- vip 3
- Mortgage Broker Or Lender with Luxury Mortgage Corporation
Specialties: Residential Sales, Luxury Homes, First-Time Home Buyers...
About Tony Grech
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- Evelyn Duncan reviewed Tony Grech
- Helped me buy a home
I recommend Tony because he was very helpful, professional, and awesome throughout my loan experience. He always responded back to my emails in a timely manner, he explained the entire process even if I asked him the same questions over and over again. I just re-financed and he made this process as easy and less time consuming as possible. I would 100% recommend Tony because he is nothing but the best!
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sres: Seniors Real Estate Specialist
The SRES® Designation program educates REALTORS® on how to profitably and ethically serve the real estate needs of the fastest growing market in real estate, clients age 50+. By earning the SRES® designation, you gain access to valuable member benefits, useful resources, and networking opportunities across the U.S. and Canada to help you in your business.
gri: Graduate, REALTOR® Institute
REALTORS® with the GRI designation have in-depth training in legal and regulatory issues, technology, professional standards, and the sales process. Earning the designation is a way to stand out to prospective buyers and sellers as a professional with expertise in these areas.
abr: Accredited Buyer’s Representative
The Accredited Buyer’s Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients at every stage of the home-buying process.
sfr: Short Sales and Foreclosure Resource
The SFR® certification teaches real estate professionals to work with distressed sellers and the finance, tax, and legal professionals who can help them, qualify sellers for short sales, develop a short sale package, negotiate with lenders, safeguard your commission, limit risk, and protect buyers.
Through NAR's Green Designation, the Green Resource Council provides ongoing education, resources and tools so that real estate practitioners can successfully seek out, understand, and market properties with green features.
crb: Certified Real Estate Brokerage Manager
The Certified Real Estate Brokerage Manager (CRB) is one of the most respected and relevant designations offered in real estate business management and is awarded to REALTORS® who have completed advanced educational and professional requirements. CRB Designees are better positioned to streamline operations, integrate new technology and apply new trends and business strategies. Join today and discover a new approach to enhancing knowledge and leveraging opportunity.
cpm: Certified Property Manager
CPM designees are recognized as experts in real estate management. Holding this designation demonstrates expertise and integrity to employers, owners, and investors.
crs: Certified Residential Specialist
The CRS designation is the highest credential awarded to residential sales agents, managers, and brokers. On average, CRS designees earn nearly three times more in income, transactions, and gross sales than non-designee REALTORS®.
alc: Accredited Land Consultants
The esteemed Accredited Land Consultants (ALCs) are the most trusted, knowledgeable, experienced, and highest-producing experts in all segments of land. Conferred by the REALTORS® Land Institute, the designation requires successful completion of a rigorous LANDU education program, a specific, high-volume and experience level, and adherence to an honorable Code of Conduct.
cips: Certified International Property Specialist
Instantly align yourself with the best in international real estate by earning the CIPS designation. The program includes five full days of study focusing on the critical aspects of international real estate transactions, and an influential network of 2,000 professionals who turn to each other first when looking for referral partners.
epro: Certified Internet Professional
NAR's e-PRO® certification teaches you to use cutting-edge technologies and digital initiatives to link up with today's savvy real estate consumer.
bpor: Brokers Price Opinion
The BPOR certification provides REALTORS® with knowledge and skills to perform accurate and professional broker price opinions (BPOs) and comparative market analyses (CMAs), while reducing risk and increasing opportunities.
pmn: Performance Management Network
This designation is unique to the REALTOR® family designations, emphasizing that in order to enhance your business, you must enhance yourself. It focuses on negotiating strategies and tactics, networking and referrals, business planning and systems, personal performance management and leadership development.
ccim: Certified Commercial Investment Member
The Certified Commercial Investment Member (CCIM) designation is commercial real estate’s global standard for professional achievement, earned through an extensive curriculum of 200 classroom hours and professional experiential requirements. CCIMs are active in 1,000 U.S. markets and 31 other countries and comprise a 13,000-member network that includes brokers, leasing professionals, asset managers, appraisers, corporate real estate executives, investors, lenders, and other allied professionals.
cre: Counselors of Real Estate
The Counselors of Real Estate® is an international group of recognized professionals who provide seasoned, expert, objective advice on real property and land-related matters. Only 1,100 practitioners throughout the world carry the CRE® designation. Membership is by invitation only.
gaa: General Accredited Appraiser
For general appraisers, this designation is awarded to those whose education and experience exceed state appraisal certification requirements and is supported by the National Association of REALTORS®.
mrp: Military Relocation Professional
NAR's Military Relocation Professional certification focuses on educating real estate professionals about working with current and former military service members to find housing solutions that best suit their needs and take full advantage of military benefits and support.
