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Your Mortgage – Deal Maker or Deal Breaker?

Your mortgage approval letter and your Mortgage Strategist can be the difference between you offer on your new home from being accepted or rejected by a seller.  Yes, the mortgage you get can be a deal maker or a deal breaker.

It was true before COVID-19, it is true during COVID-19 and it will be true when COVID-19 is a distant memory…when one is buying a home as a first time homebuyer or as a repeat homebuyer and one is getting a mortgage, one needs to know it is a process, not an event. Many homebuyers, regardless of their experience level, find the process of getting the right mortgage solution a daunting and confusing however it does need to be!

There is no question that buying a home and getting a mortgage is a process but no where does it say the process cannot be educational and enjoyable.  The first step to homeownership is the home loan and step number 2 is to go find your home.  Today more than ever, who your Mortgage Strategist is matters because it is just as important as finding the right place to call home is.

What Came First ... your mortgage or your home?

What came first…the chicken or the egg?  I do not know but I do know it should always be mortgage first and finding your home is second. Getting a mortgage is not kinda of a big deal.  It is a big deal!

Sharing to a seller that you are ready and willing is irrelevant – if you are buying a home you need to be able to clearly communicate to a seller that you are not just ready and willing, you are also able!  The only way that you can properly communicate this to a seller is by an approval letter, not a qualification letter. 

Mortgage Pre Approval or Mortgage Pre Qualification - what is the difference?

What is the difference…a qualification letter says, maybe you can buy this house where an approval letter from the Martini Mortgage Group at Benchmark Mortgage provides a seller and their Realtor with certainty that you are going to close on-time and it is going to be frictionless and essentially you are making a ‘same-as-cash’ offer.

Let me take you behind the scenes for a moment to give you some insight on what a pre-qualification letter is and what a pre-approval letter is …a mortgage qualification is based on information you share with your Mortgage Strategist.  You share where you work and how much you make. You share where you bank and how much you have in the bank.  Your credit is previewed and if all the boxes are checked you are pre-qualified.  None of the information you shared is verified.

Pre-approval starts the same way as a pre-qualification.  How much you make and how much you have is shared during the pre-approval process plus your credit is previewed too! Then you provide support documents to prove how much you make and how much you have and those documents are previewed by not just your Mortgage Strategist but by the underwriter that is going to ultimately approve your loan. 

Yes, getting a pre-approval is not like, it is exactly like getting a mortgage without a property. All the t’s are crossed and i’s are dotted to make sure that when you find the right place to call home you have price and cost clarity.  In addition, you have certainty that when you present an offer on the right home, essentially all that needs to be done is to get an appraisal and title work done. 

Certainty is the common goal for all involved in the process.

There is a common goal that every homebuyer, home seller and their real estate professionals want – all 3 want certainty that the transaction is going to happen timely while being frictionless.

Who your lender is matters!  Your Mortgage Strategist is just as important as finding the right place to call home.  In any market, a home buyer needs to have price and cost clarity before they go searching.  I have seen people visit an open houses and fall in love with a place to call home but just to find out they do not qualify for it or worse, they qualify for it but it is way outside of their monthly budget. 

There are many benefits to the mortgage approval process. Certainty is the main benefit but having clarity and an understanding of the economics is a very close second.  Understanding not just what your total monthly costs based on a specific price point are but also knowing all the costs to close the loan to assure that you have properly budgeted and are fully educated to make the right decision for yourself and your family before you go under contract to buy a home is priceless.   Only a Mortgage Strategist that has a servants heart can effectively help and I believe that Mortgage Strategist needs to be local with a solid reputation in the market place. 

Yes, there are many website and toll-free numbers you can call to get a mortgage today.  Some offer some very creative marketing saying they can take you to the moon on a spaceship if you just press a button.  I shared it once, let me share it again…getting a mortgage is big deal and finding the right home loan solution for your family cannot be done by just pressing a button. Before you find the right home one should first, find the right lender and that lender needs to be a Mortgage Strategist that has a great reputation and who I local.  They should have a servants heart not commission breath.  That Mortgage strategist needs to know your short and long-term goals so they can properly develop a plan that provides you with the lowest cost of borrowing.

In closing, one needs to know that a home buyer and a home seller only have 1 common goal — that 1 goal is a frictionless experience that maximizes their time while the transaction closes on-time. Imagine for a moment that you are a home seller.  You have 2 exact offers with all the same terms.  One offer is a qualification letter from an internet lender and one is an approval letter from me— which one would you pick?

Your financing for your mortgage can be a deal maker for your new home or it can be a deal breaker. With the Martini Mortgage Group at Benchmark Mortgage it will be a deal maker.

Kevin Martini | NMLS ID 143962 | Chief Mortgage Strategist and Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 507 N Blount St Raleigh, NC 27604 | (919) 238-4934 | www.KevinMartini.com | Kevin@KevinMartini.com | Equal Housing Opportunity

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