Mortgage Broker

If you could choose to live anywhere in the country, where would it be? You may dream about living on the beachfront in Miami watching the waves crash from your bedroom window. You may wish you lived in Las Vegas and could watch the bright lights flashing on the strip. You may want to live in Colorado with snowcapped mountains right outside your door. Whatever your dream may be, luxury condos are available throughout the nation to make it an affordable reality.

What are the benefits of buying a luxury condo? Luxury condos are available to rent, to buy in timeshares, or to buy as the sole owner. If you are single and looking for a primary residence or a married couple looking to buy a second home, luxury condos are smart, affordable investments. They are usually cheaper than homes and are convenient for people who cannot afford a large mortgage. Condos are also usually smaller than most homes so they are nice for single people or small families that do not need the space of a house.

Other benefits to owning a condo are the onsite amenities that many condos offer such as: pools, hot tubs, fitness centers, tennis courts, sand volleyball pits, clubhouses, playgrounds, etc. Condo owners are usually not responsible for the maintenance or repairs of those amenities because they pay a monthly condo fee that covers those costs. Some condos may have small front yards or community courtyards and most condo fees cover the maintenance costs of those also. Another benefit to owning a condo is having close neighbors and usually being conveniently located near shopping centers and employment centers.

The drawbacks of owning a luxury condo One drawback that was previously mentioned as a benefit is the proximity to neighbors, shopping centers, and business districts. Depending on each owner, this can also be a downfall of owning a condo. Many condos are stacked or have joined walls, so you may have to deal with loud, obnoxious neighbors. Also, some people prefer to be away from shopping centers and busy streets because of children. Lastly, the condo fee may be a drawback for some. If you are not interested in using the condo amenities, you are still required to pay the condo fee.

Planning for retirement Once you retire, you may want to permanently move to the place of your dreams. But, have you ever considered buying a condo prior to retirement? In most cases, if you buy a condo prior to retirement you will not be able to occupy the property full time. If you can only take a few weeks of vacation during the year, consider renting out your condo during the times that it is vacant. Condos on the beachfront or in tourist locations are in high demand and you could make quite a profit from occasional renters. The money generated from renting the condo can pay your mortgage or simply supplement your retirement fund.

Luxury condos can be a great place to live permanently, or they may be a great place for your family to escape to for a few weeks out of the year. Whatever you use it for, you will find that owning a luxury condo is an affordable, satisfying investment.

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Mortgage Lender

One day, you’re interested in getting a loan. Your plan is simple: Call a number of lenders and see who has the lowest rate. You call the first lender. He asks you when you plan on getting your loan. You tell him in a couple of months. He gives you a low rate quote. And, after a number of calls, you find the first lender you called has the lowest rate. When the time comes, you know whom you’ll use.

Now fast forward a few months. You call the first lender. His rate is a bit higher than the last time you spoke with him. He tells you that the rates have gone up a bit. He even invites you to check around. Why do that? After all, he had the lowest rate quote when you did your first rate search. You get your loan and all is well, right?

Wrong! This lender used a trick that has become a dark part of the mortgage business. You see, the first lender you called knew you wouldn’t be getting your loan for a couple of months, so he quoted you a rate well below what is feasibly available to you. After you checked around, you discovered his quote was the best. Surprise! You KNOW he has the “lowest” rates because he had the “lowest” rate quote the last time you called him. This technique is actually taught by unscrupulous trainers and is, in my opinion, shameful!

Here’s another trick:

You call a lender, get a rate quote, even meet with him and complete a loan application with the rate he quoted shown in your package. Time goes by, your loan process continues and you are now ready to sign loan documents. When you get to escrow, pen in hand, you discover your excellent rate is much higher than you were led to believe. The explanation: Your program got a little more expensive, the rates went up, or whatever. If you want the rate you were quoted, you will have to pay a couple of more discount points to get it. For those of you who do not know, one discount point equals 1 percent of the loan amount. Nice, eh?

There are so many scams a dishonest lender can pull on you; I would need a book to discuss them all! You definitely can be a sitting duck for a lender who has his technique down. But what do you do to protect yourself?

Easy! Don’t just jump at the lowest rate quoted to you. Heck, anyone can quote a low rate! But if it’s not possible, what good is the quote? More important than the rate, you need to know whom you are dealing with. Investigate the lender before using them. Get referrals from friends and relatives based on their actual use of the lender, not based on what they heard or the lender’s polished ads.

Another great source (and my favorite, of course!) is your real estate agent. That is, if your agent is someone you can truly trust. Agents regularly work with lenders and these lenders know that if they don’t perform, they had better never set foot in that agent’s parking lot again, never mind their office. But make sure your agent actually has first-hand knowledge of the lender. Has he worked with him? How is he with clients? Is he honest and truthful…even if it’s bad news? How timely is he? How are his costs? These are important things to know.

Also, be open to someone being honest with you. Don’t go searching for the answer that makes you feel good. Sometimes, honesty hurts! If you look for that “good” answer, a less-than-honest lender will sense it and they’ve hooked you!

Remember, your real estate agent is not only working for your business, but also for your family’s business, your friend’s business, everything. He would definitely want to ensure you work with quality people who will take care of you as well as he would. I know that’s my philosophy.

Lawrence D. Elliott has been a Realtor® for over 16 years and provides professional representation for clients in Los Angeles, Orange, San Bernardino, and Riverside counties. He can be reached direct at 1-888-810-SOLD. He also runs a network of real estate web sites, which can be accessed through his main site at http://www.LawrenceElliott.com