Good Morning

Mortgage!

Tips today to close tomorrow

with VAR’s Stacey Ricks, Director of Public Relations

and Steve Farbstein of the Virginia Bankers Association

Mortgage Executives Committee

Why it’s a great time to buy (through the lens of a lender)

1. Rates are great

2. There are many products and programs available

3. Lenders have money to lend!

What mortgage products are available to buyers?

• Low down payment products (RD, FHA)

• Bond programs (VHDA)

• Portfolio money

Rates v. ServiceUnderstanding the potential pitfalls of rate shopping

• What “value” are we getting?

• Apples-to-apples comparisons

• Total costs

What’s up with mortgage rates?

• Who knows?

• “No expert predicted this rate increase!”

Smart strategies:Questions to ask when looking for a lender

• Local v. online

• Market knowledge

• Staff experience

• Previous issues (was it the loan or was it the lender?)

Preparing your client for the mortgage process

Download VAR’s Mortgage Checklist at www.VARealtor.com/ MortgageChecklist

Yes, REALTORS® and lenders can work together to close the deal as quickly as possible for our mutual clients

Working together to stay on a timeline

Do you like what you’ve heard? Then you won’t want to miss VAR’s Real Show October 4-5 in Virginia Beach.

We’re partnering with the Virginia Mortgage Lenders Association to bring you two incredible lending sessions that will blow you away:

• Integrated disclosure rules: RESPA/TILA are being rewritten, meaning significant changes to the closing process.

• Dodd-Frank and lending: if you know what to expect, you can prepare your clients for the process.

• www.RealShowVA.com