Potential clients often ask me what differentiates me from the competition. As a small, independent mortgage broker I am able to help clients who face unexpected difficulties when they are refinancing their mortgage or purchasing a new home. Here is one such example:
I was working with a young couple who had been looking for their first home since January. I ran their credit, which was perfect, and got them prequalified for a loan. Because of the hot housing market, they lost out on five homes, but were finally able to get an offer accepted on their sixth, and they excitedly called me to ask about next steps.
I submitted the couples’ information for a loan and found that their credit score had dropped 35 points since January. What happened? Because of a government program to help students with debt, all student federal loan payments were temporarily suspended, and all loans were placed in forbearance.
The closing date was already set, so I had to shift them into a loan program for first time homebuyers. This program typically takes 60+ days for loan approval, but my clients had a 30-day closing window. I was able to speed things along because I knew who to call within the program and, after numerous calls, I got them approved.
My clients’ experience, while stressful, is not unusual. I pride myself on my availability and ability to help clients navigate unexpected situations that are bound to arise during the purchase and refinance process. Since I am not part of a large bank, I am able to work for clients and get what is best for them, not what is best for the bank.
If you or anyone you know could benefit from this hands-on, client-focused approach please feel free to refer them to me.