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Don't Assume, It makes A You Know What Out of U and Me

Don't Assume, It makes A You Know What Out of U and Me

Do you think that when someone engages you in conversation that they know all of their options and have made up their mind?

My father always said, "Don't assume, it makes an ass out of you and me."

I have found this to be so true in recent conversations with two clients, one a buyer, the other looking to refinance.

THE BUYER

The first was sure that she wanted to buy a home in Prince Georges County, and she wanted to buy it RIGHT NOW! 

She was READY, she had:

  • Down payment CHECK 
  • Good credit history CHECK
  • Good income CHECK
  • Desire   CHECK

After some conversation, what she didn't have was an idea of what her future plans were.   She had been dating her boyfriend for several years and they were talking marriage.  There was no ring, and no date, but she knew he was her future.  Did he own a home?  Yep, in a different county.  Where are you planning to live when you get married?  Not sure.  If you won't be living in his house when you get married, what are you going to do with his house?  Does he want to live in your home?  Not sure.  More questions, fewer answers.  I sent her away to find the answers.  We kept in touch.  She got engaged, they sold his house and bought one together that worked into their plans.  I attended their wedding. It was beautiful!

Had I allowed her to rush into a purchase without asking more questions (I mean, gosh, I don't make money if people don't buy) she and her husband may have been in a tough situation with two houses to sell.  Neither of which would have worked for them together.

A client is more than Assets, Income, Credit History and Desire.  They are people with a future, with a life.  We are the experts. Our job is to help them to get a handle on their BIG PICTURE. We have to help them to make the best decision for them not for our wallets!  This client has referred me several folks since then (and even while in the midst of getting the answers to her questions). 

Don't assume that your client, no matter how savvy, knows all the questions!

REFINANCE CLIENT

I received a call from a gentleman looking to refinance his home.  He knew exactly what he wanted.  He wanted a 30 year, fixed rate loan that would lower his interest rate and his payment significantly and save him thousands on his mortgage over the life of the loan.  We ran those numbers, took into account his goals, and plans for retirement. With a few more questions, we found that he planned on continuing to make the same payment as his current mortgage to pay off his loan in 22 years instead of 30.

We reviewed the numbers and found that with a 15 year loan, with a payment less than $100 more than his current payment (still a very comfortable payment for this client) he would cut another 7 years off his mortgage and retire sooner than he thought possible.

Don't assume that your client, no matter how savvy, knows all the answers!

It is important, especially now, to be the expert in our field.  We need to ask the questions, we need to help our clients to make the RIGHT decision.  We need to provide the options to help them to do that.  We mustn't assume anything!

Don't Assume, It makes A You Know What Out of U and Me

 

 

 

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

Comment balloon 0 commentsBridget "Mortgage Mama" McGee • October 18 2011 08:48AM

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