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Endre Barath,Jr.'s Blog

By Endre Barath,Jr. | Agent in Beverly Hills, CA
  • As Interest reates are creeping up: Time to check out your Credit Score!

    Posted Under: Home Buying in Los Angeles, Property Q&A in Los Angeles, Credit Score in Los Angeles  |  July 7, 2013 12:37 PM  |  445 views  |  No comments

    As Interest rates are creeping up: Time to check  out your Credit Score!

     As interest rates are slowly creeping up I would like to caution those of you who are planning to purchase a property in the near term with a mortgage vs. all cash it is time to check your Credit Scores.   

    Greater Los Angeles Homes for Sale Endre Barath,Jr

    According to the Consumer Financial Credit Bureau (CFCB) Credit Scores sold to consumers are not the same as the ones lenders use. Hence there is a difference between the scores which in turn could be the difference between a lender approving or rejecting an applicant for a mortgage. Hence to check your Credit Score develop a relationship with a Mortgage Broker or Mortgage Banker that way you will be on the same level playing field as your Financial Institution.

    los angeles homes for sale Endre Barath

    Fair Isaacs Corporation has retooled their scoring system. I am referring to the FICO Score: the formula that they use in calculation to determine a Number for the majority of Americans to see what is their Credit Worthiness is. Those who want to buy a home depend on a good FICO Score to get low interest rates. To simplify, it is a credit score that represents the potential creditors paying behavior. The higher the score the better ones chances are for getting a low interest mortgage.


    Should you need a referral for a mortgage broker:  feel free to reach out to me for a savvy mortgage lender contact?


    If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.


     

  • What makes a Good Loan Broker? Is it the interest rate? Is it the fees?

    Posted Under: Home Buying in Los Angeles County, Financing in Los Angeles County, Credit Score in Los Angeles County  |  November 12, 2012 10:41 PM  |  785 views  |  No comments

    What makes a Good Loan Broker? Is it the interest rate? Is it the fees? Is it the person?

    This post was inspired by a great article in the Los Angeles Times about lenders.  The LA Times wrote http://www.latimes.com/business/la-fi-lew-20121104,0,1612782.story  that more than 30 per cent of potential buyers would be willing to pay more to get superior service.

    These made me think, if you are a buyer, why not get both, good service and low fees, because you can? Hence I suggest the solution is easy:  contact your Realtor with whom you are working with and that Realtor will introduce you to a great Loan Officer. There is no payback or gifts from the Lender to the Realtor. There is no ulterior motive. There is only one incentive: The Realtor wants to make sure that you get the best possible loan for your situation and it will close on time, because only then will the Realtor get paid. Once the buyer closes on the transaction and the buyer is happy that will than insure future referrals from the buyer’s circle of influence?

    So what makes a good Loan Broker? In my opinion it is one who stands out from the crowd? To me a good Loan Officer is one, who provides you with the best possible service on a consistent basis throughout the Escrow Period. That means someone who is available for your questions with professional and fast answers. A good Loan Officer, just like a good Realtor can be reachable weekends and weekdays including off hours to answer your questions.

    Let’s face it most of the programs are available to most lenders with the exception of the Bank’s Loan Officers. (Their product is limited to what that Bank has to offer) On the other hand, what you need is someone who can give you good advice based on understanding the Political and Economic lay of the land. A good lender can give you good advice of what program will best suit your needs and in addition can advise you when to lock in the rates and when not to.

    Word of caution: If a buyer does not listen to their Realtor’s recommendation and goes with some other lender, they might be doing a huge disservice to themselves and it could cost them more than just higher fees. I t could cost them missing out on the property and or getting a loan program that might regret receiving later.

    If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

     

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