SCENARIO: First time buyers are looking for a home on Long Island’s north shore. Recently married and already expecting their first child, he is a rising star at his exclusive law firm. His income is projected to rise dramatically over the next several years.
PROBLEM: While his financial future looks bright, his current income is making it difficult to afford a house in the neighborhoods they wish to live in. Their real estate agent is encouraging them to make offers. While he feels the monthly payments are a stretch right now, he believes he can make it work. However, his wife is much more concerned! With a baby on the way, and with all the expenses associated with a newborn, she does not want the added stress of a high mortgage payment!
Their CPA introduced them to Warren Goldberg.
DIAGNOSIS: I reviewed ALL of their financial documents, including their credit, budget, and cashflow. Then completed my financial analysis as I do for all my clients. Most importantly, I listened intently to their story, their backgrounds, and their attitudes and belief systems regarding money. I learned about their long-term goals and empathized over their short-term concerns.
SOLUTION: Based upon the wants and needs they communicated to me, I reviewed the price ranges and real estate taxes they should expect within the towns they were looking. I also proposed they explore comparable towns which offered lower prices and lower real estate taxes. With my help and guidance, they were able to find a house in a neighboring town that checked off all the boxes, including a lower price and lower mortgage payments! They also came to realize that their recommended real estate agent, who should have provided this guidance and advice, ultimately wasn’t all that good after all.
RESULT: A home and neighborhood they loved, a nursery for their newborn, and monthly housing payments that didn’t destroy their budget or lifestyle.
BOTTOM LINE: Choosing the right mortgage professional goes WAY beyond shopping rates. You won’t get the personal advice and concierge experience by talking to a loan officer at ‘Your Bank.’ Contact me months before you start looking for a new home. Only then can I ensure your home and your mortgage fits your budget, your lifestyle, complements your financial plan, and helps you build wealth over time.
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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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