SCALING
THE
MORTGAGE MOUNTAIN
The market is a mountain. Altitude and terrain, ice falls and avalanches — but a summit that is well worth the climb. While the journey upward to the joy of owning a home is all your own, there is no question that no one can go it truly alone. Just as Sherpas shepherd adventurers to mountain peaks, buyers also need a hand to lay a path and point out pitfalls, opportunities and details they might not otherwise know to look for in their climb to the top. At Orlando-based Shelter Mortgage, loan officers do just that, playing the role of guide.
A Climbing Checklist Before the climb, you need to prepare. Just as Mount Everest explorers research conditions and terrain, you will do the same, with your loan officer there to guide you.
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Take stock of your assets. For climbers, that is not just their luggage. It is their limitations and their strengths. Take the time to review your financial situation, especially the size of your down payment, debt-to-income ratio and credit history. These numbers make up your buying power and will impact the types of financing you will be able to secure.
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Work on your financial fitness. As you become aware of your buying power, you may notice some areas you can improve to increase your odds of making it into the home of your dreams. Your mortgage lender is the perfect trainer in this fiscal conditioning. In a review, your lender might see opportunities you have missed — a chance to raise your credit score, increase your income or any other aspect that could increase your buying power.
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Get to know your terrain. Is it a buyer’s or a seller’s market? What is the average price in your area? This is where your lender’s experience and expertise are invaluable. While conducting your own market research is empowering and recommended, no one knows the market better than the professionals making the trek through the thick of it every day. They know what questions to ask and where the opportunities lie, and they are ready to share with you.
30 | AUGUST 2019 | i4Biz.com