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How to Respond to Negative Feedback In today's technology-driven world, it's important to have an online presence. Real Estate Agents should have websites and social media accounts to connect with current, past and potential clients. However, managing these accounts can be tricky sometimes. 1. Stay Calm When someone makes a negative comment on your Facebook page, it can be tempting to refute it right away or delete the comment. But this isn't always the best option. In fact, getting defensive and attacking the comment – or the commenter – are some of the worst things you can do.1 2. Say You're Sorry Instead, begin by saying you're sorry for whatever grievance the client has, even if you have a perfectly reasonable explanation. Even if you didn't call a client back because of a family emergency, it can still come across like you're making excuses. Also, thank them for bringing the problem to your attention. 3. Make it Personal Agents should also make each response personal.2 Don't use a standard go-to reply for each negative comment. This will make you seem insincere, or like you don't care about the feelings of your clients. Dealing with negative feedback can be stressful. It's not always clear what the right answer is. But the important thing to do is remember to be respectful to your clients' feelings and always be prompt in responding to criticism.

News, Press Releases & Blogs Account Login How to Save for a Down Payment Posted 02/6/2018      image: http://www.newamericanagent.com/uploads/images/how-to-save-down-payment-blog.jpg Money Ready to get serious about homeownership? Then it’s probably time to start saving for a down payment. While down payments can seem like a challenge, they are really like any other goal you set for yourself, doable. To succeed, think about the bigger goal in terms of smaller, more easily accomplished actions you can take to save money. Here are 12 things you can start doing today that can help you reach your goal, perhaps even within a year. Nickel and Dime Yourself Look at your expenses and what you’re spending money on, and then find opportunities to cut back. Try bringing lunch four days a week or carpooling to save gas money. Small cutbacks can really add up over time. Set It and Forget It Establish a high-yield savings account that is strictly for your down payment. You may even want to choose a bank separate from the one you normally use so you won’t be tempted to dip into your savings. Then, schedule an automatic transfer out of every paycheck into that account. Up Your App Game Find an app that will help you save and visualize your progress. Qapital links to your personal accounts and lets you establish “rules” based on your daily life. For example, you can set a weekly coffee budget and send the rest to savings when you come in under the amount. Create a Waterfall Concentrate on paying off high-interest debt, such as credit cards, one at a time. Once you pay one off, move to the next one. As you reduce your monthly debt payments, it should free up cash you can save for your down payment. Get a Side Hustle Whether it’s selling your knitted masterpieces on Etsy or driving for Lyft, divert the extra income toward your down payment. Semi-retire Your 401K Contribution Consider temporarily reducing your 401K contribution while you are saving for your down payment. Put aside the difference in your savings account until you’ve reached your goal. Once that happens, increase your contribution percentage to at least what it was previously. Think Smaller Decreasing your current housing expenses means you can put more away for a down payment. Moving to a smaller, less costly space for a short time can help you save money for a bigger, more permanent place to call home. Ask to See the Benjamins Include your relatives and friends in your savings goal. When a gift-receiving opportunity presents itself and you’re asked what you’d like for the occasion, answer, “Cash, please!” Plan a Staycation Instead of splurging on an expensive vacation this year, challenge yourself to find as many fun—inexpensive and free—things as you can to do and see in your hometown. With each ticket you don’t buy, or restaurant meal you don’t pay as much for, add to your savings account. Hold a Real, or Virtual, Yard Sale Letting go of those skis you haven’t used in five years will be easier if you know the profit will go toward a new home. Virtual sites like eBay and Facebook’s Marketplace make it easy to get your merchandise in front of potential buyers. It also means less to move! Stash Your Raise Congratulations! Your hard work over the past year was recognized. Now, pretend it never happened. Instead, continue to live off the amount of your old paycheck and put the remainder in your down payment savings account. Look at All Your Options Many organizations, such as the Federal Housing Authority, Veterans Administration, and U.S. Department of Housing and Urban Development, offer down payment assistance for qualifying borrowers. Taking advantage of one of these programs could greatly reduce the amount you’ll need to save and stretch the dollars you have accumulated. Whether you follow all or just a few of these savings tips, achieving your savings goal could be easier than you think. They also could lead to your becoming a homeowner that much sooner. Read more at https://www.newamericanfunding.com/blog/how-to-save-for-a-down-payment/#p83hkR5wF83wyuwf.99

How to Save for a Down Payment

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Why Buy a Condo?

