Adding the Personal Touch
September 9, 2011
By Chris Caggiano
Successful Mortgage Planning Today
With banks tightening their credit policies and approving fewer loans, buying or refinancing your property has become a daunting process! Whether you’re interested in purchasing a home, or looking to refinance, in this economic climate you have to plan carefully. Needless to say superior mortgage advice is needed now more than ever.
My background in the mortgage industry has taught me a few important lessons. One is that when it comes to buying a home – especially one’s first home – research really pays off. Offering clients a customized plan that will fit with each mortgage need whether commercial or residential – is essential.
The plan will always change according to the market; but tougher, more intransigent policies do not always mean fewer loans; depending upon an individual’s financial situation, it often means we will need to modify our approach to that loan application. Often we need to take a closer look at the way the market and a prospective buyer intersect. That’s why it’s important for a planner to know both the mortgage process and his clients personally.
Back a few years ago, before the crash, clients needed to be especially prudent in planning a first home. It was necessary to evaluate their situation in the present, and size it up against where they, and the market, were heading. At that time it was vital to help prospective buyers avoid ensnaring loans that could sneak up on them down the road!
Advising caution was necessary before the end of 2008 – as we know now, so many families were unfortunately misguided, and as a result found themselves unable to keep afloat financially, once the tides turned and America was left to confront a sea of foreclosures. New York and New Jersey were hit particularly hard. After the crash many homeowners wanted frank and reliable advice from planners, wanting to avoid now more than ever, the pitfalls of the past.
I took that to heart, realizing that just because the banks have taken a more draconian approach to loan approval since the condo crash, it doesn’t mean that dreams of buying homes have been dashed for good. It means my clients and I need to change our approach. We now need to strategies and ensure we get the timing right, to lock in that best possible rate. That’s what makes Mortgage Planning a rewarding process: taking the extra time and care to give my clients the personal attention they deserve.
Chris Caggiano is a Licensed Mortgage Specialist, advising on Commercial and Residential Mortgages in New York and New Jersey. He has years of experience assisting labor unions, and is an expert at improving clients’ credit scores. He can be reached directly at: 917-836-3160