Saturday Reporter-Herald March 5, 2011 C1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, March 5, 2011 • Reporter-Herald
Abandon lagging lenders
Women’s group brings together a variety of experiences in real estate JENNIFER LEHMAN SPECIAL SECTIONS REPORTER
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ILYCE GLINK TRIBUNE MEDIA SERVICES
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uestion: I currently have a mortgage with one of the big banks, the ones you call big box lenders. I consider myself an average working American struggling to keep her head above water in this economy. I have owned my home since 1997, and with the recent low refinance rates I decided to try to lower my current 6.75 percent interest rate. I started this process in September, and now almost five months later am no closer to a closing date. My loan officer kept telling me throughout this process that there was nothing to worry about and there were no problems with my application, although the original agreement in writing has long expired. After all the additional paper work and mental exhaustion through the process, my loan officer has come back and advised me that my application is considered incomplete and the lender needs more information. And now they want me to close two of my major credit card accounts. I can’t just pay off the balances. I have to close out the accounts and I have to do it immediately. Can you believe this? I am entirely uncomfortable with this requirement because with the economy the way it is, it would be difficult to get new credit card accounts, and I have had these open for several years. Why are they giving me this ultimatum after five months when, again, I wasn’t advised of any problems? They won’t guarantee my original interest rate of 4.375 percent, and won’t tell me what interest rate I would qualify for even if they do approve the refinance. I feel like I have been swindled. Is this usual mortgage practice? If so, there should be a law against it. Answer: It may be hard to hear this after all you’ve been through, but the truth is these folks just don’t want your business. They aren’t trying to keep you as a customer. They’ve strung you along and now want you to give up your credI See GLINK/Page C4
n Tuesday, members of NoCo Who-WIRE (Northern Colorado Women Helping Other Women in Real Estate), discussed expectations and goals for the real estate market and their businesses in the coming year, including optimism for Weld County’s growing economy and the rise of lease-toown homes in response to the rental demand and tight lending atmosphere. NoCo Who-WIRE is a women’s real estate group started last fall by Lori Jarrett, broker and owner of Take Me Home Real Estate. Jarrett, in the real estate business for 20 years, and an independent broker for the last five, wanted to create a group where women with varied interests and professions in real estate could be a part of an educational and supportive community. The catalyst came while seeking financing for several female clients last year who were on the verge of loan approval. “I had about 12 clients, and they had two things in common, Jarrett said, “They were all women, and they all couldn’t get financing.” She sought local investors she had worked with before, “but they were all men, and it just wasn’t fitting with my clients,” Jarrett said. NoCo Who-WIRE grew out of wanting to connect women to support each other in the purchase of a home, real estate investment and financial independence. While real estate industry groups for women exist in the area, typically status as a licensed professional is required, Jarrett said. She wanted a more informal outlet for combining not only women throughout the business of real estate, but also women interested in learning more about real estate, from financing to home improvements. Group members are mostly real estate professionals who are also mothers, grandmothers, community leaders, volunteers, teachers, counselors and owners of side ventures. Christa Petersen with Chicago Title in Loveland, began attending the Who-WIRE group meetings after helping Jarrett close on a property. Petersen usually doesn’t participate in industry groups, but likes Who-WIRE’s emphasis on education
RH Photo/Jennifer Lehman
Members of NoCo Who-WIRE met for their March meeting this week. The group connects women with interests and professions in all aspects of home and real estate. and discussion rather than only pitching projects and services. The group’s informal style allows women to be more open about priorities like family and community in addition to real estate issues and trends, Petersen said, something that can be lost in coed groups, where women sometimes tend to shy away from being vocal. “I think that first and foremost we are all women and parents, and I don’t think that is always something that we share first when we are at a table with men,” Petersen said. Jeannie Perkins, a client of Jarret’s, is a caregiver and jewelry maker whose interest in real estate lies in maintaining the vitality of historic homes and districts. Perkins said the group connects her to the people of the region as she seeks to become a full member of the community after recently moving to Loveland from Parker. Jarrett sees this diversity of interests, in business and caring for home and family the focal point of
why she entered real estate in the first place. “Our lives are centered around the home, and I wanted to create the whole set where women could get together and support each other in their home, and in their interests of real estate.” The combination helps ground the real estate business at a time when competition is cutthroat, Jarrett said. I'm putting “real” back into real estate, she joked. Jarrett is incorporating this into the group with presentations and market updates from local businesswomen and experts within the group on things surrounding real estate and the home. At Tuesday’s meeting, Lorry Schmitz, owner and founder of STAT (Safely There Animal Transportation) in Loveland, shared her story and how her business could be beneficial to real estate professionals looking to assist their clients in relocation.
Upcoming presentations will include information on topics like lending, an area of the market that changes every day, Jarrett said. “(Lending) is a big thing right now because a lot of people are looking for a home and they just can't get financing.” In the long-term Jarrett hopes to turn that education and discussion into something group members can pass on to their communities and peers, potentially helping people with financing, investing, home improvements that will help sell their properties and Habitat for Humanity projects. “There are lot of people who have struggled with this in a way that has really made a significant impact on their life and I want to be able to turn that around and start helping those people, Jarrett said, both clients and business acquaintances across the the community. To find out more information about NoCo Who-WIRE, go to www.whowire.com.
Inside this week’s Home & Real Estate
Real Estate Transactions
Carol O’Meara:
Ryan Spencer, The Group, Inc. Real Estate
Listings from Front Range properties recently sold
Director y
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2011 HOME & REMODEL SHOW
BUILDERS REMODELERS HVAC PAINTING SIDING
March 5th & 6th, 2011 10 am to 5 pm THE RANCH, Loveland First National Bank Exhibit Hall
Free Admission Free Parking
WINDOWS
& DOORS
PLUMBING ELECTRICAL ENERGY STAR
The season to plant trees is here
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