Loan Officer Marketing - The Power of Positioning
January 31, 2010
How do you build a marketing strategy that can have real estate agents hunting for your services? Realtors® are bombarded everyday with a continuous stream of marketing messages from loan officers. They cope with this information-overload by ignoring most of them. So how do you stand out in an over-communicated environment? You’ll change the dynamics of your marketing when you understand the importance of positioning. Positioning is a communication tool to reach agents in a crowded marketplace.
Positioning means, you position your services in the prospect’s mind
A position is a place, a place in the mind of the prospect ? a perceptual location. When you market your services, you’re competing for this space. If your position is similar in nature to your competitor’s, you’re competing in an overcrowded place in the prospect’s mind.
Take a moment and consider your current position. Look at your communication pieces, which is commonly how agents position your services in their mind, if it’s their primary exposure to your business. Your website, flyers, postcards, newsletters, brochures, advertisements, and business card are often the first communication an agent comes across regarding your services. What position are you communicating?
All Is Fair In Love, War, and, Your Credit Report - At Least It Should Be! Understanding the FCRA
January 30, 2010
Fact: Over 150 million Americans have credit report with the three major credit reporting agencies. Approximately 50 million of these credit reports contain errors, many of which are inaccurate. Do you know what’s on your credit report?
If you’ve ever applied for a charge account, a personal loan, insurance or a job, there’s a credit report about you. This credit report contains information on where you work and live, how you pay your bills, and whether you’ve been sued, or filed for bankruptcy.
About The Fair Credit Reporting Act? (FCRA)
The Fair Credit Reporting Act was the first federal law to regulate the use of personal information by private business. It was all the way back in 1899 that the first major credit reporting agency was started. Over time, credit reporting grew into a huge industry and, by the late 1960’s, became surrounded by controversy.
Credit reports from the Credit Reporting Agencies were being used to deny services and opportunities. At that time, you would have had no right to see what was in your credit report. The FCRA was passed in 1970 and fortunately now you have that right.
Homeowner Loans ? Drawing Lessons of the Past
January 29, 2010
Loans are not of a recent origin. People used to take help from others even at times when money was unseen and barter was the mode of trade prevalent. However, the form of loans has changed over time. In those days the loans used to be offered in kind. Now, they are offered in money or in terms of money.
However, the concern for the safety of the amount lent has not changed a bit. The most preferred loans are those which are offered with sufficient backing. The backing in most cases is of the house and property of the borrower. Thus, these are also known as loans for homeowners.
Loans for homeowners, as can be recollected from the above are loans which are offered to homeowners with home or property serving as a collateral. These accrue interest at a certain rate which is added to the principal amount. They are repayable through small instalments or any method desired by the borrowers.
How to Choose a Debt Consolidation Loan?
January 29, 2010
If you have decided that a debt consolidation loan is necessary, then you have made a big decision. In order to choose the right debt consolidation loan for you, you need to take the time to research what is available versus your needs. Taking the time to do this will pay off in the long run in lower interest rates and less hassle.
Here are some things to look for in a debt consolidation loan. Make sure you consider all of these before making a decision.
When choosing the loan, consider the companies out there. There are several places to look. You can look at loans through mortgage companies, banks, and even in some cases the credit card companies themselves.
What are you looking for? The best rates, the lowest possible fees. There may be a time limit in which the loan needs to be paid off. Do you want to stretch it out over a few years or over 10 years? You would pay much less if it was fewer but perhaps you don’t see yourself being able to meet that goal.
The Road to Debt Relief
January 28, 2010
Living with debt is not something someone hopes for, but it happens and it usually becomes far more severe than it should before something is done to eliminate it. Once many individuals realize they have a problem with debt, they are too embarrassed to ask for help so they let themselves dive further into debt. Being embarrassment and ashamed are regular emotions many encounter when they realize they are in debt however you are not alone so you shouldn’t feel embarrassed.
Everyday people get into debt, but everyday people are looking for ways to debt relief, whether it is through self-help, credit counseling, dept management programs, or other resources. If you are struggling with debt you no longer have to feel ashamed or embarrassed because there are resources that will steer you in the right direction towards eliminating your debt. There are a variety of options one can choose from so you have the option of choosing what debt relief option is right for you.
First you have to consider how serious your debt is. Remember having debt isn’t good period, but you have the possibility of different solutions depending on the type of debt you are in. You have to decide what you think the best solution is for you and stick with it, to make sure you eliminate your debt, and stay out of debt for good.
