New Doctor Program…

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Have you Heard of this New Doctor Program?  It’s Amazing!

If your an MD, DDS or Pharmacist (PharmD) you can purchase a home based on the following:

  • O% Down up to a Loan of $2m (720 Mid Fico Required)
  • 5% Down up to a Loan of $2m (680 Mid Fico Required)

Who Qualifies for this Program?

  • Medical Doctor (MD), Doctor of Osteopathy (DO)
  • Dentists (DDS, DMD), Ophthalmologists, Psychiatrists
  • Pharmacists (PharmD) & Podiatrists (DPM)
  • Certified Registered Nurse Anesthetists (CRNA with DNAP or DNP)

What are the Interest Rates right now? (Effective 7/1/26)

  • 7/6 ARM @ 7.125 at 1 Point (APR 7.447) at 0 Down up to $2m in loan
  • 10/6 ARM @ 7.25 at 1 Point (APR 7.443) at 0 Down up to $2m in loan

Notes: Rates are subject to change without notice or until locked and approved by lender.

For more info or to apply, please contact me…

Rob McCarthy – Senior Mortgage Advisor
650-465-8957 c   rob@101loan.com   https://www.101loan.com
CA DRE #01165697 NMLS #121019
101 Loan – 99 South Almaden Blvd, # 600. San Jose, CA 95113

 

 

 

 

Rates Finally Go Lower!

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It’s been over 20 months since interest rates started climbing as the Federal Reserve did everything to control inflation. This resulted in one of the worst lending climates for residential and commercial lending and real estate in the the last 30 years aside from the 2008 recession.

In January of 2023 we had over 200,000 licensed loan officers in the United States and in just 12 months, we lost almost half of that number due to rising interest rates and the lack of real estate and loan closings.

As a mortgage professional that provides Residential, Commercial, Reverse, Construction and Hard Money lending, I individually went from  10+ closings per month, to just a little over 2 closings per month which was dismal when compared to my past performance.

Per Barry Habib, an expert in the lending community, 2 closed loans or more was considered in the 99 percentile of loan officers in 2023.  Most loan officers closed 1 per month or less in 2023 and some haven’t closed any loans in 2024.

Unfortunately this year hasn’t been much different or better. I know so many loan officers and realtors, that were forced to sell their homes or change careers. Thank god for savings and keeping your eye on the ball or I would have been in the same boat as so many others.

Now let’s talk Interest Rates…
Our business (lending and real estate) can fuel the market if we are going strong.  While jobless claims went from an expected 14,000 to over 249,000 this month, (which is tough for those recently laid off), its great for the bond yield that has significantly dropped since October of 2023 which was at 5.0% and now at 3.8% putting pressure on the Federal Reserve to lower rates especially with inflation flattening and cooling off.
Will the Federal Reserve Drop Rates?
No one really knows, but the Federal Reserve also knows, if they don’t lower rates, it will stall the economy and put a negative impact on the Dow Jones and Nasdaq and worse yet, further increase the cost of living which is out of control and why gas prices, food prices, and utilities are the highest we have ever seen.  Again, no one is certain what the Federal Reserve will do nor the impact the elections will have on interest rates, but this I know, rates are much lower than just 6 months ago.  See below…
Current Rates on Purchase or Refi:
 
Jumbo Rates… ($1,149,830 or More in Loan Amount)
  • 30 Year 6.125% at 1 Point (with an APR of 6.291)
  • 30 Year 6.375% at 0 Points (with and APR of 6.569)
  • 30 Year 6.625% at 0 Points/0 Fees (with and APR of 6.819)

Note: Above based on a 75% ltv or less with a mid fico score 780 or higher.

Conforming Rates…($1,149,825 or Less in Loan Amount)

  • 30 Year 5.875% at 0 Points (with an APR of 6.069)
  • 30 Year 6.125% at 0 Points / 0 Fees (with and APR of 6.394)

Note: Above based on a 75% ltv or less with a mid fico score 780 or higher.

If your like a customized quote, go here.  Any questions, please contact me.

