Every Borrower is Unique

Lately, we have been reading and hearing a lot about Artificial Intelligence. Some claim that it will replace many occupations, like attorneys. How about real estate agents and mortgage brokers? Everything is possible, but not so soon. Of course, if it involves identical properties (like in the subdivisions) and identical borrowers. However, in my over forty years as a mortgage broker I did not meet one yet. Everyone is unique.

Recently, I have received a call from the real estate agent whose father wanted to help her and her brother to buy two-unit building. After running her father’s credit report, I saw that he was not big help, since, as a result of high debts, his credit score was low. Since she was a self-employed, we had to wait two years to be able to use her income. She had sales and earned commission in 2023, however, her last two years income averagely was not significant. Her husband’s salary was $80,000 a year. Her father-in-law was considering to get in the game as well and had money for the down payment, but changed his mind. Brother and his wife had good income, but no money for the down payment.

Possible solution was to refinance condominium owned by mother and to pull out cash, which is going to be a gift. Only after I receive information from everyone and order credit reports, I will be able to calculate how much of the property (preferably two units with an in-law) they can buy. After that I will issue pre-approval letter, and my client will be able to make offers and pray for the acceptance. As you can see, there are no simple cases.

Click on this link to listen to my thoughts about artificial intelligence in a video that I recorded and uploaded for you onto my YouTube channel.

In the meantime, feel free to call me whenever you come across a potential client. And I promise to help.