December 1st, 2006 05:23pm
admin
The bestselling book, “Men are from Mars, Women are from Venus” was about the differences in comunication between the genders.
Since I’m a female, I choose to believe my communication is crystal clear, and that men, really do communicate like they’re from another planet.
Case in point, a friend of ours came over the other day. We asked him why we hadn’t seen him in church for a while, and he sighed, shook his head, and said “Ohh, there’s a lot going on. Lots of stuff.”
I proceeded to inquire. I figured the guy wanted to talk. My husband and brother-in-law then chimed in, telling our friend not to mind me, since I’m so nosy. I said that I thought the guy wanted to talk. . . in my mind he gave a big fat hint! They said, he didn’t want to talk, if he did, he would have just started spilling the beans. That led into a conversation of how men and women communicate differently.
If a woman says, “oh boy, a lot is going on”, and shakes her head. . . you’d better ask what’s up.
Apparently, if a guy says it, no need to ask any more questions, he’ll just start talking.
This is probably why men are perceived as insensitive jerks because they don’t probe their wives and girlfriends, when we leave huge obvious clues.
The same thing can happen in the loan process if you’re not on the same page with your mortgage planner. When applying for a loan, make sure your planner (that’s me), knows WHY you want the loan you’ve asked for.
I always ask my clients WHY they want a fixed loan, or an interest loan, or a pay option. . . Once I understand their motivation, I can work more effectively, and more quickly. In addition, I can recommend a different loan program, or other services (financial planning, accounting, etc. . .)
Doing loans this way, instead of quoting rates and fees, helps me build lifelong relationships and makes my clients feel listened to, and understood.
December 1st, 2006 05:04pm
admin
I’m a diehard fan of The Apprentice.
My favorite part of the show is the boardroom, where Donald Trump tears people to shreds, pummels their self esteem into the ground, and then fires them for millions to see.
In my business, it’s my job to make dreams come true through securing financing for homeowners, investors, and first time buyers. But once in a blue moon. . . I have to fire someone.
And I’m not talking about the office staff.
As much as I love closing loans, and helping people become homeowners, I won’t work for someone who doesn’t respect my time, efforts, or abilities. Most clients fall madly in love with the work I do, but I have had the dubious honor of working with people who had to get fired.
Marvin MoneyMaker was a former client of mine who was a very wealthy business owner. Marvin would give my office 3-4 deals at a time. You must understand, this is a loan officer’s dream come true. Well, Marvin MoneyMaker also had a bit of a temper and was pretty high strung. I inherited his business from another loan officer who had had enough.
I should have known better.
Marvin’s deals weren’t the easiest to close, his funds were in accounts that were tough to verify, and he traveled frequently, so we couldn’t always get in touch with him.
That wasn’t the problem. Marvin also had a quick temper and a lack of appreciation for our hard work. The final straw came when after working on an equity line of credit for a second home that was undergoing renovations, Marvin threw a temper tantrum. I called to let him know that rates had moved, and asked him for his input (I NEVER close a loan without reviewing the final numbers a day or two ahead of schedule). Marvin screeched the phone “I am NOT happy right now. Your job is to make me happy, and I’m NOT HAPPY!!!”
I realized Marvin must have thought I was either his wife, life coach, or therapist.
I politely told Marvin that we had a fundamental misunderstanding, and that my job was to CLOSE LOANS, and in the process, I aim to please. I fired him. Because I have a great referral business, I rarely get clients that behave so badly, but when they do, I show them the door.
It just ain’t worth it.
November 28th, 2006 01:30am
admin
Every week I try to touch bases with past clients, friends and family. This is so that they all know I’m alive and well, still in business, and I haven’t run off to Mexico with Denzel yet (he’s just been pretty busy lately with his movies, that’s all) ….
So today, I got a call from an old friend, Adrienne Townsend. I’ve known her since I was six years old. I used to go to her house every day after school because my mom couldn’t pick me up herself. The scary thing is she was ten, I was six and we were taking two trains and a bus in Queens, NY. . .ALONE. I don’t let my ten year old play in the backyard unless I’m watching. . .boy have times changed. Either that, or my mom was very neglectful and I should have been taken away by Child Services a long time ago.