Best Regards,

101 Loan
Senior Mortgage Advisor
www.101Loan.com
650-465-8957 c  hello@101loan.com
CA DRE #01205444  NMLS #326829
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google and Linkedin.
  5. Over 30 years of lending experience with over $2b in closed loan volume.

Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.

Ready to Buy a Home?  Follow These Steps!

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Step 1 – Research and Preparation

  • Understand the Process: Learn about the real estate market in your desired area.  Educate yourself on the home buying process and the need for representation by a realtor and lender that work together so mistakes are not made ensuring your success with home ownership.
  • Determine Your Purchase Power to include Home Affordability and Get Pre-qualified to understand your purchase power and what that buys you in terms of a property based on the price and its location.
  • Market Research: Learn about local home prices, inventory levels, and market demand in your specific search areas and what’s needed to ratify an offer on the purchase of a home.

Step 2 – Set Goals and Budget

  • Get Preapproved for Financing: Lender underwrites your income, debt, assets and credit report to determine your max purchase power in writing subject to the appraisal, ratified purchase contract and prelim.
  • Determine Your Wants and Needs: Bedrooms, Bathrooms, Locations, Schools
  • Understand Market conditions: Align your budget with local prices and what your preapproved for to ensure you can obtain what you want when buying based on inventory.
  • Plan your timeline: Stick to a schedule for home hunting and closing.
  • Advocate for yourself: Ask questions on what you don’t know and rely on your Realtor and Lender to guide you through the process of buying.

Step 3 – Start Your Home Search

  • Explore neighborhoods: Visit areas and test distance for dollars.  How far from work do you have to travel to find properties or the neighbor you like where you’d eventually like to buy.
  • Scout listings: Use real-time alerts and compare properties provided by your realtor based on your wants and needs.
  • Realtor leveraged networks: Some properties never hit the MLS.  Realtors have access to properties you will never have access to.
  • “Virtually” preview homes: Shortlist the properties meeting your needs so you can then schedule a real estate tour of those properties with your Realtor.  Make this a priority as properties sell fast in the current market (5-16-24)
  • Determine the Pro’s and Con’s of each property so you can narrow down on the ones you’d like to make an offer on.

Step 4 – Making Your Offer

  • Discuss Price to Offer with Realtor: Decide on your offer amount based on inventory, market conditions and how many other offers are being made on the same property.
  • Discuss Offer with Realtor and Lender: They can help you differentiate your offer over others by offering a quick closing or long closing based on the needs of the seller.  Closing date, contingencies, rent backs, credits, who pays for what.
  • Make sure preapproval is current and updated specific to the price you want to offer.
  • Make sure the Realtor has spoken to the listing agent about your offer and to ensure your offer is aligned with the seller as much as possible.
  • Make Sure the Lender calls the listing agent on behalf of the offer to communicate the strength of the offer and answer any questions.

Step 5 – Possible Counters and Acceptance

  • Understand multiple-offer scenarios: Have strategies ready with your realtor and lender.
  • Negotiate effectively: Secure the best terms and finalize the contract.

Step 6 – Facilitate Closing

  • Coordinate with all parties: Ensure clear communication with agents, escrow, title, lender, inspector, appraiser, escrow officer, insurance company and bank.
  • Order inspections and appraisals: Confirm property condition and value based on what’s drafted in the ratified purchase contract.
  • Track deadlines: Create timeline all parties follow and update immediately if there are delays from any party to ensure everyone is to up to date.
  • Review closing documents from realtor but also lender: Ensure accuracy and completeness.
  • Prepare for closing meeting: Coordinate with escrow and bring necessary items to sign and eventually close.
  • Finalize the transaction: Sign documents. Coordinate with lender and escrow to record the purchase.  Once the purchase is recorded, the keys to the buyer unless a rent back amount the seller and buyer was previously negotiated.

This summary highlights the key steps in the home-buying process, focusing on research, budgeting, searching for homes, preparing financing, making offers, negotiating, and finalizing the purchase.

Any questions, please contact me.

Best Regards,

101 Loan
Senior Mortgage Advisor
www.101Loan.com
650-465-8957 c  hello@101loan.com
CA DRE #01205444  NMLS #326829
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:
  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google and Linkedin.
  5. Over 30 years of lending experience with over $2b in closed loan volume.

