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The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California
  • Pebble Beach Auto Week; What you need to know

    Posted Under: General Area in Monterey County, Quality of Life in Monterey County, In My Neighborhood in Monterey County  |  September 5, 2014 10:01 AM  |  82 views  |  1 comment
    Follow me at https://twitter.com/SFHomeloans

    Once a year all of the most amazing cars in the world and their devoted fans gather for a week filled with events to honor and celebrate car design. It is the ultimate week of car events in the world.   Being married to a hard core car enthusiast Pebble Beach week is a must so of you love cars here are the insiders tips and tricks to make sure you get a ringside seat.

    1) Book Accommodations Early:  The Pebble Beach Auto week is always the third week of August. You need to book your hotel in January.  We used resort 2 me which is a great local service.  Renting a house?  Better look now because most of them are already gone.  Yes, I am writing this only one month after the 2014 show.   
    2) Know and book the best events:  My suggestions
    A) Gordon McCall’s Motor works revival;  This is a night of champagne, caviar, jets and supercars.  Dress to impress.  The people watching is great fun and who can resist the opportunity to tour multiple private jets?  Cocktail attire suggested.   Always wanted to see what it would feel like to sit in a 2 million dollar Pagani?  Here you can do that. 

    B) The Quail:  This is basically an outdoor garden party with incredible cars and lunch.  There are awards given to best of show etc.. But it is really all about being able to enjoy the California sun and have a picnic next to 6 Bugatti’s and every car you could dream of.  This event is limited to 3000 people and the tickets go fast.  I have to say if you cannot get tickets the parking lot is worth seeing since the amount of super and rare cars littered throughout the grounds is unlike anything you will see anywhere else.  The dress is prep lawn party and anything goes 

    C) The Auctions:  This year we saw a Ferrari go for 38 million dollars!!! It is amazing to be in a room, with a car when that type of money is being spent. There is a lot of cheering and excitement.   As a lender I am always wondering what they do for a living etc…  Check out Bonhams and Sothebys for locations and times. 

    3) Enjoy the local restaurants:

    Bernadus in Carmel Valley is both a great place to stay and eat.  It is right in the thick of quite a few of the events and the food is very good.  It is a great place to recharge in between auctions and test drives. 

    For dinner I would highly suggest Casanovas.  Nestled in Carmel by the sea and a bit of a challenge to find in the dark since it seems Carmel is opposed to street lights.   Also if you are in heels hold on tight to your date or companion as the streets are very uneven and in the dark you could easily take a spill. Casanovas is Caramels most romantic restaurant.  The food and wine are divine and the ambiance is enchanting. 

     For breakfast I would suggest La Bicyclette, also in Carmel by the sea.  The food is awesome and this is coming from a NYC and Healdsburg food spoiled gal. 

    4) Bring the right clothing:  For ladies the only event you can wear stilletos at is the Mccalls' event.  Everything else is on lawn or surrounded by lawn. There is nothing worse then runing a great p[air of shoes by sinking two inches.  I would strongely suggest sundresses with cardigans or a light jacket as the weather in Carmel can  go from chilly to warm fairly quickly.  . 

    4) THE FINALE:  The Pebble Beach Concours d’elegance:

    This is the Grand event capping off a week of fun.  Imagine California crisp coastline., lush pebble beach and over a billion dollars of cars laid out on the lawn.  Seriously there were over a billion dollars in cars.  Ferraris worth 20 million you could walk up to and pose next to.  It is like nothing you will see anywhere else.  After a full week of super and rare car overload you hit the last event with a seriously what else could they show me attitude and leave going WOW! 


    Below are some links to help you plan your trip! Have fun!







  • How to tell if your Realtor or lender is only after a paycheck

    Posted Under: Home Buying in San Bernardino, Home Selling in San Bernardino, Financing in San Bernardino  |  August 25, 2014 12:22 PM  |  112 views  |  No comments

    Let's start with the obvious.  Realtors and Lenders only get paid once you find and close or sell your home.  They do not get paid to show your houses or list your house or run numbers for you.  Only when the deal closes do they get paid the bulk of their income.  That being said even though the goal is always going to be to get you to close you do not want a Realtor or lender who only cares about their paycheck.  You can generally avoid this by working with an established Realtor or lender who is constantly busy. 