raa: Residential Accredited Appraiser
For residential appraisers, this designation is awarded to those whose education and experience exceed state appraisal certification requirements and is supported by the National Association of REALTORS®.
rce: REALTOR® Association Certified Executive
RCE is the only professional designation designed specifically for REALTOR® association executives. RCE designees exemplify goal-oriented AEs with drive, experience and commitment to professional growth.
rsps: Resort and Second-Home Specialist
This certification is designed for REALTORS® who facilitate the buying, selling, or management of properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination are involved in this market niche.
sior: Society of Industrial and Office REALTORS®
The SIOR designation is held by only the most knowledgeable, experienced, and successful commercial real estate brokerage specialists. To earn it, designees must meet standards of experience, production, education, ethics, and provide recommendations.
srs: Seller Representative Specialist
The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Council of Real Estate Brokerage Managers (CRB) who meet specific educational and practical experience criteria.
awhd: At Home With Diversity
Learn to work effectively with – and within – today’s diverse real estate market. The At Home With Diversity certification teaches you how to conduct your business with sensitivity to all client profiles and build a business plan to successfully serve them.
Check out all of Tony Grech's activity on the Trulia community, Trulia Voices. If you have a real estate question, get answers from professionals by posting there.
Q:A:A 20% down payment is not necessarily required. It really depends on a number of factors. Will this home be your residence, or will it be a 2nd home or an investment property? If it's an investment property then a 20% down payment will most likely be required. Do you have any special circumstances like a very recent bankruptcy or foreclosure or undocumented self employment income? If so, then you might have to seek out a non-prime loan which may require a larger down payment. If you have stable and verifiable income, good credit, and you are using this as your primary residence or a vacation home, then you could potentially get by with as little as 3% down. I'm licensed in GA (as well as NY) and I would love to talk to you in more detail about your goals so I can help lay out your options for you. Please give me a call or email me and we can discuss things further! Tony Tony Grech Sr. Mortgage Loan Originator – NMLS #977416 Luxury Mortgage Corp 29200 Northwestern Highway, Suite 300 Southfield, MI 48034 Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522
Q:A:Hi Deborah, Congrats on your decision to become a homeowner. From the sounds of things, you have worked hard to save up a good size down payment and you have established excellent credit, so kudos. The other aspect of getting approved for a loan is your income/employment. In general, you should be able to document your employment history for the past 2 years and when we add up all your debts, including the proposed mortgage payment, they should total 45% or less of your gross monthly income. To answer your specific questions, a 15 year loan is definitely a good option to look at. Consider this: On a $150,000 home with 20% down payment, a 15 year will save you about .75% on the interest rate and the payment would only be about $250 more per month than the 30 yr counterpart. You'd be mortgage free in half the time and would save about $60,000 in interest over the life of the loan. Not bad eh? For borrowers that can swing it financially, I'd definitely recommend it. You probably won't miss that $250/month after getting used to paying it. With respect to keeping money in the bank, this is also a great idea. Most people get so hung up on putting the most down for a down payment without remembering they are going to need to come up with money for: furniture, appliances, movers, paint, repairs, etc. It can add up. Sure, Lowes and Home Depot are more than willing to hand out 6-12 months same as cash, but you want to have a game plan to be able to pay that off soon so you don't incur hefty interest charges. Borrowing less from a mortgage lender but then going and accruing revolving debt is like robbing Peter to pay Paul. A lot of it depends on the house itself, but it's not crazy to want to have $10,000-$20,000 left in reserve to cover those expenses. Not everyone does that (not by a long shot) but it's certainly a good idea. I would be glad to walk you through the mortgage process. I'm licensed in TX and also have some realtor contacts if you should need help with that. Feel free to reach out to me. Tony Tony Grech Sr. Mortgage Loan Originator – NMLS #977416 Luxury Mortgage Corp 29200 Northwestern Highway, Suite 300 Southfield, MI 48034 Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522 Licensed in MI,GA,DC,TX
Q:A:Hi Nancy, A lot of it is going to depend on the circumstances of the bankruptcy...when you filed, the reason you filed, if and when it's been discharged. There are a number of factors. I'm licensed in GA and have some good experience and resources at your disposal. I can help walk you through the process and give you some advice. Feel free to reach out to me via email or phone and I'll do my best to help! Tony Tony Grech Sr. Mortgage Loan Originator – NMLS #977416 Luxury Mortgage Corp 29200 Northwestern Highway, Suite 300 Southfield, MI 48034 Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522 Licensed in MI,GA,DC,TX
Q:A:Hi Bijishi, If you have any financing-related questions I can help you. I am a TX-licensed loan originator and we work with a lot of investors, both novice and experienced. Feel free to give me a call. Tony Grech Sr. Mortgage Loan Originator – NMLS #977416 Luxury Mortgage Corp 29200 Northwestern Highway, Suite 300 Southfield, MI 48034 Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522 Licensed in MI,GA,DC,TX
