THE SCENARIO
Michael was a successful restaurateur. What began with one location had grown into three thriving restaurants across Long Island. With both his businesses and his family expanding, it was time to upgrade to a larger home.
THE OPPORTUNITY
Michael’s CPA recommended he call me to ensure a smooth transaction. However, Michael was a “private client” of his bank, where all his investments and business accounts were held. His banker assured him that getting a mortgage would be “a piece of cake.” Confident in that promise, Michael signed a purchase contract and applied for his mortgage.
THE PROBLEM
Michael promptly submitted all requested documents. Weeks later, a processor at his bank asked for more paperwork. Then more. Frustration and anxiety mounted as the deadline for his mortgage approval loomed. Despite weeks of back-and-forth, he received a mortgage denial in the mail! His own bank claimed his income was insufficient to qualify.
THE DIAGNOSIS & SOLUTION
Now in panic mode, Michael followed his CPA’s advice and called me. I immediately conducted a full financial and underwriting analysis. His tax returns didn’t reflect enough income — at least not the way a traditional underwriter would calculate it. However, his business bank statements showed strong, consistent deposits.
Instead of relying on tax returns, we qualified him based on the cash flow of his business accounts — a strategy his bank never considered and could not deliver.
THE RESULT
Working closely with his real estate attorney, we fast-tracked his application and secured a loan approval — getting him to the closing table on time.
THE BOTTOM LINE
“Big Box Banks” often create big-time headaches. What you need is expert advice and a strategic approach — not empty promises.
Work with a Certified Mortgage Planning Specialist® with 30 years of proven results and consistent Five-Star Reviews.
Before you start house-hunting, make sure you’re armed with a bona fide preapproval — not just a casual assurance from your bank.
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Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.
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