From the day we got married my husband and I set a goal to buy a home together within a year. That first year involved numerous sacrifices on our part all in hopes of saving up enough money for a down payment. When we had close to the full down payment saved we did what most people do when they want to buy a house, they talk to their bank. We approached the bank I had been a customer of for the last 10 years with optimism and excitement. After our information was all plugged in we were heartbroken to hear that there was no way we would qualify for a mortgage. We were devastated.
Thank goodness for industry experts who at this point advised us to get another opinion and see what a mortgage professional had to say. We contacted a local agent and set up an appointment for the following week. We entered the appointment with our documents in hand and a strong fear of getting rejected…again. The meeting was going similar to the one at the bank where all of our information was being plugged in line by line. As we answered the last few questions we braced ourselves for the news. To our surprise and joy we were told we qualified and could purchase a house!
After the initial excitement wore off I approached our mortgage agent and asked how it worked that we were told a flat no by the bank and yet she was saying we qualified. She went on to explain that banks have different restrictions/lending capabilities, especially with unique situations such as rental properties or self-employed individuals. Furthermore, they are limited to the products their bank offers whereas mortgage brokers have a collection of lenders with different products and guidelines to pick from.
Although I did not instantly set out to get my mortgage license I warned all of my friends about my experience in hopes that they would not have the same problem. After still thinking about this experience years later and wanting to help more people own homes I decided to take the plunge and join the industry. My hope is to help more people get educated, know what their options are, and assist them in all of their home financing needs.