#43 What About After?


I sincerely believe that relationships anchor the process when a client contacts a Mortgage loan officer and wants to buy a home.   Even the facts and details are secondary.   If the relationship person to person isn’t working, chances are the process will bog down or just fail.  So much depends on communication, good listening and understanding the sensitive aspects of some information.

The process can feel intense, especially for first time homebuyers.  It takes a lot of energy, cooperation and diligence to assemble information, fill out forms, research past activities and provide documents.   When it all goes well and the application is approved, everyone is happy and ready to realize home ownership success!

So much of the process is your Mortgage loan officer responding to possible frustrations in the preparatory faze.  I often spend time clarifying gross I sincerely believe that relationships anchor the process when a client contacts a Mortgage loan officer and wants to buy a home.   Even the facts and details are secondary.   If the relationship person to person isn’t working, chances are the process will bog down or just fail.  So much depends on communication, good listening and understanding the sensitive aspects of some information.


The process can feel intense, especially for first time homebuyers.  It takes a lot of energy, cooperation and diligence to assemble information, fill out forms, research past activities and provide documents.   When it all goes well and the application is approved, everyone is happy and ready to realize home ownership success!


So much of the process is your Mortgage loan officer responding to possible  misunderstandings based on rumors or non-professionals insisting that “they know.” 

(Recently, a client was upset and disappointed by an inaccurate belief concerning who can co-participate in a home loan.  The client felt defeated, frustrated and expected to be disappointed.  As I listened to his dilemma it was clear he was misinformed.  Clarifying the facts for that client was very satisfying; he was approved and got his loan!)

What about after?  When a client’s loan is approved and they find and buy their house, what then?  Is there an ongoing role for the loan officer and that lending institution?    Well, if the process went smoothly and the relationships were congenial, it probably built a foundation for the future as well.  I like to view client connections as ongoing.  Particularly with first time homebuyers, because we all know that the first home they buy, for so many, is just that: the first home!

Your Mortgage loan officer holds a unique position in your life.  Once the process is complete, you have a relationship with a financial expert who knows your groundwork cold turkey! Circumstances can alter a well-planned path with changes that often require the advice and guidance of the loan officer who assisted you with that first home Mortgage loan.  

Families expand and outgrow the limits of a house.  Other circumstances might call for re-negotiating that loan to incorporate expansion for a home office.   The need to “move up” to a larger home can occur for a variety of reasons such as sheltering an elderly or special needs family member.

Your Mortgage loan officer can play many roles for you over time.  Financial advice (that is related to your original home loan) would make excellent sense coming from the relationship that is already familiar and informed.   In the future you might need revisions to that loan, additional property loans or simple financial guidance in matters involving any residential property.  If your loan officer does not have the answers, you’ll be referred to the resource that does!

By successfully completing your personal home Mortgage loan application process, you now qualify as an excellent example and referral resource for your friends and family.   There’s a natural path – a chain reaction, so to speak – for those who trust you!  When they have the need for financial advice or assistance in securing their home Mortgage loan, you get to share your experience and connections.

We are all in it together!  That complex process you successfully navigated has gained you experience that you can share, knowledge that you can use again and a valuable professional network.  That network likely expanded to include several necessary specialists such as legal, residential realtor, contractor, accounting and variouscontractors.

What about “after?”    Your relationship with your home Mortgage loan officer is “right over there” – and available to assist you with the next dream!

Comments

Post a Comment

Popular posts from this blog

#56 About Insurance

Image
The decision to buy a home of your own, includes both the consideration of, the added expense of and the mandate to carry the appropriate insurance coverage for the property you are considering.  It’s a “given” that qualifying for your Mortgage Loan means your new property must be insured to protect the property you do not actually own until your Mortgage loan is fully paid. Many factors drive the amount and the kind of insurance you must carry for your specific property.   The recent factors of repeated (and repeated!) wildfires and floods have inspired many new insurance considerations and changes that directly relate to both of those “natural” disasters.    It is not that floods and fires did not exist in the past.   However, the more recent phenomenon, of wildfires originating miles away then sweeping across densely populated areas some distance from their point of origin, is seriously impacting fire insurance availability and limits.    Ne...
Read more

#58 Preserving an Interrupted Plan

Image
When making almost any kind of a serious plan, it’s probably smart to also consider the possibility of some kind of a glitch creating some kind of an interruption!   Interruptions to a plan for purchasing your own home can come in dozens of ways, from any number of directions.   But, understanding that reality, and accepting that “possibilities” may come up, shouldn’t be a reason to worry unnecessarily or become a bundle of nervous “what ifs.” Challenges, and many perfectly normal life situations, might arise and interrupt the original rhythms and timing you have developed for your master plan.    Most such things can be managed, and need not critically damage your plan.     An interruption to how you want things to proceed will probably just mean adjustments, modification and a little finagling! What’s most important, when the unexpected happens, is to keep your sights on your plan as a whole.   For instance, an employment status ...
Read more

#57 Windfalls and Nest Eggs

Image
They are definitely connected!  Understanding both – and their possible positive potential – can make measurable differences in your financial life! Having a formula, some disciplines and a plan for money to reserve may sound like an old fashioned homily, but savings don’t just happen – savings accumulate by determination and repetition.    When an unexpected “windfall” drops into your hands, it can be added to your existing reserves, or it can be a beginning to what you may have been intending but never quite got around to: some savings! Windfalls have several sources! A simple one might be an unexpected raise in pay, or an unexpected bonus!   The key determinator here is “unexpected.”   We all know how easily it can just disappear into the cash flow that’s already flowing! But, wait a minute.   Before it happened, you were probably making ends meet, one way or another, right?   Well, you now have an opportunity to treat a Windfall diffe...
Read more