There are many reasons someone might choose to buy a condo over the typical single-family residence. To explain the difference, a private residence is privately owned, whereas with a condo, or condominium, common areas are jointly owned by the other condominium residents.

In markets that are extremely expensive and popular, such as downtown areas, condos tend to be a popular choice, as they are often cheaper than buying a single-family residence. In this way, condos offer many an opportunity to enter and live in a locale they might not otherwise be able to afford. It's a viable alternative to renting an apartment, as when you actually own a condo, you can build equity and often take advantage of tax deductions on the mortgage interest.

Condos tend to be popular among the retired, as a condo community will often provide services specifically catered to them.

Because condos share a common area that is owned by all residents in the building, there is a governing board that oversees how the condominium operates. Before purchasing a condo, it's a good idea to learn as much as you can about how the complex is managed, and any hot issues. Also, there are rules and guidelines set forth in most condominiums, make sure you look into them and are willing to abide.

Pros of Buying a Condo

Location

As stated earlier, many condominiums are built in popular areas and downtowns, so if you want to be in the heart of a city, or within walking distance to many different amenities, a condo might be a good option.

Security

Many condominiums will offer security features such as a buzzer or guard service. Living amongst a group of neighbors also provides a sense of security when you leave for vacation. 

Maintenance

If you're not the kind to work out in the yard, or you're not a know-it-all handyman, welcome to the wonderful world of condos where you don't really have to worry about these chores. Many condominiums hire professional landscapers to maintain the exterior, and if something on the interior breaks they will have someone come fix it. Be careful here though, if you break it yourself through negligence, they may require you to cover the damages.

Amenities

So, since you are the co-owner of all those lovely common areas, what's actually in them? Often they will include tennis courts, swimming pools, a gym and other amenities you might not be able to afford on your own.

Cons of Buying a Condo

No Land Ownership

Unfortunately when you buy a condo, you don't own the land beneath it, but share an interest in it with the other condominium residents.

Fees

It costs money to upkeep those lovely common areas, so as a condominium resident you will be required to pay a monthly fee that goes towards the maintenance and repair of the common areas. So if there's a swimming pool, be sure to hop in every once in a while! There may also be an additional fee tacked on for any larger repairs and renovations.

Community Association

Since you'll be living in a community, with a community board or association that helps to govern it, you might find that the average homeowner doesn't have the same experience as a property manager, leaving the association weak or inefficient.  

There are also rules you'll have to follow called the Covenants, Conditions and Restrictions. Typically these include restrictions on noise levels, renovations, pet ownership, and can go as far as how you landscape your porch/doorstep.

Resale value

The bad news here is that condominiums tend to be very sensitive to market conditions, so although it's hard to believe the market could get any worse right now, if it does, they are usually the first to suffer and the last to recover.  

Condo Loans

Getting a loan to buy your condo is no joke, and can often be tricky as there are specific rules that might make the process difficult.  These rules also vary depending on whether you get FHA or Conventional financing, and then vary from lender to lender.

FHA Loans for Condos

First off, to obtain FHA financing for your condo, it must be listed on HUD's FHA approved condominium list. The FHA has a list of criteria that a condominium project must meet before it can be approved to allow residents to use FHA financing to purchase or refinance a condo. Examples of this criteria include a limit on the total floor space of a condominium building to be used for commercial or nonresidential use; currently the max allowed is 35% of total floor space. Also, 50% of a condo's units may be owned by a single investor or entity, so long as at least 50% of the total units in the project are owned or under contract for purchase by owner-occupants.  No more than 15% of a development's units can be more than 60 days delinquent on condo association dues.

As you can see, these little rules may prove difficult to find a condominium project that allows for FHA financing. Start working off HUD's list so you don't waste your time! If FHA financing isn't going to work, it's time to seek conventional financing.

