California Mortgage Planning
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Wendy Cutrufelli, CMPS, CMA
I began my mortgage career in 1987 and purchased my first home within a year. I already understood that the quality of advice I offered my clients regarding their single largest debt could impact their financial future but it suddenly became very personal.
Should I go for the safety of a 30 year fixed rate mortgage even though I knew I would not own the home that long? Should I consider an adjustable rate mortgage with the lower interest rate and payment? Could I still afford my home if interest rates were higher when the payment adjusts? Should I pay points to lower the rate? Can I still afford to contribute to my 401(k) or should I stop until my income increases? Will I be able to afford both the mortgage and a periodic vacation?
Mortgage loan officers are trained to analyze a borrower's ability to qualify for a mortgage, but not to analyze the mortgage in the context of life goals. I found that to be a frustrating gap in my training so I started calling financial planners. Keep in mind, I was 26 years old and spending just about every cent of my liquid cash to purchase a home so I wasn't exactly a potential client for anyone but I was fortunate to find several financial planners who would speak to me regardless of the fact that they would not personally benefit. Those conversations were extroadinarily helpful because they provided unemotional advice and were the begining of my ongoing educational journey.
As my career continued and I worked with a broad range of clients' financial goals, the questions for financial planners and other professionals became more complicated. Taxation and after-tax cash-flow, return on investments, incorporating mortgage financing and retirement planning, and real estate investment. Fortunately for the public at large, mortgage planning has been introduced to the industy through the Certified Mortgage Planning Specialist and the Certified Mortgage Planner programs.
Owning a home remains the American Dream for good reason. "..Housing has been a financial engine, a savings vehicle a means of forced savings (and tax savings), and a mechanism for painless capital accumulation. It has been the super piggy bank that would ultimately provide the wherewithal to pay for children's education and ensure a retirement nest egg. Housing did all this while providing instant gratification, pleasure and service on a day-to-day basis." *
It is my top priority to provide all mortgage options for your review in the context of your personal goals, the pros and cons of each, to answer all of your questions clearly and accurately, and ultimately to enhance your financial future. The greatest joy of my job is to get an unexpected phone call from a client years after obtaining their mortgage just to say "Thank you!" because they were able to afford their dream home and still pay for their child's college education (or some other important goal) as a result of our mortgage planning.
Please note, I no longer originate mortgages but remain available to answer questions, concerns and offer consultation at no charge.
(Source: Rutgers Reginal Report: Housing Bubble or Safe Haven?)
Should I go for the safety of a 30 year fixed rate mortgage even though I knew I would not own the home that long? Should I consider an adjustable rate mortgage with the lower interest rate and payment? Could I still afford my home if interest rates were higher when the payment adjusts? Should I pay points to lower the rate? Can I still afford to contribute to my 401(k) or should I stop until my income increases? Will I be able to afford both the mortgage and a periodic vacation? Mortgage loan officers are trained to analyze a borrower's ability to qualify for a mortgage, but not to analyze the mortgage in the context of life goals. I found that to be a frustrating gap in my training so I started calling financial planners. Keep in mind, I was 26 years old and spending just about every cent of my liquid cash to purchase a home so I wasn't exactly a potential client for anyone but I was fortunate to find several financial planners who would speak to me regardless of the fact that they would not personally benefit. Those conversations were extroadinarily helpful because they provided unemotional advice and were the begining of my ongoing educational journey.
As my career continued and I worked with a broad range of clients' financial goals, the questions for financial planners and other professionals became more complicated. Taxation and after-tax cash-flow, return on investments, incorporating mortgage financing and retirement planning, and real estate investment. Fortunately for the public at large, mortgage planning has been introduced to the industy through the Certified Mortgage Planning Specialist and the Certified Mortgage Planner programs.
Owning a home remains the American Dream for good reason. "..Housing has been a financial engine, a savings vehicle a means of forced savings (and tax savings), and a mechanism for painless capital accumulation. It has been the super piggy bank that would ultimately provide the wherewithal to pay for children's education and ensure a retirement nest egg. Housing did all this while providing instant gratification, pleasure and service on a day-to-day basis." *
It is my top priority to provide all mortgage options for your review in the context of your personal goals, the pros and cons of each, to answer all of your questions clearly and accurately, and ultimately to enhance your financial future. The greatest joy of my job is to get an unexpected phone call from a client years after obtaining their mortgage just to say "Thank you!" because they were able to afford their dream home and still pay for their child's college education (or some other important goal) as a result of our mortgage planning.
Please note, I no longer originate mortgages but remain available to answer questions, concerns and offer consultation at no charge.
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Wendy Cutrufelli, CMPS, CMP Certified Mortgage Planner, Realtor Direct: 925-917-1135 Wendy@WendyCutrufelli.com Walnut Creek, California |
(Source: Rutgers Reginal Report: Housing Bubble or Safe Haven?)