Recruiting a refinance mortgage broker that does a lot of marketing to homeowners that seek out refinancing on their mortgage will do you wonders as a Subject2 investor.
The trick is utilizing your abilities to come in and take over payments on the existing loan for the homeowner when the mortgage broker tells the homeowner they cannot refinance their mortgage due to a variety of reasons. In most case the homeowner may not be upside down but rather an event happened in their life that requires them to seek out a “Cash Out Refinance” to help pay for medical expenses, overdue bills or just to live off of during a downturn of employment.
These homeowners not only now know the importance of their credit score but also that they are facing the loss of their home if they cannot either refinance or quickly sell their home. This has a huge advantage to use simply because now that we have become friends and colleagues with these mortgage brokers, they will already have trust built with the homeowner and when the mortgage broker presents the homeowners options I can assure you that the mortgage broker will make sure that your available service will be the best available choice for the homeowner.
Lets take a little look back and ask why the mortgage broker will do this. A mortgage broker gets paid from the loans they create. They do a lot of marketing to homeowners and prospective homeowners. Once they generate a loan they make some decent money which is why during the most recent economic upswing becoming either a Realtor or a mortgage broker was a lucrative career. Now, most would say the economy is slowly starting to pick up but nonetheless, mortgage brokers have almost become extinct like dinosaurs. What most mortgage brokers will tell you is that they would love to get paid, even if it’s only a few hundred dollars for leads that they can generate that they themselves cannot service. This creates an additional revenue for them.
Now, having this relationship with mortgage brokers will assist you in a few ways. First, you will get the flow through trust that the mortgage broker created with the seller/homeowner. Second, you will create and keep a steady flow of deals coming across your table from mortgage brokers that they cannot work with for a variety of reasons. I won’t say that every deal they send you will be a smoking deal but, as long as you preform on the deals that do make sense it will give the mortgage broker confidence in your ability to follow through with what you promise which is important. read more
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