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    Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved
    Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved
    Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved
    Ebook97 pages1 hour

    Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved

    By Manny Kagan

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    About this ebook

    The Mortgage Industry is an industry where the more experienced pros have a higher success rate. It is the years of connections and the experience of having been through so many loan scenarios that separate the average Mortgage Broker from the consummate professional like Manny Kagan. This is a book that is not solely technical, but also has a touch of personality. Manny discusses his roots and how he didn’t start on top. He lays it all out in “Mortgage Solutions For Smart People” so that it is a science, with a methodology targeted at loan approval.
    LanguageEnglish
    PublisherBookBaby
    Release dateFeb 17, 2014
    ISBN9781619619326
    Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved

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      Book preview

      Mortgage Solutions for Smart People - Manny Kagan

      Here?

      How This Book Was Conceived

      "If I am not for myself, who will be for me?

      If I am only for myself, what am I?

      And if not now, when?" -Hillel

      Smart people do not have all the answers, but they do know how to ask the right questions. This is probably why you bought this book. As far as mortgages are concerned, I know how to help you find the right answers.

      My first book, The Mortgage Game: The 5 C’s and How to Connect Them, was available to the public at the end of 2012. In the book, I gave a good overview of the mortgage business in both today’s market, and before 2008. I used my clients’ loan scenarios to show how the 5 C’s are interconnected and described my personal journey and business career from my first job at the age of 15, working in a Radio factory in Riga, Latvia (The former Soviet Union), to becoming a mortgage broker in San Francisco in 1983.

      After seeing the movie, Lincoln, my wife Elfa said, You have at least one thing in common with our sixteenth president – you both like to tell stories.

      Every meeting with clients becomes a new story. I remember how lucky I was to meet my first clients. I’ve told their story over and over again to anyone who would listen, until I met new clients, and had more stories to share.

      When I was just a baby in the mortgage industry, my office was located in San Ramon, about an hour drive from our home in San Francisco. When I got a call one day, from someone inquiring about the interest rates in San Francisco, my territory, I was ready for action. I met with my clients in their living room and gave them a loan application to fill out. As they completed filling out the form, I read a newspaper (since I had no idea what else I was supposed to do). With my future clients, I would fill out their loan application with a pencil, since I was afraid to make mistakes. When Judy, our underwriter, received documents from me, she would throw them back to me demanding that I rewrite them in pen. My excuse was that I was too busy to do it in pen, since I had to pursue new clients (to have more stories). My perseverance paid off. Six months later, I became a top producer and nine months later, the company agreed to open an office for me in San Francisco, since driving two hours both ways was slowing me down.

      (Remember, this was in 1983 before computers and any other modern gadgets.) My first office was in the storage room of our house and then I progressed by moving into the former broom closet in the back of the John Barbagelata Real Estate office. I still clearly remember one of my first clients, an older couple that came into the office. They did not look very impressive. The man was hunched over and leaning on a cane. He told me, to collect rent from certain tenants, he would replace his cane with an old rifle that he owned, and pay them a personal visit.

      I often say "It is what it is. And that is all that it is. The rest is your story." We are all storytellers. Over the last nearly 30 years, the stories I tell are of my experiences helping borrowers get a mortgage.

      I still work with some of the same clients I have helped when I first opened my company. We recently refinanced a loan for Louis. I first helped him 20 years ago when he came in with his wife. Ten years later, he showed up with his girlfriend; now at age 80, he came alone, and I was still able to find a solution to drop his monthly payments by $180.

      I enjoy photography as a hobby. For awhile, I wanted to create a book with my clients’ stories and their portraits. When I met Advantage Media, the publishers of my first book, and pitched them my photo book idea, I was told that this is not a very practical project. Reluctantly, I agreed and since the reason at that time was to work on a book that would help me generate more business, I conceived The Mortgage Game instead.

      After the book was released, some of my readers pointed out they liked my stories the most. One way I would meet new business prospects was to speak to groups of employees during their lunch break and to give them my book as a gift. Another was to educate real estate professionals about mortgages. I needed a suitable title and a good outline for my presentation.

      I also realized, that in addition to having a general comprehension of mortgages, borrowers need to understand the 5 C’s and how they may limit their ability to qualify for a new mortgage.

      Meanwhile, I signed up for different online courses and seminars that taught me how to use e-commerce, and how to speak in front of crowds. Eventually, I found a course organized by Ryan Deiss, who I knew as one of the online e-commerce promoters. At the time, I did not know that he and his partner Perry Belcher created what they claimed to be, the largest online publishing company. I flew to Dallas to attend a three-day seminar to hear them and other successful writers speak, while doing my own writing exercises.

      Then there was the need to come up with a catchy title. At the seminar, we were told about different ways to create a living from writing. One way, is to create a series like Chicken Soup for the Soul and the books For Dummies. I read Mortgages for Dummies many years ago. Since the authors had no clue about how to originate mortgage loans (one of the authors was my friend—a manager of a Real Estate company), I did not care for their advice and besides; I believe my readers are Smart People, not Dummies. As a result, one of the titles I came up with was How Smart People Find Mortgage Solutions. I liked this title and even registered howsmartpeople.com. But, when I shared the idea with my daughter Tamar, who is a good writer and edits all of my work, her immediate reaction was that it was too long and suggested Mortgage Solutions for Smart People.

      The next morning I related the conversation to my wife and before I was able to give her the new name, she said, "Hold on – Mortgage Solutions for Smart People. Wow! I knew that both of them had not talked to each other. Later on, I shared the title with our older daughter Alona, and she liked it as well. Since I am blessed to be surrounded by smart people—my family, you are benefiting from this title as well.

      At the seminar, we were told that the important part of the book title is a subtitle, which is supposed to grab the reader, by explaining the essence of the book. Helping readers learn what influences each of the 5 C’s and demonstrating the different ways to get a loan approved, would fulfill the purpose this book was designed for. Thus, the book title became Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved.

      The Story Behind The Story

      "Your life is a story—share it!"

      Our family’s foray into owning real estate in San Francisco came from what seemed like a back door.

      Before immigrating to the United

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