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Structure & Strategy For Your Home Mortgage

Posted on April 22, 2015 by Ray Williams (NMLS #216267).

Structure & Strategy. These are the two most important items when looking into a home mortgage. This is my core philosophy in the way I run my business and advise my team when helping our clients. What does that mean and how is this important to you?

I’m hoping this can help open your eyes a little more and layer in a few words of advice.  When you start searching for a lender it usually starts by asking friend, family and even co-workers if they have any recommendations. Then hopefully you look into their suggestions by “Googling”, “yelping” maybe even FaceBook.  For those that are new to Denver, don’t want our friends and family knowing our financial prowess, it may begin with Google or Yelp as a resource.

But at what point do you stop and consider what is the most important item you are looking for?  Is it rate and fees, customer service, convenience, loan programs and options? Well I would hope it is “all the above” but you need to consider your overall goals and create a strategy from there.  Are you looking to purchase, refinance, considering a rehab loan, needing down payment assistance, re-entering the housing market due to extenuating circumstances such as Foreclosure and/or Bankruptcy?  WOAH, and that is to just name a few reasons you may need a mortgage. There are many factors in strategizing and structuring what loan options are best for you.  You would be shocked to learn the number of times we come across clients who started with another lender then find out once they are in the middle of a purchase contract that you qualify and are denied their loan. Or, the number of clients we hear about that have a horrific experience all the way to closing. This is what you need to avoid.  You need to take the time and apply due diligence in finding a lender that not only learns your needs (and wants), but also has the ability to foresee any possible issues that may arise BEFORE you start looking for properties and go under contract! I call it playing chess, because when you go under contract, I am already mentally at your closing day.

If you are refinancing your lender should be working with you to see what is your main objective.  Are you looking to lower your payment? Your term? Or perhaps need to pull out equity to pay off debt?  Don’t you want to know that you’re working with a lender that has your back and will sit with you and create a long-term plan for your future? Refinancing, to then refinance can be an expensive mistake all for a few hundred dollars in apparent lower closing costs.

Be smart, stay sharp, do your research and follow your instincts.  Call us if you would like a consultation or if you have any questions.

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