What Our Clients Want – What We Do
We discuss the specific goals and objectives that our clients have. We want to understand what they want to do and why they want to do it. This understanding helps us develop options and strategies for how to meet their objectives and then focus in on the best option. This process often touches on the following areas:
- Identify any budget constraints and determine the parameters for the total monthly housing expense, including HOA dues if applicable;
- Help borrowers establish or review their budget;
- Identify the options for a down payment, including down payment assistance and low down payment programs;
- Review the pro and cons for the most effective amount for a down payment taking into account the overall financial position and goals of each client
- Present options for avoiding monthly mortgage insurance versus paying monthly mortgage insurance.
We want to do this as early as possible, and we often go through this process six to nine months prior to the time our clients are ready to proceed, so they can plan and go forward with confidence.
This is really phase two of the planning step and incorporates everything we learned in the first step. We then apply our knowledge of the mortgage industry to develop options and different scenarios for how our clients can achieve their goals.
This process is important in helping our client really understand their options so that they can make the best financial choices and go forward with confidence. An example of the types of scenarios we run and present are:
- Interest/Closing Cost options;
- Looking at the impact of different down payment amounts
- Conventional mortgages vs. FHA mortgages vs. VA mortgages
- Options to not pay monthly mortgage insurance vs. paying monthly mortgage insurance
This can be a valuable service and process we go through with our clients especially if done three to six months in advance. It alerts our client to any issues that need to be addressed or confirms that there are no credit issues that will impact the mortgage application process.
We review the credit report for every client and explain what is on it and discuss specific steps that can be taken to improve the scores if necessary or helpful for them to qualify for the mortgage, meet the requirements for a more advantageous loan program or to improve the interest rate they receive.
Where necessary, we can develop a specific action plan with recommendations that we can provide to our client. This plan can improve the credit profile over an expected time frame.
Before our clients write a contract or start the mortgage process, which can be time-consuming, emotional, and costly, we do the work up front to ensure that they will be approved for the loan. In most cases, we are able to do this as part of the pre-approval process.
During this process, we identify any areas of concern and provide options and strategies on how to resolve them so that the mortgage will be approved. We attempt to eliminate any surprises and the possibility of a mortgage loan application not being approved or delayed.
We encourage our clients to start this process far in advance since, once pre-approved, it will remain valid for as long as their specific circumstances do not change or the applicable mortgage guidelines do not change.
We coordinate with the borrower and underwriting to provide all relevant documentation and answer any questions that may arise. We also ensure that the applicable mortgage guidelines and rules are being applied correctly to our client’s situation to avoid delays or problems.
We coordinate with all the parties to the transaction to make sure the transaction does not have any delays in the process or the closing dates. We work with realtors, appraisers, insurance agents and the title companies to make sure everything necessary to obtain a mortgage is completed in a timely manner.
We will normally attend the closing with our clients to make sure that everything goes smoothly on closing date and address any questions that they may have at closing.
We are also available to answer any mortgage related questions after the closing and assist our clients in any way we can going forward.
“Really enjoyed the home buying experience. Wayne is a consummate professional and genuine person. We very much appreciate Kim and Wayne going above and beyond the call of duty to make this happen for us.” – S. & M. Bromby