THE SCENARIO:
This client had been renting for many years and loved the home she lived in. When her landlord finally offered her the chance to buy the property, she jumped at the opportunity. Unfortunately, the bank where she had her checking account dismissed her application. That’s when her Financial Advisor introduced her to me.
THE ISSUE:
Although she earned a good income, past credit challenges had left her with minimal savings. She had worked hard to repair her credit, but doing so depleted her reserves. To complicate matters, while the house itself was in average condition, the detached garage was in poor shape and would not pass an appraisal inspection.
THE SOLUTION:
Fortunately, the seller was cooperative and motivated. Having owned the property for decades, he agreed to sell slightly below market value. This allowed us to structure the deal with a Seller’s Concession, covering all closing costs within the mortgage. Additionally, we secured an Appraisal Waiver, eliminating the garage issue entirely.
THE RESULT:
Her mortgage was approved with a monthly payment comparable to her current rent. Closing costs were covered, her limited savings remained intact, and she became a proud homeowner. Another happy client—now a loyal advocate—sharing her experience with friends, family, and coworkers!
BOTTOM LINE:
In today’s lending environment, mortgage approval is far from guaranteed. However, with the right Mortgage Professional, proper guidance, and strategic planning, your chances of success increase dramatically.
At Mortgage Wealth Advisors, our Mortgage Planning Approach ensures every client receives tailored financial advice so their mortgage fits their unique needs, complements their lifestyle, and supports their long-term financial goals.
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Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.
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