I digress. I return her call and I got “Voicemail Lady”. You know Voicemail Lady. Usually, she just talks and beeps and you know what to do. Well this Voicemail Lady didn’t just talk and beep. There had to be 62 options to leave a message, page the person, leave a text, leave a number, choose from a prerecorded text, answer Jeopardy questions. . .
I tried twice leaving a message, and when I thought I was done, more stuff. So I hung up. Adrienne didn’t get the message and might possibly think I’m a jerk. Anyway, when you call me (your personal mortgage planner for life) you won’t get any of those fancy messages. I have the cheapest phone and service plan available – Metro PCS. Just don’t give me nuclear warhead secrets, because the call might get dropped. You will, however, hear my message and then a beep and I will ALWAYS call you back. So call me with a deal!
November 22nd, 2006 04:42pm
admin
It’s Thanksgiving Eve, and all around the country, moms, grandmoms and even some liberated daddies are making mad last-minute dashes for that last bit of cranberry sauce, cherry pie filling and pie crust.
(By the way, why is it that every mom in my South Florida town wears workout clothes all day? It doesn’t matter whether I’m dropping my kids off, picking them up, or randomly driving by the school to make sure there are no crazy shooters. These moms are ALWAYS wearing workout gear! Does this phenomenon occur where you live?)
Anyhow, I personally know the trauma of delayed turkey shopping. Last year, I searched (very unsuccessfully) high and low for that last pie crust at Walmart.
This year, I smartened up. I avoided the hectic rush. All of my grocery shopping was done on Monday, and I got to lounge around in workout clothes all day Wednesday! Not really, but I could have if I REALLY wanted to.
Now, when it comes to mortgages, more is at stake than just pie crust. Waiting can be very expensive. For example, let’s say Indecisive Irene and Speedy Sara come to my office for a mortgage. I take both applications, run credit, and approve the both of them for a 30 year fixed rate at 5.75% on Monday.
Speedy Sara and Indecisive Irene both review the paperwork, take my information loan tour online, and call me back Wednesday. Speedy Sara likes the deal, so she signs on the dotted line, and I lock the loan.
Indecisive Irene likes the deal, however, she’s not sure yet. She wants to check with her family. That’s a good thing! I don’t work with couples unless BOTH of them are on the same page(sorry, no marriage counseling at my closings).
After the family approves, Indecisive Irene still doesn’t want to sign. She wants to know what the other programs are. We review them (the same way we did when I took the application). Then she wants to ask her pastor, her pet gerbil, and the psychic down the block.
When Irene finally makes up her mind 15 days later, rates have gone up and her 30 year fixed rate of 5.75% is now 6%. To give you some perspective, on a $250,000 mortgage, Indecisive Irene will pay $14,400 more for her 2 weeks of indecision.
I don’t believe in rushing people. A mortgage is the biggest expense most people acquire in their lives. Take your time, but if the numbers make sense, you’re saving money, and you’re getting a lower fixed rate, don’t shoot yourself in the foot by pondering too long. Trust me.
Avoid procrastination and your Thanksgivings will be so much more thankful for many years to come!
November 17th, 2006 11:41am
admin
Today marks the FOURTH time that my daughter has not brought her homework from school (at least the fourth time that I’ve noticed). At the beginning of the school year, each child received a little red folder which the teacher uses to send notes and assignments home. It’s also supposed to be used to return completed assignments. Conceptually, it’s a GREAT idea. . . if you can get your five year old to understand the importance of paper management.
Now I know some of you are nodding heads in knowing agreement because you just finished scolding your little Susie for the VERY SAME THING, but guess what. Many adults haven’t mastered this concept either!
I would be just delighted if every client kept all of the mortgage papers in a neat little folder for easy retrieval, but alas, many adults are like my kindergartener. . . “honey, where’s that check I had yesterday?” or “do ya remember where the homeowner’s insurance policy is?”
Personally, I like the homeowner’s portfolio at http://www.plannersystems.com/, which keeps EVERYTHING from your appraisal, to your HUD to your title insurance. I like it so much that I’ve started giving each of my clients one during the transaction period to help them stay organized.
Trust me, when you’re buying your new home, or refinancing, the LAST thing you want to do is scramble for important documents. Organization is KEY. So clear out those shoeboxes and shopping bags and show little Susie how it’s done!
