SCENARIO: A frugal young couple had worked and saved diligently, investing wisely, and living within their means to someday purchase their first home. When the time came, their Realtor recommended they work with Warren Goldberg of Mortgage Wealth Advisors.
PROBLEM: Home values on Long Island appreciated significantly, causing anxiety over high monthly mortgage payments. Their substantial investment portfolio could be liquidated for a down payment, reducing their loan amount and monthly payments. However, their Financial Advisor warned against liquidating such a large portion, as it would result in lost earnings and appreciation over time.
DIAGNOSIS: After a thorough financial analysis, I agreed with their Financial Advisor! Although the couple qualified for a larger mortgage, they feared the high payments and potential risk of losing their home.
SOLUTION: I sat down with the couple to explore all financing options, from large mortgage to large down payment, highlighting the pros and cons. I emphasized the importance of their investment portfolio and the lost opportunity costs of liquidation. To address their concerns, and in coordination with their Financial Advisor, I proposed a solution that balanced both needs: liquidating a smaller portion for the down payment, rebalancing the remaining portfolio into stable, high-dividend securities, and using the generated income to offset mortgage payments. This approach preserved their principal investments while covering a significant portion of their mortgage payments through passive income.
RESULT: A compromise that preserved their portfolio and provided comfortable mortgage payments.
BOTTOM LINE: Had this couple gone to ‘Their Bank’ for their mortgage, they could have seen much of their wealth evaporate, potentially hundreds of thousands of dollars over time! Yet, by working with this Certified Mortgage Planning Specialist®, their home and mortgage fits their budget, lifestyle, and financial plan, while helping them BUILD wealth over time!
If you still think shopping for rates is the way to go, you’re missing the Big Picture. Our mortgage rates and closing costs are likely no different than those from ‘Your Bank.’ Yet you’ll realize the benefits of working with us are significant!
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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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