“Giving and Receiving”
Not sure why this institution doesn’t have a mortgage solution? After speaking to Mark, it is all going to be pretty simple.
Mark had put his son’s name on title when the land was purchased. The home is being built on his property, which means upon completion we will be doing a refinance.
Mark told me that the bank wanted to have his son come up with a down payment, which is where the challenge was. Since the son has owned the land for a couple of years, NO down payment would be required.
I spoke to the son, handled credit and income and all is good. I set up an appointment to get the mortgage application completed so that we will be ready to close in June, when the construction will be complete.
This family planned very well to help their son get into his first home. Now it is my job to make the rest of this happen.
Joe,
Please reach out to Mark, our bank does not have a solution for him. He is building a home for his son in Southern Connecticut – I believe in Old Lyme. He is doing all the work himself and construction is nearly complete. He is financing the project himself, I believe through a HELOC that he took out on his own home and some liquid funds as well. As soon as the construction is complete, he wants his son to get a mortgage and pay back his home equity line. I originally suggested a construction loan but he had a bad experience with one in the past – he felt he paid a lot extra for inspections etc. I mentioned you and your expertise and he was very interested in hearing any options you might have. At the very least it will be a mortgage once the house is completed. His cell phone is 860-XXX XXXX.
Also, Matt XXXXXXXXX is coming in to do his construction loan application next week, thank you for the referral.
Lunch is on me when you get back from California.
Image courtesy of Phanlop/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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Hi Joe. You find ways to make things happen. Banks are stuck in a rut.
Good morning Joe. You get because you give and because you are really good.
Successful referrals and a lunch! It doesn't get better than that.
You're the best.....always finding the best options for your clients. Well done sir.
Hi Joe. I find it interesting that the bank wouldn't use the land as a substitute for the down payment. Though, I'm glad you can.
Good morning Joe. Banks never cease to amaze me! Nice you could be a source. Enjoy your day!
They were lucky to be referred to you. Good luck with these clients.
Thanks, Joe, for sharing this story. Advance planning can ease the path to home ownership.
Hmmm...sounds like a lender that could not read...or chose not to understand.
Joe, sounds like a fun time for this family, and sounds like they will have a really nice home soon.
Hi Joe Petrowsky Isn't it amazing that banks just don't get it?
Bill Roberts
Hi Joe... just too many lenders out there who can't or won't think outside the box. Then they wonder why I refer my business to a few select people in town--precisely because they do think outside the box and make things happen.
Joe,
How nice that there are so many that cannot do the job! I am glad that you could take care of these people. A
Sounds like the bank had tunnel vision and couldn't see outside the box. Good job showing them the RightTrac!
Hello Joe, sometimes, one must look outside of the box to come up with a solution, another great job for your clients.
Joe they contacted the right person for the answers. Now it is just a matter of getting the loan into process and closed. Easy! Right :)
Knowing the mortgage products and having something to help out these unusual requests is what makes you stand out. Well done.
Joe- you give your wisdom, your professionalism and your expertise and kindness. Who could ask for more.
Hi Joe -- reciprocation --- it's not only a word with you, it's a way of life.
Joe, if one could be called a magician in your line of work, you are at the top, always pulling the proverbial rabbit out of the hat!