Happy Friday (on Monday!),
For the last 2 weeks I have mentioned goal setting. Not to sound like a broken record...but it’s IMPORTANT! My wish for you this year is to accomplish all your goals! Furthermore, what about tracking systems to be sure you are on track? Or are you one to set goals in January, to only look to see how you did the next December? Do you know what your average number of leads is per month? Or where your leads come from? Referrals you say? What about the TYPE of referral? Was it a past client? A past client referring a friend? Your farm? Relo? Advertising? Personal Friend? Business relationship? A channel account? Knowing this information could really assist you in knowing where to spend your dollars.
There are just 5 forms (in my opinion and experience) that you need. (1) A lead tracker that also tallies the type of referral (2) Monthly pay log showing all transactions in a month and split between buyer/listing . "Maybe" your average dollar transaction is highest in one or the other, and will benefit where you should spend your dollars!? (3) Profit and Loss (monthly) to show money coming in, and expenses (4) Personal budget - to forecast your money and savings! Imagine paying bills once a month at the beginning, and know where you stand before spending the next month! (5) A weekly time tracker (one page!) that has each day and groups of activities like phone calls, face to face meetings, thank you notes, group presentations, lunches/coffees, # referrals received. This one page snapshot can really tell you where you spend your time.
Of course all of the above cannot be implemented overnight. But I hope maybe this information will get you started in the baby steps to jump start your business, or enhance an already mature one. After 15 years in the business, I needed something new, and the 5 forms above have transformed my business.
The other most important thing I would like you to know this week is WE ARE STILL ABLE TO CLOSE BY JAN 31!!! Until Friday 1/14, if the client makes full application with an accepted contract (conforming loans only), we can close quick! Let us know if we can help.
Rates….up and down. You can still get something in the 4-s!
Jennifer Hernandez
RATES as of January 10, 2011 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.750% APR 4.882%
30 year ( fixed ) 5.625% APR 5.744%
15 year (fixed) 4.125% APR 4.350%
15 year ( fixed ) 4.875% APR 5.072%
5/1 ARM 3.500% APR 3.328%
7/1 ARM 3.875% APR 3.558%
5/1 ARM 4.000% APR 3.653%
7/1 ARM 4.250% APR 3.856%
10/1 ARM 5.250% APR 4.557%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
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