Buying a home is a complex and often frustrating process. Twenty-five-year mortgage veteran, Patti Frank, deep dives into the whats and hows of securing a mortgage on the East End and why using a mortgage broker can make the process a smooth one.
What are the most common reasons why people get turned down for loans?
• Poor credit history
• Inadequate employment history or income
• Insufficient assets or documentation of assets
• Must have funds for down payment, closing costs, and post-closing reserves
• Title issues with property
I provide my clients with personal, comprehensive service throughout the entire loan process. Unlike most banks and loan originators in the industry who provide a list of items needed and an application to complete, I meet personally with my borrowers and review all of their documentation, and I also complete their mortgage application with them. This makes for a much better experience and increases clarity and efficiency with their loan.
Purchasing a home or obtaining a mortgage can be a stressful experience. My job is to make the experience the most positive and pleasurable process possible. I have submitted thousands of successful loans over my career and my reputation within the industry is reflected by my commitment to my borrowers and their happiness throughout the process.
If you’ve been denied a loan, what can you do to increase your chances with another lender?
There are many great advantages of being a mortgage banker. One is flexibility. If an investor does not like a loan for whatever reason, I can submit the loan to other investors. This is a seamless process which, once again, minimizes stress for the borrower and makes for a pleasant experience.
GuardHill is extremely efficient at getting the job done in a quick time frame. With 25 years of experience and surrounded by a fantastic team, we have an excellent track record with submitting the loan to the right investor for the best chance of approval. Using a mortgage banker to begin with allows you to have many more options to place your loan and get it approved.
With all the low rates of recent years, how can our readers tell if it’s worth it to refinance?
When working with people on refinances, I always complete a worksheet which gives them a line itemized cost breakdown of all their closing costs to obtain the new mortgage. Many times, we can lower their rate and include the closing costs in the new mortgage, all while lowering their monthly mortgage payment. I also do a rate of return analysis for all my clients on how much money they will be saving over the life of the loan after factoring all costs.
There’s no cost to call me and have a conversation to discuss the benefits of a refinance and if it makes sense for you. Rates are still at an all-time low, so it is a good time to decide if you can lower your monthly payment, take out money for repairs or improvements, or for some financial planning: estate planning, your child’s college education, or cash out for retirement funds.
What are some tips for finding the right mortgage broker?
Reputation. Ask your realtor, your attorney, your accountant, your friends and family, to recommend someone who did a great job at obtaining financing for them.
As a local in this small community and after 25 years living here, I consider myself a local. I have a stellar reputation of delivering the products and services I promise my clients. I love what I do and I love the challenges this ever-changing industry presents. I pride myself on staying on top of the newest products, offering great rates, and providing the most efficient and professional service possible. I can’t imagine doing anything else. I have a huge passion for the difficult loans as well, and I take great pride when I can make it happen for my clients.
What are some mistakes that people make when buying their first home?
Not getting pre-qualified. So many people have a pre-determined idea of what they can and can’t afford. The biggest mistake is going on the internet and trying to figure it out on your own. If you fill out an application online, more often than not you will be disappointed or over-promised and under-delivered.
I have 25 years of experience and work with an amazing team at GuardHill Financial — who, in my opinion, is the best in the industry. Talk to me. Let me analyze your income and job history, your assets, debt, and lifestyle and address your immediate and future property needs. You may qualify to purchase more than you originally believed and go to your realtor with a pre-approved mortgage which will only help you in your negotiations to purchase the property. On the other hand, you may not qualify for as much as you think you can and I will advise accordingly to put you in the best position for financing. Whether that means adding a co-borrower, getting gift funds, or addressing your credit.
A pre-approval from Patti Frank at GuardHill Financial is worth a lot in the Hamptons community. I know most every realtor, attorney, accountant, builder, house inspector, and probably even your new neighbor, as I may have assisted them with their mortgage as well.
Follow me on Instagram at handle @pattifrankmortgages for mortgage tips and inspiration. I am here to help you on your mortgage journey. Whether you are looking for residential, commercial, construction, or spec property, I am here to get it done for you so you can sit back and enjoy the ride.
To reach Frank or inquire about her services, call 631-287-4522 or email firstname.lastname@example.org.