    Warning signs all based on comments from real people:
    1) When buying a home they write a contract with no contingencies when you only have 5% down and the house is falling apart. When selling a home they list it 30% below market and take the first offer they get.
    2) You say you do not like the home and they say you are being silly and that a coat of paint will totally fix the fact you hate it. 
    3) You say you cannot afford the house and they say you can.  Your lender says you can't afford the house and the Realtor sends you to a more creative lender who then says you can.
    4) The lender max qualifies you. Lots of people do this and it is one of my biggest pet peeves.  Max qualifying a person is setting them up for disaster.  If you buy at your max qualification you will be  “house poor”.  The lender who does this to you should gift you with some Top Ramen and lotto tickets because your will need them. 
    4) They say things like;”you don’t need an inspection; I am sure those black marks on the wall are shoe scuffs not black mold."
    5) They
    pressure you to write an offer on the first house you see and refuse to show you other homes.

    For more fun follow me on twitter at https://twitter.com/SFHomeloans

    And with that I leave you with one my favorite songs enjoy!

  • 3 Really dumb ways to try to boost business

    Posted Under: Market Conditions in Riverside, Home Buying in Riverside, Agent2Agent in Riverside  |  August 24, 2014 12:58 PM  |  155 views  |  4 comments

    1) Slam your competition with baseless reviews:  I recently received a one star review on my team page.  Horrified I immediately clicked on who this was as it was the first bad review we had gotten.   It was another local lender who I have never met, shared a client with etc... I emailed him to see how he came to this review and got nothing back. Why did I get nothing back? Because it was a baseless review meant to try to lower my overall rating. If you are so desperate for business you have to become an internet troll you should probably just leave the business now.  Hating is not going to boost your business it is just going to show you have too much spare time on your hands. 
    2) Promise what you cannot deliver:  This is like the golden rule of sales.  Never over promise and under deliver yet is it something we see every day in the mortgage business.  There is always a lender quoting 1% lower than the rest of the market to get the deal.  Do they ever deliver that rate?  No.  But their theory is that once they get the deal far enough then they can give the client the bad news that they have a higher rate but the client will be too entrenched to switch.  This may get you one deal but you will lose the Realtor and future referrals.  As a Realtor if you hear from client that the lender you are suggesting is doing this you need to switch lenders because this is a reflection of you and you just lost the referral too.
    3) Take every deal; even ones that will never close:   Some loans are not going to happen.  The borrowers do not qualify.  It will not close.  Part of being a good lender is being able to say no and put the client on the path to become a yes.  Unfortunately there are some lenders who in a desperate bid to boost business take every deal and try to "get it to stick."  You see this a bit more in the broker world then in mortgage banking because as a broker you have multiple different sources to shop it to.  This is terrible for the client and Realtor because what they keep hearing is "II have submitted it to XYZ and I really think they will go for it even though ABC and HIJ did not."  What happened?  XYZ declines. This is a deal that would never close but the client, the seller and the realtors have been put through an escrow that will never close and emotional turmoil because the lender was giving it a shot.  The client/borrower may lose thousands of dollars on inspections and their deposit just because “Bob” thought he would “see if it could stick.”

    Bottom line:  I understand everyone has to make a living.  You can make a great living in this industry and stay ethical. Know your guidelines and treat your clients and realtors as you would want to be treated  and you will always have a living

    If you have been a victim of one of the three above I stongely suggest this song.  It is fun and reminds you to Shake it off.  www.guaranteedrate.com/jenniferbeeston

  • Short sale or foreclosure? No problem. We can get you a new loan the day after.

    Posted Under: Home Buying in Daly City, Home Selling in Daly City, Financing in Daly City  |  August 22, 2014 1:06 PM  |  158 views  |  No comments
    As mentioned in my prior blog the creative financing options are really picking up steam this month.  We now have a program that will get you a loan right after a foreclosure or a short sale.  Loan amounts up to 1 million! Can be used for a purchase or refinance.