Q:A:Well, with a 509 credit score you had better be able to pay cash because that's going to be too low to realistically qualify for a mortgage. Generally you'd need to get those scores up to a minimum of 580, preferably about 620 in order to have them where they need to be to qualify for a loan. Feel free to give me a call or email me discuss your situation in more detail. I have some folks I work with closely that can help you repair your credit. They do really good work and I wouldn't doubt they can help you. Tony 248-714-4914
Q:A:Joshua, This is a question we as lenders get very often, and the answer is IT DEPENDS. Rates vary depending on the individual qualifications of the borrower, mainly your credit scores, down payment, loan amount, and debt-to-income ratio. In addition, the length of time you are locking the rate for plays into it as well. The longer the rate lock, the higher the rate, and vice versa. A standard rate lock is 30 days. Fannie Mae and Freddie Mac, who back nearly all conventional loans, operate off of something called Loan Level Pricing Adjustments (LLPA's). The gist of it being that the lower the credit scores, the lower the down payment, the more risk that particular borrower represents. Therefore the rate that borrower would qualify for would be higher. Someone with perfect credit and a large down payment would conversely qualify for a lower rate. In addition to that, most lenders also have their own pricing adjustments based on loan size. In most cases loans under $150,000 will have negative pricing adjustments and loans over a certain amount ($250,000 or so) might have positive adjustments - but that more varies by lender. The rock bottom rates (ones that have no LLPA's) are obtainable for those borrowers with middle credit scores over 740 and a down payment of at least 25%. When you change those metrics then the rate goes up accordingly. For example, as of this morning a borrower with 740 credit putting 25% down and borrowing $250,000 could expect to pay about 4.125% with no points. A different borrower with only 10% down and a 680 credit score could expect to pay about 4.375%, and if that same borrower only had 620 credit they'd probably pay 4.75%. So as you can see, there is sometimes a huge difference. So it benefits you to have your finances and credit in order before applying for a mortgage. As always, your best bet is to speak with a qualified mortgage professional before doing anything. See where you are at now, explore those options, and if it makes sense to wait, then wait. It can save you tens of thousands of dollars. Put yourself in the best position possible to succeed! Hope this helps!
Q:A:I'm thinking this is an income related question? It sounds like you get paid in cash and do not claim the full amount as income? Unfortunately in cases where you are not a salaried or hourly W-2'd employee, lenders must go off of the DOCUMENTED income on your tax returns. So while it may be your CPA's job to minimize the amount of income you pay taxes on, this does you no favors when trying to get a home loan. It's become especially more difficult to get around this in any way since the government enacted laws to ensure that borrowers have the ability to repay a loan. No more stated income or no doc loans. So you'd need to begin documenting your income for at least a period of 2 years (and file the corresponding tax returns) in order to be able to use your income to qualify for a loan. Hope this helps!
Q:A:USDA and VA (if you are a veteran) are really the only 0% down payment loans out there. But you'll still likely need money for closing costs, insurance, and taxes, unless you can get the seller to pay those for you. The low credit score would probably be the biggest obstacle. Generally you're going to need at least a 620-640 middle credit score to qualify for either of those loans. Feel free to give me a call to discuss your situation. We have some good credit repair folks next door who can assist you if you need help raising those scores. Tony Grech Sr. Mortgage Loan Originator – NMLS #977416 Luxury Mortgage Corp 29200 Northwestern Highway, Suite 300 Southfield, MI 48034 Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522 Licensed in MI,GA,DC,TX
Q:A:Hi Colette, 620 is the minimum credit score required for a conventional loan. Some lenders can go lower on an FHA loan. So the score in and of itself won't disqualify you for a loan. Although it is on the lower end of what is considered acceptable. With respect to the self employment, it sometimes gets a little tricky. Lenders will require you to provide your last two year's worth of tax returns, and the income they go off of is derived from your NET income figures after all deductions. What I always say is that when it comes to self employed income your CPA's goal is to minimize the income you show so that you pay less in taxes. But that goal directly conflicts with the mortgage bank because often we need you to show more income in order to qualify for the loan! If you'd like to give me a call I can take a look at your scenario and see if I can help. Tony Grech Sr. Mortgage Loan Originator – NMLS #977416 Luxury Mortgage Corp 29200 Northwestern Highway, Suite 300 Southfield, MI 48034 Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522 email@example.com
Q:A:We are going through a MAJOR readjustment period: http://zillow.mediaroom.com/index.php?s=159&item=228 New data reveals bottom in home values unlikely to appear in 2011. Zillow has revised its forecast and now predicts a bottom in 2012 at the earliest. As Gabriel astutely pointed out, there are plenty of opportunities out there. Hopefully those in distressed properties and close to foreclosure can survive. Those entering the market have prices similar to 2004-2005 now. Frank
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