You have closed your mortgage, and that means there is no reason to talk to your loan originator again. Right? That couldn’t be any further from the truth! Your OVM loan originator is a valuable asset for you while going through a purchase or refinance, but it doesn’t stop there. It is helpful to stay in touch regularly after the mortgage closing. Just as it is important to involve financial advisers, accountants, or others for significant decisions or reviews, we would suggest a consistent mortgage review strategy. Remember to reach out to your loan officer for the following:
- An Annual Review
- Buying a Vacation Home or Rental Property
- Moving Up or Down Sizing
- Credit Score Questions
- Refinancing or HELOC (Home Equity Line of Credit) Options
- Rough Patches in Life
- Referral of Our Services
Why is an Annual Mortgage Review With Your Loan Originator Important?
First of all, we love hearing how things are going with your life. Have you made improvements to your oasis, what’s going on with the children or grandchildren, or maybe you had a job promotion? Additionally, there are topics to discuss that could involve a mortgage strategy discussion. There could be a job relocation that could involve selling and buying a new home. There may be a new addition to the family which could mean comparing a home addition to purchasing a larger home, or there could be goals down the road such as buying a vacation home or an opportunity to refinance to potentially lower a house payment or pay off your debt faster.
Buying a Vacation Home or Rental Property
Maybe you like vacationing at the beach or in the mountains. Others may choose to buy a second home that is closer to their family. Either way, it is a home away from home and your loan originator will help with a financing strategy during the mortgage review sessions.
Another option in buying additional real estate could be purchasing a rental property. A rental property provides an opportunity for building current and future cash flow. Over time, it can create wealth by building equity. While tenants make rental payments, equity may be achieved by paying down the mortgage balance plus building appreciation in the home value.
Mortgage Review to Discuss Moving Up or Down Sizing
Becoming a move up buyer or downsizing typically depends on your stage in life. The typical progression of home sizes follow as a starter home, a larger home with space for a growing family, and then going down in size during retirement. However, not everyone or every situation is the same. For instance, some retirees choose to live in the largest home of their life during retirement. Many don’t realize it, but through any of these stages, there are low down payment to no down payment loan options available to fund these homes. That is why it is so important to discuss plans with your loan originator. It is easier to plan for the future when involving a lending expert.
Credit Report Questions
Credit scoring is a confusing topic for most Americans, yet it is such an essential factor in your financial life. But, credit scores are used by insurance companies, employers, credit cards, banks, and more. A low score may prevent a new job, cause a higher interest rate on debts, or raise the cost of insurance. Everyone is a number these days when it comes to credit, so it is important to have a good number.
An experienced loan officer understands what causes scores to go up and down. Therefore, we can answer the questions to key scenarios: “Should I get a new store credit card, will closing an old card hurt my credit, what can I do to raise my credit score, or how can I protect my credit?” Although these are popular topics during the mortgage process, it is better to learn these answers along the way. Having a great loan officer in your corner could actually land you a job or save money on car insurance.
What to do During Rough Patches In Life
Maybe you are fortunate enough to avoid major setbacks, but most can’t avoid at least one. Whether it is job loss or reduction in hours, divorce, foreclosure, or bankruptcy, there is often valuable mortgage advice for times like these. For instance, divorce usually means dividing the marital assets such as selling the home or refinancing to pay the ex-spouse in an equitable distribution. Taking a lesser paying job on purpose or not could be helped by a refinance to a lower mortgage payment. Even a bankruptcy, short sale, or foreclosure doesn’t disqualify you forever from a mortgage. There are steps to take which drastically shorten the period from negative life event to buying a new home. On this roller coaster we call life, your loan originator is here to assist you.
Know a Friend or Family Member is Looking to Purchase or Refinance?
So, you have been through the mortgage process and maybe even a mortgage review with your loan originator and seen firsthand how valuable the expertise can be. Now, shouldn’t your family and friends experience this as well? Whether you hear purchase, refinance, home improvements, credit scoring, or other terms, refer to your loan officer. Our goal is to not only provide you with loan officer expertise for life, but we also promise to take care of your friends and family. It is as simple as providing your loan officer’s name, phone number, and what made the service you receive so special. Maybe it was the communication keeping you updated during your purchase or it was the timely advice after the closing. Either way, share your story and your loan originator.