    Here are the basic details

    • 20% down minimum
    • must have 6 months reserves/ 9 months for loans over 750,000
    • 30 year fixed loan
    • owner occupied or 2nd home

    Call or email today to get qualified!
    Jennifer Beeston
    Vp Mortgage Lending

  • Yes, I offer a jumbo stated income loan; purchase and refinance

    Posted Under: Home Buying in Contra Costa County, Financing in Contra Costa County, Agent2Agent in Contra Costa County  |  August 22, 2014 9:54 AM  |  160 views  |  No comments
    We are starting to see the flood gates open on creative financing which is great news for self employed borrowers.  I have a great new loan for self employed borrowers.  Below are the basic highlights.  Call to get qualified today Jennifer Beeston 707-478-0637

    Jumbo Stated income program for both purchase and refinance
    • Max loan to value is 70%. up to 1 million and 60% up to 2 million
    • Minimum credit score of 700
    • Max loan amount is 2 million
    • Primary single family home only or pud
    • No Bankruptcy or short sales in past
    • Must have at least $100,000 in reserves
    • Minimum loan amount 417,001

      Jennifer Beeston
      VP Mortgage Lending
      Apply now at www.guaranteedrate.com/jenniferbeeston

  • How not to sell a house; Pictures included. Very funny

    Posted Under: Home Buying in San Jose, Home Selling in San Jose, Agent2Agent in San Jose  |  August 20, 2014 2:55 PM  |  144 views  |  3 comments
    These week online there were a couple great articles with pics of how not to seel a house.  If you house is in this pics you might want to consider staying because it is not going to sell.   Enjoy!

    1) 27 truly appaling home photos.  File under what were they thinking

    2) How not to sell a house.  Yes a Realtor took and presented these photos

    if you enjoyed this follow me on twitter at https://twitter.com/SFHomeloans
  • 3 Ways to lose your lender: Realtor Edition

    Posted Under: Market Conditions in Mountain View, Home Buying in Mountain View, Agent2Agent in Mountain View  |  July 9, 2014 2:52 PM  |  329 views  |  4 comments

    Overall most Realtors are fantastic and many of the Realtors I work with I consider close friends.  After years in the trenches together you form a bond.  There are however some Realtors who as a lender you just do not want in your life. Below are three things I have seen realtors do that would cause any lender to ditch them. 
    1) LIE ON THE CONTRACT:  Last year we worked with a Realtor who often lied on contracts.  He did this because he said it was the only way he could get his clients offers accepted in today's competitive climate.  He would write a conventional contract for an FHA borrower.  He would submit his offers without prequal letters since we refused to do inaccurate letters.    He would waive all contingencies for clients who were in no position to waive contingencies and basically put everyone in a terrible position.  By removing all contingencies on the contract the buyers had no chance to back out if for some reason they did not want to move forward with the purchase without losing their deposit. Every contract he wrote had a high deposit too; usually most of the borrower’s down payment.   From a lenders perspective it was terrible.  You had buyers who were in a terrible position, a listing agent who had been lied to and a buyer’s agent who bullied every buyer into closing. Every transaction he would say he would never do it again and then he would do it again. Needless to say it was not a relationship we kept.
    2) Double up on Lenders : The same agent that lied on his contract would also use multiple lenders on transactions.  He would tell the buyer to "double app" which means the buyer would be working with two lenders to secure the loan.  They were always told to never tell the lender what they were doing.  He would then have the buyer close with whoever was fastest regardless of rate or fee.  Doing a loan in today's world with all the government compliance is not a easy thing and lenders only get paid when the transaction closes.  So as a lender if you do a purchase and have loan docs to title in 20 days but the other company had them there in 19 days he would have them close with the other company even if your rate and fee were lower. You would only find out there was another lender involved at the end.  Guess what the lenders team who spent the last 20 days securing the loan just worked for free.   

    3) Send inappropriate pictures etc..; If your other lender sends you pictures from her bubble bath, please don’t send them to me.  I don’t want to see them and there is not a chance in the world I will ever send you anything like that. I am a lender not adult entertainer.  In addition “what are you wearing” is not an appropriate opening line and to respond to one Realtor who asked my partner and I when we went to his office five years ago “would we dance for his business” the answer is still no.   And yes male lenders deal with this too.  I have male lender friend who was invited multiple time by a powerful Realtor to go hot tubbing with her swinger friends. He declined. 

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