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Articles In This Issue...

How To Hold A New Construction Seminar

Written By: Karen Deis, Publisher

So the refinance business is going away.

You have a ton of clients who are pre-approved, but because of the lack of listing inventory, they are not able to find a home to buy.

And, "Start calling on real estate agents" has again become the “new” marketing strategy.

However, there is another, lucrative niche to consider – new construction lending.

Breaking into this niche is not easy. Builders have their own mortgage companies. Or, they have their own preferred list of lenders. They have a line of credit, and the bank may require them to convert a certain percentage of their construction loans into end mortgages by encouraging their customers to sign and end loan with the bank. But, once you do get your hammer (I mean foot) in the door, your business, income and prestige will soar. You will be one of the few and elite loan officers in the new construction field.

First things first! Before you even think about getting into this niche market, know your loan programs, inside and out. Find a loan program that offers an interest rate float-down option for your customers. Learn how underwriters will handle increased loan amounts due to allowance overages created by the customer. Do you need to find a lender that will provide interim construction financing for your clients? What are your competitors offering? Can you provide lot loans? Just like any other types of mortgage loans that you originate, new construction lending requires you to become a student of their rules and regs. Enough said.

Look in any real estate magazine or newspaper ad, or listen to radio commercials, social media. You will see numerous ads for homebuyer's seminars. But, have you ever seen a seminar for people who are planning to build a new home? I would bet my first-born child that you have not!

There are many components of putting a seminar like this together. This article will help you find and attract interested clients; what to say in your advertising; and provide the basic content for your new construction seminar.

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- By Denise Lones
  Keep in Touch with Past Clients with Articles Ghost-Written for You

Here are four articles to send to past clients, family, friends and even prospects you are working with right now. Email, use as a blog or print and send snail mail. Try for an easy way to email hundreds of articles like this on a regular basis.

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- By Karen Deis
Articles In Previous Issue...
    Millennials Aren’t the Only Fish in the Mortgage Sea
    CFPB Finalizes Updates to "Know Before You Owe" Mortgage Disclosure
    Realtor® Articles/Newsletter - July/August 2017