Many times over the past three months I have gotten that all too familiar call from previous clients. It goes something like this “Hey Ray, It’s ______ and my (friend, brother, neighbor, colleague) has a loan that is going to go up in rate in ___ days/months. Can you help?” I have seen many good people who got into bad loans because of the lack of licensing that recently changed in Denver’s Mortgage Industry. Many unscrupulous or uneducated mortgage brokers in Colorado and the U.S. have taken the common homeowner and misguided them about the mortgage they were offering to them as the “best option”. What this does to people is portrayed to them that A.R.M’s and “flex pay / option A.R.M mortgages” as the solution that was best for them.
What ends up happening is that people aren’t explained what the effect of that A.R.M or flex pay loan will do to them. There is a misconception that you can pay off your home in 7 years and not change your payment. How can that be? If you were to take your mortgage balance and divide it by 84 that would give you the payment you would have to make WITH 0% interest! Now, you tell me where do you get a 0% interest loan? You don’t so that is why there needs to be a better understanding of the loan program you select for your mortgage.
We educate these potential clients and better assess their needs before selecting a recommendation for their home loan needs. After all, it is better for you to get the right loan the first time around with me and a great competitive rate. Versus being that person who becomes my referral from a satisfied client and has to refinance to get out of that ugly mortgage or worse, save your home from foreclosure.
Call me today to discuss your situation and get honest answers from an experienced mortgage consultant and homeowner and real estate investor.