I've heard mortgage professionals compared to a lot of things over the years, but the one that resonates with me is the comparisons with the family doctor. The fact that we saw another refinance boom begin this week during an economic crisis was the impetus for writing about this here.
Like a good doctor, the good mortgage pros have a period of Examination (application stage), Diagnosis (application & credit review, underwriting), and Prescription (loan proposals). I've gotten plenty of calls from prospective clients over the years asking for rates for a fixed 30 year product before allowing me to go through these steps with them, it simply doesn't work for most of them. It would be like calling your doctor telling him what your symptoms are AND telling him what medicine to give you for them... In the medical profession they call that drug seeking!
Those of us who are in this business for the long haul understand that there needs to be a Continuity of Care. Just like you go to the doctor for an annual physical (or should if you aren't), you should be in contact with your mortgage professional at least once a year to make sure you are in the right vehicle to meet your personal and financial goals.
While I try to touch base with my clients every year on the anniversary of their loan closings, and on their individual birthdays, I try to remind them to reach out to me whenever they have an issue with their mortgage. In the past few days I've probably talked to 25-30 of my existing clients, and was surprised to find that several of them were currently over 60 days behind on their mortgages. While not surprising with the economy we're in that people would be struggling financially, I was surprised that they didn't think to call me. If they had called me when their issues first began, we could have reviewed options to consolidate debt, lower their monthly outgo, and potentially keep them out of trouble. As it is, in this market, with mortgage lates over 30 days they are in a position where I can no longer help... other than to provide them with resources for credit and financial counseling and remediation...
So, just like you go to the doctor when your health changes, you should be reaching out to your mortgage professional when your financial situation changes. If you're considering making home improvements, call your mortgage pro. If you want to pay off your house before you retire, call your mortgage pro. If you're going through a divorce, call your mortgage pro... If you need a referral to a realtor, cpa, financial planner, attorney, credit counselor... you get the idea. If you're about to miss a payment on your mortgage, call your mortgage pro IMMEDIATELY!
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