MODERN MORTGAGE FACTORS, THE NEED FOR A LONG-TERM BROKER/ADVOCATE in times of separation, divorce and beyond.
Modern times, market adaptation and access to information has created a situation where mortgages are not only less formulaic – but more complex. Factors such as increased rate fluctuation, new products and offer types, non-traditional employment incomes, and divorce and family income – on top of new stress tests and a higher degree of lender scrutiny - have made mortgage ‘shopping’ far less strait forward and requires an expert .
- The average loan values are much higher
- The average percentage down payment has decreased
- The Stress Test has Changed
- The level of scrutiny has dramatically Increased
- New and complex mortgage products have emerged
- The frequency of rate fluctuation has increased
- Comparative rate ‘shopping’ requires a higher level of expertise
- Average Dormancy periods at each property have shortened significantly
- The nature of ‘traditional employment’, employment tenure and employment income has changed
- Divorce/separation are more common and impacts property and mortgage financing
- Higher Prevalence of investment properties in family portfolio (that impacts access to credit)
Mortgage brokers are true, dedicated practice experts are not only there to help you navigate but also advocate on your behalf as an ally for the long term and beyond the transaction. In this way, and to your maximum long-term financial benefit - the new or modern relationship with your modern provider or broker is no longer point in time but well beyond the purchase, refinance and sale. And while mortgage brokers often work closely with banks withing their broad portfolio of lenders, banks and individual bankers are not typically structured 0 or motivated – to take on this long-term role that could save you many thousands in time.
John Panagagakos will take the time to understand your situation – particularly in the emotionally and financially difficult time of separation and divorce – and will work with you to when Mortgages Matter Most®.
Let’s face it, separation and divorce are are a part of life and just one of the modern realities that are changing the mortgage finance business and underscoring the real need for a more modern approach and the higher level of specialization that we are proud to provide. Please contact our founder, John Panagakos today today – inside or outside of business hours on his personal mobile at 416.570.5646.