Taking or Shoving a Job? Call Me First
The "me" in this title is figurative, of course, and the concept we're going to cover is broad in scope. And no, I really don't want to hear about your new job and its benefits; the free hot yoga classes and unlimited fair trade organic tea and gluten-free snack bar. But the concept I do wish to cover has relevance in many other areas of our lives and, hopefully, what I'm about to say will help a homeowner or home buyer save an otherwise strong mortgage application from an unsuspecting, unexpected and undesired demise somewhere down the long road.
Purchasing a home is often a big financial leap for a first time buyer. And make no mistake, once achieved, home ownership brings additional responsibility. This is characteristic of a pattern that most of us eventually witness in our adult and professional lives --- complexity, especially of the financial variety, grows as our lives become more involved. But often I witness that it takes an "Aha! moment" and perhaps even an unfortunate experience or two, before we truly accept how our thought patterns also need to change when we undertake important decisions from this more complicated background. Let me provide the classic example that occurs in my profession:
"Special Skills Scott" works for an established and successful entity and completes his job responsibilities dutifully and faithfully. After some time passes, Scott realizes that perhaps a lot of his value lies in, well, himself, and so he decides to strike out on his own. A "consultant," we'll call him. During his time in the employ of another, Scott developed his own clients, his own relationships and his own knowledge and it's finally hit him that there's no time like the present to control his own fate. He starts up his business, quickly gets up to speed and, as a bit of luck would have it, finds himself doing quite well --- thank you very much. Enjoying his freedom and his unencumbered compensation, he decides to purchase a home. He quickly learns that without a 2-year history of being self-employed, qualifying for a mortgage is exceptionally challenging if not downright impossible.
The hardship, in this case, was avoidable. Scott was simply not in the habit of recruiting the advice of a "team" before making a critically important decision. Even a quick phone call or email to his Realtor, CPA, insurance agent, attorney, financial advisor and, in this case, mortgage professional would have shed tremendous light on the ramifications of a career change. Not all of this information, mind you, would have proven to be germane to his particular switch, but all of it would have provided illuminating and specific perspective and informed a critical choice.
I am not giving Scott a hard time, of course. I'm simply trying to remind everyone, myself included, that as life gets more complicated, service providers are there to help --- that's the very definition of their place. Yes, some of them charge for their services. But only we can assign value to the valuable things in our lives and these pros, if wisely chosen, will help us navigate an increasingly complex world in the most efficient manner, often making the cost of their services, if any, well worth it in the long run.
But what if you're just starting out and don't have these contacts? Then start with me and I'll be happy to share all of my home finance experience with you. You can begin your journey from there.
Workin' for a livin',
Robert J. Spinosa
Executive Loan Advisor
NMLS: 22343
Cell: 415-367-5959 Fax: 415-366-1590
rspinosa@rpm-mtg.com www.rpm-mtg.com/rspinosa
1058 Redwood Highway, Frontage Road, Mill Valley, CA 94941
LendUSA, LLC dba RPM Mortgage NMLS #1938 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
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