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As I thought it would, it opened-up some discussion about small down payment requirements and the wisdom of exercising them. Personally, I feel this option, now being considered for re-introduction into the mortgage market, is much like any other financing option. It's an option open for exploration.
I believe the final decision regarding its use should be ... and will be dictated by the individual home buyer's personal financial scenario. Simply, do they qualify? And if qualified ... is it the right fit for their needs? Obviously much must be weighed in each individual case to arrive at that answer.
In doing so, I view the mortgage programs I offer as somewhat of a "restaurant menu". And sometimes my menu's options rotate ... items being offered disappear and then re-appear at differing times.
And how do customers choose their meals in an actual restaurant?
The final choice of meal surrounds taste, yes ... but their health concerns often enter into the decision-making process as well.
If following a low-sodium diet, certain items on the restaurant menu will be ruled out. Same thing goes for other health concerns. Diabetes will have you avoiding some menu items, just as concerns surrounding high-cholesterol will have you ruling out others.
Financial health concerns will dictate the elimination of certain choices on my mortgage menu also. Low credit scores, small down payment saved, high debt level, and more ... having them in play within your finances reduces the number of mortgage options available to you.
As I see it, when working with my clients as their Mortgage Lender,it's my job to find out as much as I can about their financial health and financial capabilities.
After accomplishing that, I along with my clients, must find the mortgage financing options on my menu of mortgage programs that are a viable choice and good match for their needs.
And just as with restaurant menus, that can mean overlooking the short-term, tastier gratification for the more long-term, wise health-conscience choice. Again, helping my clients find and make that more wise choice is my job. For me, this just proves that choosing the "restaurant" (mortgage lender), is a crucial decision within this scenario.
Consider this: The CHOICE of food certainly differs with the "restaurant" chosen. The QUALITY of food offered will also differ, as will the NUMBER OF OPTIONS on the menus ... not to mention the TIME and amount of PREPARATION devoted along the way to delivering a good meal.
It's much the same with Mortgage Lenders, isn't it? Devoting time and attention to choosing the right one is very important. The choice of "menu" items certainly depends upon it too. As does the quality of those items and the time and presentation they are delivered with.
Which brings me back full-circle. The 3% down payment, Mortgage Insurance option, if and when it returns ... will be just one option explored on the Gene Mundt Mortgage Menu. I think it's important to emphasize that.
Only time and intense examination will tell if this mortgage option is the right option for you to utilize when financing your home purchase ... (or your customers) ...
* Work with a Mortgage Lender that offers a full menu of mortgage options ... and will take the time to explore all the financial options available to you. Contact me today and I will put my 35+ years of mortgage lending expertise and experience to work on your behalf.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.