On the Today Show this morning, there was a segment on "The New Rules for Mortgages - Recession Proofing Your Life". They discussed the 3 C's for getting a mortgage in today's market:
- Credit - You must have a good credit score.
- Capacity - You need to be able to pay back the loan and verify income.
- Collateral - Put money down (at least 20%).
These "new rules" are not new concepts by any means. In fact, they have been a part of my training curriculum from day one. It is our job as loan officers to continue providing great loans for our borrowers that ensure making a positive life-change. How do you close a great loan? By mastering the monetary benefits, "scrubbing" their credit and verifying income (refer to
Series 2: The Vermillion Selling System).
