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An interesting conversation with a client

Posted on December 22, 2007 by Ray Williams (NMLS #216267).

Recently I was on the phone with a client who had called about refinancing their home. The client had bought their house a few years back and were in an adjustable rate mortgage that was set to go up about 3% at the end of January. The loan had a prepayment penalty that was expiring, but they couldn’t refinance until it did without facing a $5K addition to their payoff. The typical increase in payment on those first adjustments is about $300 per month. They had called in after finding us online to check in and see how we operated, and our philosophies. We were talking about the current state of their home loan and where they had gotten into trouble.

Turns out that when they bought their home a few years back they were just told “Ok, sign here, this is going to be your mortgage” Unfortunately, they weren’t educated about the different mortgage programs and what benefits or weaknesses each of those programs had tied to them. As it turned out this is the second client in a month that was strung along by a family member or friend of the family in the past. Individuals who aren’t licensed to offer F.H.A or V.A mortgages can’t offer these programs, and will be reluctant to mention them to you. When you are researching your home loan, whether to purchase your house or refinance you should be educated on all of the options. If the individual is not licensed to offer certain mortgages (FHA, VA, CHFA) then you won’t be educated about that mortgage.

I explained how when they came in we would go over the available programs for their much needed refinance. They were surprised to hear that I would present them with options and different mortgage programs based off their abilities to qualify and their needs. Not only will they leave as an educated client, but understand the positive and negative aspects of each of these options. Usually we find one option that is the clear answer, as we get to understand the client’s needs and abilities.

Our team has always believed in action through education for our family of clients. Make sure when you are looking for your next home loan, that you are working with someone who is going to offer you more then one choice for a mortgage and also educate you on the positive and negative aspects of those options.

Give a call if you have questions while looking for your next home loan. We are here to give you honest answers to your mortgage questions.

Ray (303) 779-0591 x2

Theresa x4

Aurelia x3 (se habla espanol)

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