 

Make Better Real Estate Decisions…

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I recently finished a four-part series on the following topics, as it relates to Real Estate locally and abroad, helping you make better decisions in buying, selling or exploring the world of real estate. 

Click below for more info…

In addition, if you are looking to buy, sell and trade-up or trade-down real estate, please see the following:

Lastly and Important…

Did you know that the CalHFA loan (Zero Down Loan) is only available until the end of the month.  If you have a client, colleague, friend or family member that wants to buy in California and has no down payment the CalHFA program may help.  To learn more, go here or follow the instructions below and then contact me.

Do This First: For the CalHFA program, you first need to complete a registration application for a Voucher thru the CalHFA website.  CalHFA will then have a random drawing for a Voucher for the program.  Please be sure to register asap as the registration window closes April 29th.

Any questions, please contact me.  Thanks.

Best Regards,

101 Loan
Senior Mortgage Advisor
www.101Loan.com
650-465-8957 c  408-377-4123 o
CA DRE #01205444  NMLS #326829
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:

  • Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  • Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  • Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  • Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google and Linkedin.
  • Over 30 years of lending experience with over $2b in closed loan volume.

Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.

Interesting Times in Real Estate…Part 1 (Housing Inventory)

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2024 has been “interesting” to say the least in the world of real estate due to the following:

  • Housing Inventory
  • Interest Rates
  • Recent Changes in Residential Real Estate – NAR Developments, Market Impact and Trends
  • Changes in Commercial and Construction Financing

Over the next 4 weeks I’ll send an article on each topic (above) as it relates to Real Estate in the Residential and Commercial Space.  Please see below.

Housing Inventory and How its Affecting Buyers and Sellers

Before we get started, housing inventory, specifically residential housing, is defined as the total number of active listings plus pending sales in any given month and usually includes homes, town homes and condominiums.  To see this article in html, click here.

Factors that Influence Housing Inventory:

  • Cost of Money (Interest Rates)
  • Accessibility to Money (Lending)
  • The Economy (Locally and Nationally)
  • Consumer Confidence
  • Infrastructure of the Area*
  • The Stock Market
  • Job Growth
  • Inflation

*Infrastructure for these purposes is defined as the abundance or lack of land and buildable space, population in the area, number of large, mid and small cap sized companies local to one area, support services that include the number of schools (k-12), junior colleges, colleges and universities, hospitals, medical support, multiple sport teams, safety in an area, etc.  Example: Strong Areas typically include the Bay Area, LA, San Diego, Phoenix, Denver, Dallas, Miami, Boston, New York to name of few.

What’s a Perfect Real Estate Model?

One of the most perfect real estate models is considered the Bay Area.  This is due to its high infrastructure (see above for definition) compared to most areas in the country, but also has some of the most expensive real estate.  Where infrastructure is high and the above factors are positive, residential housing inventory is this area tends to be low just as its been since 2014 after the recovery from the 2008/2009 real estate crash that affected the country.

From 2014 and forward, inventory hasn’t gone back to “normal” levels, where there’s a balance of housing supply and consumer demand.  For the last decade (with the exception of 2023 when interest rates soared), residential housing inventory locally has been low and demand has been great exceeding supply.

Currently, inventory is as follows…

  • Santa Clara County – There are 1213 listings (801 homes, 282 condos and 130 townhomes) and pending sales of 900 (603 in homes and 297 in condos and townhomes as provided by Jen Beehler with Elevate Group  650-714-8216
  • San Mateo County – There are 579 listings (91 of which are off market and only available to Realtors) and pending sales of 332 (51 contingent, 287 pending) as provided by Kiersten Ligeti with the Agency  650-766-8319
  • Santa Cruz County – There are 283 listings and 52 pending sales and 77 contingent as provided by Dawn Thomas & Chuck Holcomb at the The Dawn Thomas Team at  650-7010-7822

Important Note: Housing Inventory does fluctuate but historically over the last 10 years, supply has not kept up pace with demand causing overbidding on many homes sold with the exception was 2023 where residential real estate came to a stand still due to rising interest rates from January of 2023 at 3% to 7% (+or- .5%.)


