Every week we share three stories about how homebuyers and homeowners are achieving their goals with MFI as their partner. Click below to read more.
After years of renting, a young couple wanted to buy, but didn’t know where to start. Looking for ways to get educated on the process, they attended a first time buyer seminar that we were hosting. We got to chatting and learned that affordability was important to them, so we went over various financing options that could work for them. They chose to go with a special program that offered reduced mortgage insurance rates and a low 3% down payment. We worked quickly to get them pre-approved and kept in touch while they searched for their perfect home. It took over a year, but they finally found a great deal on a recently foreclosed home that aligned perfectly with their budget. We closed a month later and the homeowners walked away feeling like experts themselves!
Clients came to us looking for a simple refinance – they wanted to get out of the high interest rate and private mortgage insurance payment on their current loan. But when the appraisal came in, we learned they had not built up enough equity to completely eliminate their mortgage insurance. So we focused on a new strategy. We explained that by switching from a mortgage with a 30 year to a 15 year term, they could optimize their savings and pay off their home before they retire. With their new mortgage, they are now on track to save more than $130,000 in interest over the course of the loan. Plus, once their home is paid off, they’ll be able to net thousands during their last years of employment – adding a huge boost to their retirement savings and offering them a more comfortable future.
Newly married and ready to venture into homeownership, a couple came to us to looking for advice on how to make their offer stand out in a market with limited inventory, heavy competition, and rising prices. We had the answer. With their offer in hand, we called the listing agent personally to outline the buyers’ strengths, and how we could close in 21 days. Both the agent and the sellers were impressed, so while our clients’ offer was up against others that were much higher, theirs was chosen. We closed 21 days later as promised, and the celebration continues as the newlyweds toast to their new home!
The parents of a young buyer were heavily involved with their daughter’s first home purchase and encouraged her to use their local bank to get pre-approved. Shortly after she went into contract on a property with an 18 day close, her initial excitement quickly turned into fear when the bank told her they’d need at least 35 days to get it done. They recommended she pay all cash for the property and then do a cash out refinance later. Neither the client nor her parents wanted to liquidate funds, so the buyer’s Realtor stepped in and convinced them to have a conversation with us before losing hope. After talking through their situation and reviewing the buyer’s file, we knew we could meet the closing. We had the loan submitted, approved and closed within the short 18 day window – winning over both the buyer and her parents.
A self-employed borrower had been working with another lender to get pre-approved and received word his offer had been accepted for his home purchase. But after hearing the lender could only close in 30 days’ time, the client decided he wanted to move in sooner and was referred to us. We met with him and gathered all of his income, credit and asset documentation, and after reviewing it, we told him we could easily process his file in just a few short weeks. 9 business days later, in what seemed like the blink of an eye, our client was already in his new home relaxing, and was thrilled how quick, easy and pain-free the process was.
Even after shopping around and getting pre-approved by six different lenders, a client still didn’t feel confident that he was truly qualified as a borrower. He was already in contract and while his new construction home would not be complete for nearly seven more months, he had already invested time and money into the property, so he needed more assurance. Luckily, we had a perfect solution for him called Advance Approval. By gathering all of his documents upfront, instead of just pre-approving him, we submitted his file to one of our underwriters for a complete income and credit review. By completing this early on, it sped up the process for the future and gave him the confidence he needed upfront knowing he was more than pre-approved, but already approved!
Clients came to us after recently paying cash for the purchase and renovation of their home. Feeling depleted, they wanted to recover some of the outlay and were looking to do a cash-out refinance. But once we began working, we learned there was an old deed restriction in place by a state agency that wouldn’t allow a loan to be put on the property. We were determined to get it resolved and had several long meetings with the commission and its attorney. Our client was able to make necessary adjustments to the property and once we showed proof to the agency, we got the restriction lifted. Once in the clear, we used a specialized loan product that offered the borrower a 60% cash out refinance – providing peace of mind and a replenished bank account.
A client was excited to find a home in what he considered the perfect location. But it was through a Sheriff’s sale, which meant a 10% non-refundable down payment was required. In addition, he was a veteran and unsure of how to take advantage of the benefits he was eligible to receive. When we met, we reviewed his financial profile, guided him through the VA lending process and helped apply the gift he had received for the down payment. He was thrilled with the purchase and is now using the money he saved to fix up the perfectly-placed home.
When life took a different path, a newly divorced client called us worried about how she’d maintain the mortgage on her large home. After meeting and discussing her options, she decided that selling the home and purchasing a condo would provide a more manageable home and monthly payment. She started searching in the evenings and on weekends, and wanted to be able to make offers on the spot. That meant we needed to be available to generate pre-approval letters for her anytime, anywhere – which we did. This strategy paid off and she won a bid on a condo. Happy in her new home, she has saved $300 a month and immeasurable stress.
A past client lost their home in a devastating wildfire and quickly started looking to purchase again. They met with us initially, but were enticed by a lower rate from a major bank. We understood, wished them well and let them know we’d be there if they needed help. Just five days into their 21 day contract, they learned that their bank couldn’t close any sooner than 35 days. They came back to us to see if we could meet their deadline and without hesitation, we assured them we could. We gathered all of their items for approval, moved quickly and closed on time. Three weeks later, our clients we’re homeowners once again – thrilled to have received both great service and super speed.
A self-employed borrower relocating from out of state, was already in contract on a home when his loan fell through one week before closing. Following the advice of his real estate agent, he came to us to save the deal. We reviewed his file and explained that, although his income and assets were complex, he could still obtaining financing. We matched him with a specialty product that aligned with his financial profile perfectly. The borrower got an extension from the sellers and within two weeks, we closed on his loan and avoided the year-end tax complications that concerned him most.
When our past clients could no longer afford the rising payment on their 10-year adjustable rate loan, they came to us looking for a solution that met their budget. Cash flow was important, so our goal was to make it possible for them to access their home’s equity, use it to pay off debt, and reduce their expenses. We focused first on credit repair and were able to increase their score by more than 80 points. This helped them qualify for a new loan, take out more than $20,000 in cash from their equity and pay off existing credit card debt. Between switching to a more flexible loan term and bettering their credit score, their refinance reduced their overall monthly costs by $1,500!