November 14th, 2006 03:00pm
admin
In an effort to reach out to my clients, old and new, I have begun sending out my newsletter once a month to everyone I know and love (AND are in my address book). This paper includes all sorts of fun and useful information and is put together by the finest newsletter assembly line known to man (see picture). Most importantly though, it has great insights from yours truly, prizes and free stuff I love to give away.
So if you haven’t had a copy sent to you as yet, give me a call or shoot me an email at tanyahiggs@msn.com! I’ll be sure to sign you up.
September 26th, 2006 01:18pm
admin
Here is a recent email conversation I had with someone who contacted me through this site. I think some of the answers here can be beneficial to my other readers with similar questions.
QUESTION (Q): Tanya, thanx for your quick response to my inquiry.
YOUR LOAN ADVOCATE (YLA): You’re quite welcome.
Q: I purchased a home in Tivoli Lakes in Boynton Beach in 3-04. It is just now being completed and I am shopping for a 20-30 year fixed mortgage for approximately $270K. I plan on a total 20% deposit.
YLA: Will that money be coming from the sale of another property, or other liquid assets?
Q: Our estimated closing is scheduled for late 1-07. I want true biweekly payments paid as an ETF, as close to zero points as possible, and I want to pay my own taxes and my own homeowners insurance.
YLA: You can set up biweekly payments after closing. There are only a handful of lenders I know that offer true biweekly payments. Most other lenders keep the extra payments and apply it to the last payment of the year. It’s important to find a lender with competitive rates AND the true biweekly payment.
Also, is there any reason you want to pay your own taxes and insurance? Most lenders reward borrowers with .25% better pricing for setting up an escrow account. If you waive, that .25% would be added on as cost to your closing costs.
Q: I am a retired NYC teacher, 58 y/o also receiving a SSI disability benefit with a credit score of 820. I see advertised mortages (30 Yr Fixed) with rate and closing costs ranging from 5.25% to 6.25% and $11k to $300. A bit confusing, but does it pay to have greater closing costs and save 1 point. If I recall correctly .5 pt over 30 years equals $5,000 in savings. I had read your article about the chicanery in the mortgage industry and I am begining to shop for a mortgage so I thought I might include you in this process.
YLA: I used to teach as well. I taught science at Flushing High School a few years back before I made the move to real estate. To clear up the confusion: The relationship between interest rates and closing costs is an inverse one. The lower the rate, the higher the cost. The higher the rate, the lower the cost. It always pays to lower your interest rate over the long haul (20-30 years). The way to determine your dollar amount in savings is to:
1. Compare the difference in the two payments and the two rates you are examining. e.g. At 5.875% - pmt = $1277/mo
At 5.25% - pmt = $1192/mo
Difference in pmt = $85 per month
Over 30 years = $30,600
2. Compare the cost for each rate. This cost is known affectionately as “points”.
*5.875% - no cost
*5.25% - $4050
3. Determine which combination of interest rate and associated costs works for you. If you have the money to pay points, you will always save over the long run. As you can see in the above example, by paying $4050 for the lowest rate possible, you save $30,600 over 30 years. That’s a net savings of $26,500!
4. Call your loan advocate to start the loan process 
*The above numbers are based on 20% down on a $270K purchase. The rates and points are based on today’s ratesheet from only one lender.*
I see you’ve included your number, but I’m not sure if you want me to call. I do not call prospective clients without an explicit request to do so. My business is referral based and I only work with those who want to work with me.
Let me know if the above information has helped. Don’t forget to tell a friend about my site, ad thanks again for visiting!
August 20th, 2006 05:41pm
admin
Well, I’m a licensed mortgage broker and part time body double for Halle Berry (we’re dead ringers).
My office is in South Florida, unless we have another 17 hurricane season, then I’m moving to Montana. My business is predominantly referral-based and is built upon the professional and personal relationships I foster with past, present and future clients.
My clients tend to like me so much that they help plan my baby showers (this really happened), or give me free weeks in their timeshares (this happened twice), and of course, refer me to everyone they know. I am fair, competitively priced and brutally honest.
At times, my honesty has resulted in me turning away deals because I’ve thought that purchasing or refinancing wasn’t in the best interest of my client. But, at the end of the day, I have to be able to look in the mirror (while winking and blowing air kisses) and be happy with who I am.
So, to you answer your question (well, really mine. . . ) I’m your loan advocate!