referees. Referees are there to make sure that the game is played as cleanly as possible. They'll call fouls to make sure nobody is playing dirty, and grant timeouts in order to allow the coach to make adjustments necessary to find success. Underwriters are the referee in the mortgage process. They'll make crucial review's of the borrower's loan and make sure that the loan was put together cleanly. They'll also return a file to a loan officer to re-adjust and make sure all of the documentation is put together correctly if necessary.
Basketball and mortgages have a lot in common when you think about it. Contact me for more information about how I can be a team player that you can count on. I'd love for you to be put in a position to score the winning basket and purchase the home of your dreams.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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