A Ballpark Estimate...
A financial planner found me on Active Rain, and sent me the following message:
We have a client who may look into taking a Jumbo loan on his residence. More than likely it will be a $900k loan so I wanted to check rates, how it underwritten and approximate payments.
It's not every day that I get a request like this. The $900,000 part is interesting. Here's my response:
Thanks for your email.
- the borrower
- the borrower’s credit
- the borrower’s income
- the borrower’s debt ratio (obligations / income)
- the loan to value on the property
- the combined Loan to Value on the property
- and other specifics of the property
…there’s no way to say. It’s sort of like my saying I’m shopping for an investment advisor, and I’d like to know what rate of return you’re going to get for me. You’d want a little more information.
I’d be honored to help; please call me to make an appointment.
All the best,
The ballpark is a big place, folks. When you're looking for a "ballpark estimate," what you're actually asking me to do is to give you financial parameters with which to make a financial decision.
- Is it okay with you if the estimate looks like a home run, and what you get is actually a little dribble single?
- Is it okay with you if the guy in left field drops the ball?
- Is it okay with you if you strike out?
Do your homework before you begin to ask questions, especially if your client's well being depends on the information you're giving him or her.
I'm Mike in Tucson, your preferred Tucson Mortgage Lender.
SUNSTREET MORTGAGE llc ~ Correspondent Mortgage Bank
Offices (AZ) Mesa, Tucson, Nogales, and Albuquerque, NM.
photo courtesy kingdafy, flickr photostream