Mortgage Affordability Consulting

The US has yet to recover from the mortgage crisis that began in 2008, a crisis that could have been avoided if prospective borrowers were better informed about the impacts of their choices. In the lead-up to the mortgage meltdown many who were looking to buy a house approached their mortgage loan officer seeking to determine the maximum loan amount for which they could qualify. A far better question to ask yourself is – How large a loan I you comfortably afford? This subtle shift in thinking will help to ensure that the American dream of homeownership doesn’t become your personal nightmare.
Success Path Consulting can help prepare you, as a potential homeowner, with a more complete understanding of the costs of homeownership, knowledge of mortgage documentation, and budgeting plans to ensure you are well prepared before entering into one of the largest purchases of your life. Our packages include:

Down payment planning –  We can help you establish an effective spending and savings plan that will help you to maximize the amount of money that you are able to save toward a down-payment.

Mortgage Documentation 101
– Obtaining a mortgage requires a lot of paperwork.  We can provide you an overview of the key mortgage documents, such as the Good Faith Estimate, Truth in Lending Statement, HUD-1 Settlement Statement, mortgage insurance, etc.  We can provide you with an explanation of these documents so you better understand what you are signing.

Budgeting for homeownership – Many prospective homeowners compare the rent that they are currently paying to a mortgage payment and think to themselves – Gee, I could be living in a house for what I am paying in rent.  But a mortgage payment is just the beginning of the many costs of home ownership.  When you’re a renter the landlord usually pays for things that stop working, but as a homeowner, if your furnace fails, your washing machine dies, or you roof develops an ice damn, these costs must be paid by you.    We can educate you on the many costs of home ownership, and help you to establish a plan so you are better prepared to meet those expenses.

Credit Report Analysis – Do you have questions about your credit report?  Are there items on your credit report that you don’t believe are accurate?  We can help analyze your credit report and if discrepancies are identified, explain how to address them so that your credit report is accurate.

Contact us today to begin your Success Path to home ownership.  We take pride in preparing potential purchasers to be responsible homeowners.  Call us today to schedule an appointment.  

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