Is there light at the end of the tunnel?
It's no secret that the real estate business is a tough one, even at the best of times, which is certainly not how I would describe life today. Worldwide recession, no confidence in the system, too much inventory, etc. There are a ton of reasons why times are so tough in this business. The phones have been so quiet for so long, I jump when it actually rings!
When it rings, with a real person on the other end (don't get me started on political robo-calls!) that wants to get into a home, it's a great feeling. This feeling all to often crashes, as you ask the questions you need to regarding their ability to qualify. We've gone from simply needing a pulse to qualify (& sometimes not even that!) to the point where even those with a 750 FICO score have to jump through all manner of hoops just so get a simple mortgage. I certainly understand why we need to have well qualified buyers, but the pendulum seems to have swung too far the other way. However, we may be seeing some light at the end of the tunnel.
It's not my nature to 'plug' individual venders that we use out here in Tooele County. I usually plug them as a group, as they are all amazing. However, we received some great info the other day from a lender that actually gave me some hope! Many lenders today complain that they can't seem to get any qualified buyers. But, how many of them are stepping up themselves to deal with that issue? Phil Wilson of Utah Home Mortgage Loan Corporation is one of those.
In Phil's own words:
'We have put a lot of time and a lot of expense into understanding credit, how it works, what information affects a person’s score, and how to combat adverse credit. About 30 percent of the business we close is for persons who have been denied due to bad credit. In many cases, we have been able to help a customer raise their scores sufficiently within a matter of weeks, this at no cost to the customer. We also are not afraid to work with those that need more time to get their credit up to par. We have closed and will close shortly, customers that we have been working with for well over a year. We take fulfilling the dream of home ownership VERY seriously. We are not about the quick transaction only, but we are willing to roll up our sleeves, sit down with you and go over your credit line by line, and put together a plan that, if followed, we lead you to owning your own home'.
If bad credit is the problem, how nice to see a lender that is working hard to fix it himself, and not be stuck waiting for the world to right itself. But, credit repair isn't Phil's only forte. You still have to have product when all is said and done. How about the ability to close an FHA loan with a score as low as 530? Phil says it's a grueling process, but for those willing to do the work, it's possible. You can't have any judgements, or collections over $1000 (except medical) and no adverse credit for 12 months. Sure, it's tough. But, making it too easy is what got us into this mess! They even have options for those with no credit!
It's no secret that the housing market has been a mess. It's also no secret that the only way to fix the economic crisis we see ourselves in is to stabilize the housing market. This won't happen as long as lenders are afraid or unwilling to make loans, resodential and commercial. It's great to find a lender that understands that! Thanks to lenders like Phil Wilson at Utah Home Mortgage Loan Corporation, there is light at the end of the tunnel! Call Phil today! For all your other Real Estate needs in Tooele, Granstville, Stansbury Park or elswhere in Tooele County, call us today!
Utah Mortgage Loan Corp.
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