Just the other day my son came down with a fever and was complaining about his throat and some pain in his ears. I wasn’t able to get him to our general physician for a check-up but instead was able to get him into another one of our family doctors who happened to be an ENT, a specialist.
ENTs if you don’t already know are doctors that specialize in Ear Nose and Throat medicine. Because of my son’s specific complaints it seemed appropriate to visit the doctor who has spent years working with and understanding illnesses of the throat and nose.
While sitting in the waiting room for my son to be seen I started thinking about doctors and all of the various different medical specializations that exist. I started Googling different medical specialties and quickly learned there are a lot and even sub-specialties of the specialist for those really complex of difficult medical mysteries. There are Drematologist that treat skin conditions, endocrinologist that treat diabetes, gastroenterologist who specialize in the digestive organs, podiatrists that care for your ankles and feet and so many others.
When you have general symptons and not sure what wrong you typically go see your general family practitioner. You may visit this doctor for pink eye, the flu, common cold, or other symptoms. They can help you determine if need to go and see a specialist.
But what about if you tear your ACL, get pregnant, break a bone, or notice a strange new mole on your skin? I thought about 20 or 30 other medical situations that just about anyone could have and thought about what type of doctor they would need to visit.
I tell you this little story to make a point. The idea of using a specialist for a specific need doesn’t only apply to the world of medicine. Specialist, or experts, in a specific field of medicine are there to really focus in on what may be causing your symptons. Because they only deal with conditions that involve a single part of the body they have an incredible amount of knowledge and know exactly what to to look when advising you about treatment. This means you are getting a much higher level of care.
The same applies to your finances. This includes home mortgages.
Banks Are Good For Some things, But They Aren’t Specialist
Yes, you can walk into your bank where you feel comfortable with the faces you see each week. They are wonderful people who understand money and can help you get a car loan or provide products to help you save. Maybe you have a financial planner. You visit them also to help you create a savings plan for retirement or manage your assets. Again, another person with good knowledge about money and finance who can certainly help you. I do highly recommend that everyone have a financial advisor by the way.
However, even though both are experts making sound financial decisions with your money and savings they will never have the expertise, or the depth of products, to best serve you when it is time to purchase or refinance a home that a mortgage specialist can.
Look at it like this: a cardiologist who specializes in heart conditions can advise you how to keep your heart healthy or detect problems more accurately than a general practitioner. I’m not taking anything away from family physicans they are the foundation for keeping my family healthy and telling me when we need to talk to a specialist. But, when it comes to specific heart problems a cardiologist has hundreds, if not thousands, of cases to reference. They also have the necessary tools to best do the job.
It’s the same when it comes to your home financing. Mortgage specialist, or mortgage brokers, can provide the highest level of knowledge and advice when it comes to the best way to finance your home. They have a ton of experience is helping buyers in various finanancial postions and they have the necessary products (tools) to best help.
Mortgage Denial Is Not Your fault,…Usually
Our hometown banks are helping us open checking accounts and finance cars, and yes they do finance homes too. But, if they can’t help you qualify because you’re self-employed and writes off too many miles or your credit score falls below their cut off how does that help you? You will leave feeling discouraged, defeated and possibly confused as to why or how you weren’t able to get a mortgage approval.
Are you to blame? Or was it the bank not having the type of loan you need? There can’t be that many types of loans, right?
That’s kind of like saying, there can’t be that many types of moles and skin conditions? One topical cream should cure them all, right?
Believe it or not this happens a lot. Most likely your bank or big online lender lacks the products and knowledge to see past the surface of your financial situation. They don’t see the entire picture.
Mortgage specialists like brokers, take a deeper dive into your credit and financials and can analyze a multitude of mortgage product guidelines. Doing so improves your chances of being matched up to a mortgage product that fits your unique buying situation.
Yes, You Too Can Be A Homeowner
If you are reading this I want you to know that you can be a home owner. But you must know that each person’s journey to owning a home is different. The experience and how you get there won’t be the same as your parents, your cousin’s, or your best friend’s. Not everyone is on the same path when it comes to money and credit and the American Dream. Don’t feel like you have been left behind if you are turning 30 and still have not purchased your own home.
When I was 24 years old, living in Manhattan, my fiance told me we were buying a multi family 2-unit home. At 24, I was like, “We are buying a 2-what?!” This was my first homebuying experience. Not typical because I didn’t even know you could buy a 2-unit home. My fiancé had a plan for us though. The problem was that he couldn’t qualify for the loan because he had just started his real estate business was self-employed and had inconsistent income. We talked to several mortgage lenders before we found one that had the right products and knowledge help us get approved. 15 years later we’ve moved, rent the building and have it almost paid off.
That’s how I got my first home and it wasn’t how anyone I knew got theirs. Don’t listen to your parents, friends or neighbors advice on how they purchased their home, because everyone’s situation is different and every homebuyer’s loan is different. Honestly, most people don’t realize that 3 first-time homebuyers who are all purchasing a home for $100,000 could use a different type of loan, with different rates and need different down payments.
Buying a home is attainable for SO MANY people. Almost anyone can get on track to purchase within 3-12 months if you really put your energy and focus into it and talk to the right people.
For anyone suffering from credit and financial issues, take a deep breath and know there are resources and help you can get in cleaning everything up. I know it is hard watching your friends and family post about their new home while you have to go back to your apartment of the last 5 years. Here’s my advice: If you have already been denied by your bank or a big online lender don’t give up on your dream. Pick your head up and start talking about it. Find a mortgage broker or credit specialist who can get you on the right track to buying a home this year.
If you’re lying on the operating table with a heart condition and a general physician says “Sorry, I can’t help” would you accept that or would you ask to speak to another doctor? Maybe more specifically the resident cardiologist?
Your mortgage is no different. Find a specialist.