Sometimes the most important job I have is to talk someone out of buying a home. It sounds counterintuitive, but I can tell you after many years of working in this profession that some of the best mortgage advice I could ever give is to hold off on it.
Buying a home is a deeply emotional investment. Once someone decides it’s the right thing to do, it can be difficult to talk them out of it. But I believe it’s my ethical responsibility to help people succeed, even when it goes against my clients’ requests.
I know some serious, go-getter mortgage professionals who close more loans every year than I ever will. But their style is different from mine. You ask for a mortgage and they find a way grant it, no questions asked. I can’t work that way with so much at stake for people making such a big investment.
I think about a recently divorced woman with two young children. She wanted a fresh start in a new home. After reviewing her financials and understanding her situation I gave her the news she didn’t want to hear. It simply made more financial sense for her to rent for at least a year. In that time she could increase her credit score along with a salary bump from an impending promotion.
It was a difficult conversation. As you can imagine, she was disappointed. I knew, however, that it was the right thing to do. And 18 months later, after I helped her with her mortgage, she called to thank me for not moving forward with her original request. The timing, she realized, just wasn’t right.
These are the stories that make me grateful for what I do. I see it all the time from the professionals I work with regularly. When you put people ahead of profit you’ll always have thankful clients — and that’s what makes me grateful.
Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.