Conventional Loans for Condos

When it comes to conventional financing it will vary from lender to lender as it will depend on their investor guidelines. Some general criteria can apply however, for example, a lender will find it difficult to finance a loan on a condo in a building that has complex and costly lawsuits against it. The complex must also maintain appropriate insurance such as hazard, liability and flood insurance. They will also look at the percentage of homeowners delinquent on condo association dues.

Purchasing a condo, much like purchasing a home, is a big investment, and there are many considerations to make in terms of lifestyle and financing. If by the sounds of it, a condo may be your best bet as a first time home buyer, go for it, but make sure to research and find out as much as you can about the condo unit you are looking to purchase.

Why Buy a Condo?

There are many reasons someone might choose to buy a condo over the typical single-family residence. To explain the difference, a private residence is privately owned, whereas with a condo, or condominium, common areas are jointly owned by the other condominium residents.

In markets that are extremely expensive and popular, such as downtown areas, condos tend to be a popular choice, as they are often cheaper than buying a single-family residence. In this way, condos offer many an opportunity to enter and live in a locale they might not otherwise be able to afford. It's a viable alternative to renting an apartment, as when you actually own a condo, you can build equity and often take advantage of tax deductions on the mortgage interest.

Condos tend to be popular among the retired, as a condo community will often provide services specifically catered to them.

Because condos share a common area that is owned by all residents in the building, there is a governing board that oversees how the condominium operates. Before purchasing a condo, it's a good idea to learn as much as you can about how the complex is managed, and any hot issues. Also, there are rules and guidelines set forth in most condominiums, make sure you look into them and are willing to abide.

Pros of Buying a Condo

Location

As stated earlier, many condominiums are built in popular areas and downtowns, so if you want to be in the heart of a city, or within walking distance to many different amenities, a condo might be a good option.

Security

Many condominiums will offer security features such as a buzzer or guard service. Living amongst a group of neighbors also provides a sense of security when you leave for vacation. 

Maintenance

If you're not the kind to work out in the yard, or you're not a know-it-all handyman, welcome to the wonderful world of condos where you don't really have to worry about these chores. Many condominiums hire professional landscapers to maintain the exterior, and if something on the interior breaks they will have someone come fix it. Be careful here though, if you break it yourself through negligence, they may require you to cover the damages.

Amenities

So, since you are the co-owner of all those lovely common areas, what's actually in them? Often they will include tennis courts, swimming pools, a gym and other amenities you might not be able to afford on your own.

Cons of Buying a Condo

No Land Ownership

Unfortunately when you buy a condo, you don't own the land beneath it, but share an interest in it with the other condominium residents.

Fees

It costs money to upkeep those lovely common areas, so as a condominium resident you will be required to pay a monthly fee that goes towards the maintenance and repair of the common areas. So if there's a swimming pool, be sure to hop in every once in a while! There may also be an additional fee tacked on for any larger repairs and renovations.

Community Association

Since you'll be living in a community, with a community board or association that helps to govern it, you might find that the average homeowner doesn't have the same experience as a property manager, leaving the association weak or inefficient.  

There are also rules you'll have to follow called the Covenants, Conditions and Restrictions. Typically these include restrictions on noise levels, renovations, pet ownership, and can go as far as how you landscape your porch/doorstep.

Resale value

The bad news here is that condominiums tend to be very sensitive to market conditions, so although it's hard to believe the market could get any worse right now, if it does, they are usually the first to suffer and the last to recover.  

Condo Loans

Getting a loan to buy your condo is no joke, and can often be tricky as there are specific rules that might make the process difficult.  These rules also vary depending on whether you get FHA or Conventional financing, and then vary from lender to lender.

FHA Loans for Condos

First off, to obtain FHA financing for your condo, it must be listed on HUD's FHA approved condominium list. The FHA has a list of criteria that a condominium project must meet before it can be approved to allow residents to use FHA financing to purchase or refinance a condo. Examples of this criteria include a limit on the total floor space of a condominium building to be used for commercial or nonresidential use; currently the max allowed is 35% of total floor space. Also, 50% of a condo's units may be owned by a single investor or entity, so long as at least 50% of the total units in the project are owned or under contract for purchase by owner-occupants.  No more than 15% of a development's units can be more than 60 days delinquent on condo association dues.