The Bidding War…Recent Stories

As inventory remains low in the Bay Area, if a property comes on the market where 1 or more buyers like it, when they offer, a bidding war occurs especially when the listing agent accepts offers on a certain day and time.  Result, this is pushing values higher.  See some recent stories that I personally experienced…

Story 1…Last month we had a client that bid on a property where there were 11 offers on a property listed for $1.595m.  Our bid was the winner at 1.8m due to a short closing and no contingencies.  We were worried that the appraised value would come in low but low and behold the appraised value came in and we closed with no issue.  This then becomes the new comp/closing for the area pushing values higher.

Story 2…Dawn Thomas (that provided info for Santa Cruz County) has a client that presented an offer at $2.1m bringing in a significant down payment and the home sold at $2.8m with the client knowing full well they may need to make of the difference if the appraised value comes in short (while we are waiting for the appraisal).  What’s crazy, with all this over bidding, when the property closes, that property becomes the new comp for their neighborhood pushing prices up further.  Just look at the recent Housing Price Index for San Jose, Sunnyvale and Santa Clara as it correlates to supply and demand of the local real estate market and the increase of home prices over time.

Summary

Low Housing Inventory with High Demand equals Overbidding and Higher Values in the Near Future.  If you’re a seller trading up or trading down or selling for profit, you can still sell for top dollar.  If you’re a buyer, if you buy now, your locking in the price as its expected to go higher due to housing inventory and lower rates as expected by the Fed Reserve in q3 and q4 of this year.  Next week, I will cover Interest rates and how they correlate with Real Estate and the over all economy and of course consumer confidence which also drives real estate prices up.

If you have any questions and would like to get preapproved or determine your purchase power or financing options, please contact me.  Thanks.


Best Regards,

101 Loan
Senior Mortgage Advisor
www.101Loan.com
650-465-8957 c 408-377-4123 o
CA DRE #01205444 NMLS #326829
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google and Linkedin.
  5. Over 30 years of lending experience with over$2b in closed loan volume.

Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.

 

 

 

A Thanksgiving Miracle

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“My husband and I had just had a baby and were in the middle of escrow with a large company recommended to first time homebuyers by the state of CA. Then the loan officer ghosted us after promising the Sun, Moon and the stars aka closing on time to appease the seller. After multiple messages and calls to the loan officer with no response I didn’t know what to do. The seller was frustrated, we were scared we were going to lose the house, and this was our first time buying a home so we had no knowledge of how to get out of the hole the mortgage company abandoned us in.

Then my in-laws recommended a man named 101 Loan. As soon as we talked to him the anxiety started to fade. He told us it was going to be difficult to close our loan due to the complication, which is probably why the other loan company bailed, but he would make sure to do everything he could to make it happen. I was a little skeptical as I heard that before. But, he ACTUALLY DID!!

Rob and his incredible senior associate Renee overcame every obstacle, spoke to the seller to reassure them, worked with us every day, and then right as we get to the finish line (escrow) there is a major hack affecting sales all over the country. Our purchase agreement was going to expire, the loan lock we extended twice was set to expire, Rob was on his Thanksgiving vacation out of the country and I was losing hope. Renee and Rob got the lender everything they needed and from an ocean away, Rob stayed in contact and reassured us, calmed us down, walked us off the cliff and demanded escrow figure out a way around an incredibly difficult situation and because of the wonderful relationships he has built they did just that.

The night before Thanksgiving we got the text that the incredible escrow officer and a team of 5 had worked nonstop and got the title transferred just before the expiration and the house was finally ours. It would take a novel to explain everything 101 Loan had to overcome to make this happen, but just know if they can make it happen for us when all the cards were against us and come out with a full house, they can make any dream come true. They are the dream team and it isn’t because they sell you what you want to hear but because what they say they actually make a reality!

Thanks to them our baby girl will celebrate her first Christmas in the home and hopefully many, many more after that.”

