Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Shmuel has over two decades of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. Shmuel provides a uniquely holistic approach to comprehensive real estate and financial matters that goes well beyond any single transaction. Shmuel is an award-winning financier recognized for maximizing the short-term and long-term objectives of his client. As a contributing writer to many local and regional newspapers and publications, his insights have been featured in the media for many topics, including mortgages, personal finance, appraisals, and real estate trends.
As technology continues to play a more dominant role in how mortgages are obtained and transferred in the secondary market, the industry appears to be trending to a more commoditized product offering where almost all loan options look the same. Anyone can go online and get a rate quote with just a few clicks on a smartphone. Yet, I believe the more things start looking the same, the more reason to look for the distinctions!
Perhaps, a seasoned homeowner who is not procuring their first-ever mortgage, or constrained to quickly close on a purchase transaction – while juggling all the other novelties of buying a house – might be more equipped to “shop for a good mortgage.” That is often not the case, however. What usually happens is that the individual reaches out to a mortgage agent and merely askes, “What is your best rate?” and uses that number to evaluate if it makes sense to pursue a new loan. They may likely save money, but they might not really be getting the “right” mortgage.
I spoke with a homeowner recently who told me that he was hesitant to refinance his mortgage. The payments on a new 25-year mortgage were too high, but he didn’t want to go back to a 30 year after paying off 18 months of his current loan. I suggested a 28-year mortgage, and it made all the sense in the world. In another instance, the homeowner was trying to juggle financing for renovations but had poor credit because he was maxing out his credit cards for the work in his house. I suggested a bridge loan to pay down the debts. Once that’s resolved, I would do a rapid credit report enhancement after which he would save over $500 a month.
I recently talked with a client who was in contract to buy a house and was over-anxious to lock in the rate and complete the mortgage process. He explained that this house had multiple offers, and he was already told that if there are any delays or issues, the sellers will move to the second-best offer. He was pre-approved by an online lender, and I will admit, he was getting a “good deal.” Our rates were comparable, so I wasn’t sure who he would be moving forward with in the end.
This applicant was incredibly tech-savvy and was also doing a lot of online research. His primary concern was that he wasn’t certain how much work he would need to do in the house, and he wasn’t sure how much of a downpayment to go with on the purchase. All of his communications with this other lender were via an online chat and emails. He was clearly getting no advice and guidance. I suggested that he take out as much as he might need in financing and offered him our “Approved Advantage” program. He would be able to pay down principal after the loan is closed and readjust his mortgage payment downward while maintaining his low rate without changing his loan term.
Fancy technology is prodigious, promotional offerings are wonderful, and working with family is certainly harmonious – but there are no instances where a client cannot benefit from talking to a financial advocate who will help them “beyond the industry standard.” Everyone is different and deserves a personalized perspective that maximized their financial objectives.
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