Mortgage Planning for Women – what does that mean, and why do we need it?

It used to be, and often still is, when someone was buying property, or wanting to refinance, the woman, (or man), would spend time calling mortgage brokers, banks, and going on line to find the “Best Rate.”

It’s an elusive concept. There is no “Best Rate.” You would need to get a quote from every one of the 25,000 lenders and mortgage brokers in California in the same half hour, and then hope they tell you the truth. It is more expensive to get the “Best” rate and the wrong program than to get a fair rate and the right program.

I had a client referred to me last week, and she wanted to refinance because her rate was going to adjust in June, and she was worried. She has spoken to another mortgage person and they said they could refinance her out of her adjustable rate mortgage and put her into a 30 year fixed rate. Sounds good so far. After I talked to her for 15 minutes, it turns out she wanted to sell in 1-2 years, and her adjustable rate was going down to 3.5%, fixed for another year. Because it was amortized over 25 years, not interest only, her payment would go up a few hundred dollars a month. She could afford that, and she was paying down on her loan, giving her a little more equity when she was ready to sell.

That’s why you need a Mortgage Planner. Someone who knows your goals, your finances, your appetite for risk, your time lines. Someone who will take the time to work out a plan for you, whether you are buying your first home, an investment property, or want to refinance for a myriad of reasons. Someone who will look at the big picture – Your Big Picture – and get you started on the road to building wealth.

Karen Mountain, Certified Mortgage Planner - Guest Blogger
First Priority Financial
To contact Karen send an email to women_buildingwealth@yahoo.com with “Karen” in the subject line