— Melanie and Mason McNulty

Realtors Are Under Attack…Is It Fair? Read Below and you Tell Me

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In recent news, Realtors are under attack, on who will pay their commissions and for how much will they receive, per this article published by CNN.  If they are the listing agent of a property, the agreed commission is listed on this listing agreement and future purchase agreement with the seller but if the realtor is representing the buyer, the buyer’s agent may not be getting paid by the seller as this has been the case for many decades.  As a consumer this could be interpreted many ways but what’s most important is for consumers buying real estate,  to fully understand what Realtors bring to the table.  Note:  I did not write the following.  I am only sharing it as instructed.

Below sheds light on this subject and something that should be shared with buyers and sellers:

There is a lot of talk in the news about real estate agent commissions. They LOVE what they do and they do it because they LOVE helping people but there is a misconception on what they do and how they get paid. It’s not a secret… so here you go!

The average FULL TIME REALTOR’s earnings last year was $31,900 @ 40+ hours a week. (Notice I wrote full time 40+ hours not 0-20 hours a week) which is well below the living wage. As a REALTOR they do not get paid an hourly wage or salary and they only get paid if they sell a home and it closes. They can only get paid by broker to broker. As an agent you could work with someone days, weeks, months, or years with no guarantee of a sale ever.

Essentially, they wake up each day unemployed going on Job Interviews and they deal with constant rejection. They dedicate time away from family, use their time, gas, pay for babysitters, miss dinner and weekend’s and rarely take vacations. They are on 24/7.

They constantly need to be on or could miss an opportunity. Once they do close a home, half goes to the other persons agent from the remaining half. They have lots of upfront expenses that must be paid out before they even get paid:

  • Broker Splits and Fees
  • Office rent and utilities
  • MLS Fees
  • NAR Fees
  • Local Association Fees
  • E&O Business Insurance
  • Extended Auto Insurance
  • Self-Employment Tax
  • State Licensing Fees
  • Advertising Fees
  • Showing Service Fees
  • Website Fees
  • Assistant’s Salaries
  • Showing partners
  • Transaction coordinator
  • Yard Signs
  • Photographers
  • Videographers
  • Office Supplies
  • Business Cards
  • Property Flyers
  • Electronic Lockboxes
  • Continued RE Education
  • Legal Fees
  • Gas
  • Income taxes

As a Listing Agent they have lots of tasks far more than just selling a home:

  1. Prepare Listing Presentation for Sellers
  2. Research Sellers Property Tax Info
  3. Research Comparable Sold Properties for Sellers
  4. Determine Average Days on Market
  5. Gather Info From Sellers About Their Home
  6. Meet With Sellers at Their Home
  7. Get To Know Their Home
  8. Present Listing Presentation
  9. Advise on Repairs and/or Upgrades
  10. Provide Home Seller To-Do Checklist
  11. Explain Current Market Conditions
  12. Discuss Seller’s Goals
  13. Share Your Value Proposition
  14. Explain Benefits of Your Brokerage
  15. Present Your Marketing Options
  16. Explain Video Marketing Strategies
  17. Demonstrate 3D Tour Marketing
  18. Explain Buyer & Seller Agency Relationships
  19. Describe the Buyer Pre-Screening Process
  20. Create Internal File for Transaction
  21. Get Listing Agreement & Disclosures Signed
  22. Provide Sellers Disclosure Form to Sellers
  23. Verify Interior Room Sizes
  24. Obtain Current Mortgage Loan Info
  25. Confirm Lot Size from County Tax Records
  26. Investigate Any Unrecorded Property Easements
  27. Establish Showing Instructions for Buyers
  28. Agree on Showing Times with Sellers
  29. Discuss Different Types of Buyer Financing
  30. Explain Appraisal Process and Pitfalls
  31. Verify Homeowners Association Fees
  32. Obtain a Copy of HOA Bylaws
  33. Gather Transferable Warranties
  34. Determine Need for Lead-Based Paint Disclosure
  35. Verify Security System Ownership
  36. Discuss Video Recording Devices & Showings
  37. Determine Property Inclusions & Exclusions
  38. Agree on Repairs to Made Before Listing
  39. Schedule Staging Consultation
  40. Schedule House Cleaners
  41. Install Electronic Lockbox & Yard Sign
  42. Set-Up Photo/Video Shoot
  43. Meet Photographer at Property
  44. Prepare Home For Photographer
  45. Schedule Drone & 3D Tour Shoot
  46. Get Seller’s Approval of All Marketing Materials
  47. Input Property Listing Into The MLS
  48. Create Virtual Tour Page
  49. Verify Listing Data on 3rd Party Websites
  50. Have Listing Proofread
  51. Create Property Flyer
  52. Have Extra Keys Made for Lockbox
  53. Set-Up Showing Services
  54. Help Owners Coordinate Showings
  55. Gather Feedback After Each Showing
  56. Keep track of Showing Activity
  57. Update MLS Listing as Needed
  58. Schedule Weekly Update Calls with Seller
  59. Prepare “Net Sheet” For All Offers
  60. Present All Offers to Seller
  61. Obtain Pre-Approval Letter from Buyer’s Agent
  62. Examine & Verify Buyer’s Qualifications
  63. Examine & Verify Buyer’s Lender
  64. Negotiate All Offers
  65. Once Under Contract, Send to Title Company
  66. Check Buyer’s Agent Has Received Copies
  67. Change Property Status in MLS
  68. Deliver Copies of Contact/Addendum to Seller
  69. Keep Track of Copies for Office File
  70. Coordinate Inspections with Sellers
  71. Explain Buyer’s Inspection Objections to Sellers
  72. Determine Seller’s Inspection Resolution
  73. Get All Repair Agreements in Writing
  74. Refer Trustworthy Contractors to Sellers
  75. Meet Appraiser at the Property
  76. Negotiate Any Unsatisfactory Appraisals
  77. Confirm Clear-to-Close
  78. Coordinate Closing Times & Location
  79. Verify Title Company Has All Docs
  80. Remind Sellers to Transfer Utilities
  81. Make Sure All Parties Are Notified of Closing Time
  82. Resolve Any Title Issues Before Closing
  83. Receive and Carefully Review Closing Docs
  84. Review Closing Figures With Seller
  85. Confirm Repairs Have Been Made
  86. Resolve Any Last Minute Issues
  87. Attend Seller’s Closing
  88. Pick Up Sign & Lock Box
  89. Change Status in MLS to “Sold.”
  90. Close Out Seller’s File With Brokerage

As a Buyer’s Agent they also have many tasks:

  1. Schedule Time To Meet Buyers
  2. Prepare Buyers Guide & Presentation
  3. Meet Buyers and Discuss Their Goals
  4. Explain Buyer & Seller Agency Relationships
  5. Discuss Different Types of Financing Options
  6. Help Buyers Find a Mortgage Lender
  7. Obtain Pre-Approval Letter from Their Lender
  8. Explain What You Do For Buyers As A Realtor
  9. Provide Overview of Current Market Conditions
  10. Explain Your Company’s Value to Buyers
  11. Discuss Earnest Money Deposits
  12. Explain Home Inspection Process
  13. Educate Buyers About Local Neighborhoods
  14. Discuss Foreclosures & Short Sales
  15. Gather Needs & Wants Of Their Next Home
  16. Explain School Districts Effect on Home Values
  17. Explain Recording Devices During Showings
  18. Learn All Buyer Goals & Make A Plan
  19. Create Internal File for Buyers Records
  20. Send Buyers Homes Within Their Criteria
  21. Start Showing Buyers Home That They Request
  22. Schedule & Organize All Showings
  23. Gather Showing Instructions for Each Listing
  24. Send Showing Schedule to Buyers
  25. Show Up Early and Prepare First Showing
  26. Look For Possible Repair Issues While Showing
  27. Gather Buyer Feedback After Each Showing
  28. Update Buyers When New Homes Hit the Market
  29. Share Knowledge & Insight About Homes
  30. Guide Buyers Through Their Emotional Journey
  31. Listen & Learn From Buyers At Each Showing
  32. Keep Records of All Showings
  33. Update Listing Agents with Buyer’s Feedback
  34. Discuss Homeowner’s Associations
  35. Estimate Expected Utility Usage Costs
  36. Confirm Water Source and Status
  37. Discuss Transferable Warranties
  38. Explain Property Appraisal Process
  39. Discuss Multiple Offer Situations
  40. Create Practice Offer To Help Buyers Prepare
  41. Provide Updated Housing Market Data to Buyers
  42. Inform Buyers of Their Showing Activity Weekly
  43. Update Buyers On Any Price Drops
  44. Discuss MLS Data With Buyers At Showings
  45. Find the Right Home for Buyers
  46. Determine Property Inclusions & Exclusions
  47. Prepare Sales Contract When Buyers are Ready
  48. Educate Buyer’s On Sales Contract Options
  49. Determine Need for Lead-Based Paint Disclosure
  50. Explain Home Warranty Options
  51. Update Buyer’s Pre-Approval Letter
  52. Discuss Loan Objection Deadlines
  53. Choose a Closing Date
  54. Verify Listing Data Is Correct
  55. Review Comps With Buyers To Determine Value
  56. Prepare & Submit Buyer’s Offer to Listing Agent
  57. Negotiate Buyers Offer With Listing Agent
  58. Execute A Sales Contract & Disclosures
  59. Once Under Contract, Send to Title Company
  60. Coordinate Earnest Money Drop Off
  61. Deliver Copies to Mortgage Lender
  62. Obtain Copy of Sellers Disclosure for Buyers
  63. Deliver Copies of Contract/Addendum to Buyers
  64. Obtain A Copy of HOA Bylaws
  65. Keep Track of Copies for Office File
  66. Coordinate Inspections with Buyers
  67. Meet Inspector At The Property
  68. Review Home Inspection with Buyers
  69. Negotiate Inspection Objections
  70. Get All Agreed Upon Repair Items in Writing
  71. Verify any Existing Lease Agreements
  72. Check In With Lender To Verify Loan Status
  73. Check on the Appraisal Date
  74. Negotiate Any Unsatisfactory Appraisals
  75. Coordinate Closing Times & Location
  76. Make Sure All Documents Are Fully Signed
  77. Verify Title Company Has Everything Needed
  78. Remind Buyers to Schedule Utilities
  79. Make Sure All Parties Are Notified of Closing Time
  80. Solve Any Title Problems Before Closing
  81. Receive and Review Closing Documents
  82. Review Closing Figures With Buyers
  83. Confirm Repairs Have Been Made By Sellers
  84. Perform Final Walk-Through with Buyers
  85. Resolve Any Last Minute Issues
  86. Get CDA Signed By Brokerage
  87. Attend Closing with Buyers
  88. Provide Home Warranty Paperwork
  89. Give Keys and Accessories to Buyers
  90. Close Out Buyer’s File Brokerage

In Closing…

You don’t need to buy or sell a home to support your agents real estate business – here are just a few simple ways to show your support!

By sharing one of their listings, sending a friend or family member their way, letting them connect you with agents outside their area for a broker to broker referral, or leaving them a positive comment or review, this helps them feel seen and supported😊

Best Regards,

101 Loan

Senior Mortgage Advisor

www.101Loan.com

650-465-8957 c  408-377-4123 o  408-608-1921 f

CA DRE #01205444  NMLS #326829

101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.

The Hardest Loan We Have Ever Closed…

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Over the last 30 years of doing business, many of my power partners that include Realtors, Financial Planners, Tax Planners and Divorce Attorney’s (& past clients) have said many nice things about how we run our business.  This includes:

  • Great follow-up
  • Out of the box thinking
  • Ownership of the loan from start to finish
  • Great communication to all parties involved
  • Access to multiple lenders giving us lending flexibility

This week we closed the hardest most time intensive loan ever, that was referred to us by a past client.

A family member of theirs, had been declined by another bank due to the complexity of their loan and the fact that they had put money into the property before actually owning it which is a big no no for Fannie Mae and Freddie Mac.  After exhaustive conversations with the lender and with Fannie Mae over several weeks coupled with multiple condition requests to the borrower, we were able to get the loan fully approved by the bank.

We closed this week on Tuesday and the clients thanked us stating that we pulled off a major “Hail Mary” and thanked us for not quitting and seeing it through.

I shared this experience and story with my son and he said…”Dad, do you know why people use you and refer business to you?  Its because you close deals. You’re the definition of a true closer”.

