Whether you are a first time home buyer and just getting started, a homeowner wishing to refinance, or an investor with a ton of real estate experience under your belt, we can work together to lower the cost of your mortgage so you can pay it off more quickly.
When we talk about your mortgage, there are three different things to consider to make sure it is the best one for you.
First, is the Mortgage Product. This is the part that is most familiar to people and includes features like the interest rate, the loan amount, the loan term, the closing costs, the options for impounds, low down payment and mortgage insurance trade-offs, and of course, the repayment period. Compared to many years ago, mortgage terms in the current market are fairly straight forward. Nevertheless, a solid understanding of the various options and how they interrelate is invaluable in putting together the best combination.
As important as the Mortgage Product is the Mortgage Process. This is what you have to do (or go through) to get the mortgage. The mortgage process includes things like: obtaining a pre-qualification and pre-approval; completing the loan application and disclosures; processing the loan for underwriting; getting an underwriting approval; preparing and signing the legal documents; funding the loan; and recording the transaction. When you overhear people at work or at parties complaining about "falling out of escrow", delays in getting their loan closed, or being asked for unreasonable documentation they are complaining about issues with the mortgage process. The mortgage process is often taken for granted until there is a problem. Don't take it for granted as problems getting your mortgage approved and closed create high levels of stress and can potentially put you at risk financially.
Last and most important is aligning the Mortgage Product and the Mortgage Process with Your Current, Specific Situation (CSS). Your CSS is your finances (employment, income, savings, credit, liabilities) today and where they are likely to be like several years down the road. It is your goals and expectations for how long you will own your home; whether you will sell it or keep it if you decide to move; it includes potential changes in your family like marriage, divorce and kids going to college; it may include your ideas about the economy. For a purchase transaction, it will certainly include any deadlines or contingencies that you have written into your contract and agreed to meet during the process of your transaction. Your CSS provides the context for determining which Mortgage Product is best for you and it defines the requirements of the Mortgage Process for an on-time and low stress closing.
If you are currently pursuing a new home, I welcome the opportunity to explore how we can get you started on the path to getting the right mortgage. If you already own your home, I recommend a yearly review of your CSS, to see what opportunities exist for you to reduce the cost of your financing or to make positive adjustments to accommodate your financial goals.
Best wishes for your mortgage and real estate,