As you can see, these little rules may prove difficult to find a condominium project that allows for FHA financing. Start working off HUD's list so you don't waste your time! If FHA financing isn't going to work, it's time to seek conventional financing.

Conventional Loans for Condos

When it comes to conventional financing it will vary from lender to lender as it will depend on their investor guidelines. Some general criteria can apply however, for example, a lender will find it difficult to finance a loan on a condo in a building that has complex and costly lawsuits against it. The complex must also maintain appropriate insurance such as hazard, liability and flood insurance. They will also look at the percentage of homeowners delinquent on condo association dues.

Purchasing a condo, much like purchasing a home, is a big investment, and there are many considerations to make in terms of lifestyle and financing. If by the sounds of it, a condo may be your best bet as a first time home buyer, go for it, but make sure to research and find out as much as you can about the condo unit you are looking to purchase.

 

New American Funding, a leader in the mortgage industry, has expanded its Central Texas territory with the award-winning Leaman Team. Ranked by Austin Business Journal as the #1 Lender in Austin for six consecutive years, Max Leaman, will spearhead the market expansion as Branch Manager and Senior Loan Officer.

Leaman’s top priority is to continue providing industry-leading service while bringing the latest in innovation to Austin. "The home loan industry is changing rapidly; customers and Real Estate Agents want fast closings, low rates, and state-of-the-art technology to save time and simplify the loan process," said Leaman. "Powered by New American Funding, we deliver what the market wants from application to closing."

In 2017, Max Leaman (NMLS 151263) closed more than 1,000 home loans and was identified by Scotsman Guide in 2016 as the #1 Loan Originator in the nation for purchase units. He’s joined by his production team: Jori Stern (NMLS: 177299), Amanda Stewart (NMLS 292478), Adam Biehler (NMLS 208244) and Tiffany Wilbrett Garcia (NMLS: 872278), as well as his talented operations, processing, and closing teams.

“We’re thrilled to have Max Leaman and his team on board with New American Funding,” said Co-Founder and President Patty Arvielo. “Not only do they bring a wealth of industry insight but they embody the future of mortgage banking. They’re young, innovative, and ahead of the curve, which merges well with our fast-moving automated platform.”

Leaman has been serving Austin since 2001, where he specializes in all loan types. His superior service has earned him recognition as a Five-Star Professional for seven years in a row.

“We’re dedicated to delivering service on a whole new level and finding out-of-the-box solutions,” said Leaman. “Borrowers and agents alike want on-demand access and we’re glad to be able to provide it.”

NerdWallet has named New American Funding a two-time winner in its annual Best-Of Awards Program, which highlights the top financial companies and products nationwide for 2018. The consumer finance website selected New American Funding as a Best Mortgage Lender for First-Time Home Buyers with Low Credit Scores and a Best FHA Lender for Borrowers with Nontraditional Credit Histories.

To see if you qualify for a loan, please visit: https://www.newamericanfunding.com/get-quote-questionnaire/#/form/loan-type/

“It’s an honor to receive this outstanding recognition,” said COO Christy Bunce. “There’s an array of mortgage options on the market and we’re proud that NerdWallet has named New American Funding among the best. We work hard to provide our consumers with industry-leading service and to close our loans on time.”

This is the third year NerdWallet has researched dozens of financial products across multiple verticals in order to help consumers make confident financial decisions. "Consumers have more choice than ever when it comes to personal finance products, and our Best-of Awards highlight those that truly rise to the top,” said Tim Chen, NerdWallet Co-founder and CEO. NerdWallet teamed up with New American Funding to help consumers find the right home loan.

Due to its excellent customer service, New American Funding has received more than 26,000 positive reviews through Social Survey, more than 5,000 5-star Zillow reviews, and it has an A+ rating with the Better Business Bureau.

To visit NerdWallet’s Best-Of winners list, click here.