This made me remember a testimonial that a long-time friend and CPA once shared at a networking event in front of 50 other professionals about me. He stated, “I send business to Rob because he gets Shit done”. I guess that pretty much sums me and my staff up!

If you need help with a loan or would like to learn more about what we do, please contact me or go to this page to learn more.

Have a Great Week!

101 Loan

Senior Mortgage Advisor

101 Loan LLC

650-465-8957 c  408-377-4123 o

CA DRE#01205444  NMLS #326829

101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.

Not All Preapprovals are Created Equal…

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Not All Preapprovals are Created Equal…

Some lenders provide great rates but lack service. Some lenders provide great service but lack good rates. At 101 Loan, we Provide Both!  In fact today our Jumbo 30 Year fixed is at 7.125% at 0 Points on Loans Over 750k in loan amount. (Assumes 25% down with a 780 mid fico score with APR of 7.254)

When it comes to making an offer on your behalf, we go the extra mile to ensure your offer is the strongest offer possible in the eyes of the seller and listing agent. This includes the following and something most banks, brokers or credit unions don’t offer:

1) We get the buyer completely pre-approved before they make an offer, so they won’t need a loan contingency (unless we recommend having one), something seller’s require in this market.  This involves verifying credit, all income docs and all assets docs and reviewed by an underwriter and run through DU.

2) We strategize with the buyer and Realtor, to close in the quickest amount of time with the least amount of contingencies while keeping the buyers risk as low as possible.

3) At the time of offer, we call the listing agent on behalf of the buyer and their Realtor to differentiate the offer over someone else’s. (This makes the biggest difference in the eyes of the listing agent and seller and conveys strength in the preapproval)

4) We can close purchases in 21 to 25 days (as needed) depending on the loan program the buyer chooses. Faster is better in the eyes of the seller!

5) We provide a timeline to the buyer, the listing agent and the buyer’s agent, once the loan is locked; detailing each step of the transaction to ensure a smooth closing.

6) We ensure the buyer knows exactly what the loan will cost once locked and then update them immediately if there are any changes to the loan structure, as a result due to a change of circumstance.  We then re-summarize the costs before the buyer signs the loan docs.

7) We coordinate the buyer’s signoff with escrow and their Realtor, to ensure the purchase closes on time, as scheduled.

8) We basically “micro-manage” the purchase from start to finish to ensure everything goes as smoothly as possible, something crucial in this market, to ensure all parties have a smooth and stress-free closing.

To Get Preapproved, please Contact Us.

Best Regards,

101 Loan

Senior Mortgage Advisor – CA DRE #01205444  NMLS #326829

650-465-8957 c  408-377-4123 o  hello@101loan.com

Mitch Stelling

Mortgage Advisor – – CA DRE#- 02212314  NMLS#- 2318256

(831) 431-0726 c  408-377-4123 o  mitch@101loan.com

www.101loan.com

101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.

Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.

You Don’t Need 20% Down to Purchase a Home…

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So many renters and potential buyers think they need to have 20% down to qualify for a home purchase or a credit score of 740+ to buy!

Below you will find 4 programs where 20% down is not required nor high credit scores…

VA LOANS by the Veterans Administration:

  • No Down Payment Required
  • Competitive Interest Rates
  • No Private Mortgage Insurance (PMI)
  • Flexible Credit Requirements

FHA LOANS by the Federal Housing Association:

  • Low Down Payment (3.5% Down)
  • Accessible Credit Requirements
  • Government Backing

HOME ONE by Freddie Mac:

  • Low Down Payment (3.0% Down)
  • No Income or Geo Limits
  • Custom Mortgage Insurance (MI) Coverage
  • Allows Many Property Types

CALHFA LOANS:

  • Down Payment Assistance where one can put zero down.
  • Educational Resources
  • Flexible Eligibility
  • No Geographic Restrictions
  • Must Be Funds Available to Use from the State
More info on First Time Buyer Programs

Best Regards,

101 Loan

Senior Mortgage Advisor

www.101Loan.com

650-465-8957 c  408-377-4123 o  408-608-1921 f

CA DRE #01205444  NMLS #326829

101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

 

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.