How to Buy a Home Without a Down Payment
January 27, 2010
Mortgage rates are rising and it’s becoming more difficult for a prospective buyer to save up for the necessary down payment. Fortunately, there are ways around this hurdle.
Although homebuyers were once required to put down 20% of the purchase price, those times are long gone. Generally, lenders now require 3 to 5 percent down. The problem then becomes how to save up for that 3 percent.
What many don’t know is that they have several options for coming up with the money.
RETIREMENT SAVINGS
Most 401 (k) or Individual Retirement Accounts will allow people to borrow or withdraw money early. Doing so can be a good strategy for the home buyer. With a 401 (K), one can borrow up to $50,000 or 50 percent of the balance, whichever is less, and then repay a loan over five or more years, with interest. The added advantage is that this type of borrowing won’t count as debt when a lender is assessing a person’s qualifications for a loan. And there is also the possibility of getting better appreciation on money invested in real estate.
Understanding Your Rights Under The Equal Credit Opportunity Act
January 26, 2010
It wasn’t all that long ago that lenders blatantly discriminated when it came to approving credit for women and minority groups. Women were actually asked personal and demeaning questions like, how many children do you plan to have in the future or are you on birth control?
Despite the fact that they were entering the workforce in record numbers, single women were often required to get a cosigner or denied credit altogether. Members of minority groups were denied credit as well, even though they were fully qualified.
Today thanks to the Equal Credit Opportunity Act, millions of consumers from all walks of life are given and equal chance to obtain and use credit to finance educations, buy or remodel homes or get small business loans.
The Equal Credit Opportunity Act, which was passed by congress in 1973 first banned discrimination in credit access on the basis of sex or marital status and was later amended to include race, religion, national origin and age. Of course, this doesn’t mean all consumers who apply for credit get it. Factors such as income, expenses, debt and credit history are considerations for credit worthiness.
Boat Loans ? Steering Way Towards a Bon Voyage
January 25, 2010
In the full moon night, on a lovely morning you would like to take your craft, your boat where the cool wind blows. How it steers slowly along the fine film of transparent blue waters. It is very easily your reverie for you don’t own a boat yet. With boat loans, you can definitely own one. If boat is your kind of carrier and money is not in your pocket then boat loans are fit for your selective choice for boats.
Some of the best boat loans are offered in UK at competitive rates and terms matched with personalized services that make boat purchasing a pleasurable experience. Once considered an expensive luxury, with the advent of fiberglass boats in 1950s they have become accessible to people with modest means.
Your boat loans process will start with a formal boat loans application. This application forwarded to any loan company would authorize them to examine your credit and verify information that you have provided.
Adjustable Rate Basics
January 24, 2010
An adjustable rate loan, most simply stated, means that your interest rate can be adjusted up or down over the months and years. By adjusting the interest rate your monthly payments might also change.
In order to make an intelligent choice between a fixed rate and an adjustable rate loan, you have to understand the jargon of the adjustable loan and how it works.
For example: Your initial rate will be 8 percent. The base rate will be 9 percent, with semiannual adjustments. The index will be the floating Treasury Bill rate, and there will be a margin of 3 points over that. You will have an annual cap of 1 percentage point, a lifetime cap of 5 percentage points.
Initial Rate. The initial rate might be an attractive rate. The initial rate will last until the first adjustment occurs, which is usually after six months.
Base Rate. The Base rate is the interest rate on which the lifetime cap is calculated. If you have a lifetime cap of 5 percent, that means that your interest rate over the life of the loan cannot be greater than 5 points above the base rate. In the above example, the base rate is 9 percent, and the lifetime cap is 5 percent. That means that your interest rate over the life of the loan cannot exceed 14 percent.
Credit Education
January 24, 2010
Having credit education is like knowing how to read. It will be necessary throughout your life.
Once you learn it, you will know it forever. Once you establish good skills, they will help you to get ahead throughout your life.
So, it is vital to get the education you need or to provide this education to your children.
Did you make mistakes along the way? Teach them how to avoid these.
If you are trying to learn about credit education on your own, it is important to talk to others as first hand experience really helps to teach the basics.
Knowing that this type of education is vital is the most important aspect of all.
What is credit education?
It is a basic term that applies to knowing how to build and maintain good credit. In the beginning, credit is a dangerous thing.
We all think we will be able to pay it off and do not worry. For those that do not understand that this will not be easy, the bill comes and we wonder what we spent it on.
