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What is the most important thing for Realtors to know about today’s mortgage market?

by Chicago Agent

Babak Raymond Yousefian
Co-Founder
Alumni Mortgage Group

It’s important for a Realtor to have a solid understanding of the financial boundaries for their client, and the external forces that could affect those boundaries (SB1167, proposed CTA bailout, federal fiscal stimulus, demand for Chicago housing, etc.). What is traditionally a stressful transaction for the average homebuyer can become much less so if the proper questions are asked to establish an appropriate upper bound during the initial meeting.

Kenneth A. Goldberg
Executive managing director
Sheldon Good Brokerage

This is the third “tough” market that I have been involved with. A tendency in the past was to reduce real estate prices that had grown out of sight and reduce the vast number of agents across the country who were not professional, didn’t know their business and were totally unfamiliar with the real estate market. For the future, I see a realistic adjustment in price levels, fewer, but more knowledgeable, real estate agents and a realization by the public that real estate is still the best investment one could make.

Michelle Moravecek
Assistant Vice President
National City Mortgage

In the current mortgage environment, Realtors need to be aware that rules and guidelines regarding mortgages are changing monthly, weekly and sometimes even daily. The changes that are taking place are industry wide. No one has the magic pill to make things easy for clients, and every lender is affected. Pre-approvals that were given in the fall, or even in the past month, may not be valid any longer, so making sure your buyers stay in touch with their mortgage professionals is vital. Consistent updates, which once may have been seen as cumbersome, are now welcomed. Now is not the time to work with people you don’t know or trust.

Tim Lindsey
Senior Loan Officer
XCapital

I think the most important thing a Realtor needs to know in this mortgage market is the benefit a seasoned loan officer can bring to their business. Business is back to the way it was three years ago. Now, more than ever, Realtors need a loan officer who knows the underwriting guidelines, has great lender relationships with the best rates and knows how to structure the deals so they close smoothly and on time.

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