The mortgage advisors of The Yi Team are all about financial literacy and advising borrowers for their best home loan. All of our clients are fitted like Cinderella’s shoes!
GDW Welcome back. It’s time for Mortgage Monday and we’re joined by The Yi Team, Chong Yi, Erin Finke and Derek Harman. Welcome to Great Day Washington.
CHONG Hey Markette.
ERIN Thanks for having us.
GDW I’m excited to have you here because just last week the Federal Reserve, Chong, announced that they were not going to raise interest rates. What does that mean for people that own homes or who are thinking about buying?
CHONG As we talked about last week, nothing at all. It’s exactly what we anticipated. I think we’re still headed towards a recession. The Fed not raising rates this month is really setting it up for next month in July when it’s expected. Unexpected news creates havoc in the market. We were all expecting it, exactly what happened. So interest rates are going to go down, we’re going to go into a recession. Six months to 18 months to 24 months and we’ll be in good shape. Home values are going to go up, interest rates are going to go down. You’ll be in great shape.
GDW So you brought your team of experts here, Erin and Derek, to explain to homeowners how they can use their mortgage as a tool for investment throughout this recession. We want to ride on top of that wave and not be wiped out. How do you provide financial literacy for your clients?
CHONG I’m very excited to have Erin and Derek. Not only are we a team, but they’re family to me. I know we don’t look a lot alike but,
ERIN We are related.
CHONG We are related. I’m so excited because they are the future of our industry. Me, I’m not calling it quits yet, but I’m know I’m getting there. They are the future of the industry. We’re here today to talk about what the difference is between a mortgage advisor and a loan officer is.
GDW Ok.
CHONG For example, Friday we were talking about what happened at the end of the week and we came up with some stories. And Erin had a really good story about one of our buyers.
PROVIDING FINANCIAL LITERACY
ERIN We did. We had an awesome success story. So one of the things we like to do is get together and talk about great impacts we make on our borrowers and our referral partners. Specifically last week we were talking about a situation where we had a borrower who came across our desk who had been turned down a couple of times for a mortgage. They were finally get pre-approved for a mortgage, or pre-qualified I should say, with another lender. It turns out that the other lender didn’t do all of the research that needed to be done and pre-approved them for a loan they could no longer do.
“Hey, can you save the day?”
So we got it in front of us. One of our awesome referral partners called and said, “hey, can you save the day”? We looked at it. Went through all of these different options. We put a plan together to do a credit rescore with the borrower so they could now qualify for a conventional loan instead of a government loan. We put these steps in place. Just a couple of weeks later, they ended up closing on their home with no problem, with no worries. All their financing went through perfectly because we put a plan together and saved the day. So that’s a great success story.
Their financing went through perfectly because we put a plan together.
GDW That’s a hard working team. A lot of people would look at that and say that’s a lot of work to fix this. But this doesn’t offer them any financial literacy. You you guys say, yes, let’s do this and make the people happy.
ERIN We love doing that.
DEREK Yeah. It’s such an important decision for people to make. Financing is one of the most stressful times in somebody’s life. It’s a big financial decision for them. To take the time and actually guide someone through the whole process is actually what we focus on. It’s not just a transaction. It’s something that we really take our time on. It’s not always getting pre-approved for the maximum amount that you can get. It’s a smart decision. You have to think about child care, you have to think about all the other expenses that you have, that you have to be responsible for. Us trying to find a product that works is really important to us.
There’s A Big Difference Between A Loan Officer And A Mortgage Advisor
GDW Is that the difference between a mortgage advisor versus a loan officer?
CHONG I think I’ve said this a bunch of times. Absolutely. Now you can go into a grocery store and apply for a mortgage and actually get one.
GDW Really? Okay…
CHONG Great. Everything’s great. You get the low interest rates and all that. At the end of the day, you’re mortgage isn’t just debt. Most people are treating it as debt. In actuality, it’s an investment vehicle. It’s a way to purchase an asset with very little out of pocket investment, that you couldn’t do otherwise. You should really look at that as it relates to your overall financial health and growth. We want to put you in a mortgage that is exclusive to you as opposed to let’s just give everyone the same loan.
GDW And that will protect you as we head into this recession. Like you both just said, you don’t just want to get as much money as you can possible get. Get the money you need and then use that mortgage as a tool.
DEREK You’d be surprised how many people think “oh, I have to put 20% down”, or “I have to make this huge cash flow investment”, but you don’t. There are so many products out there that can get you into a mortgage. So instead of paying $2500 a month in rent you’re investing in something that will last you a long time.
The right home loan is like buying the perfect pair of shoes.
CHONG It’s like buying a pair of shoes.
GDW Okay, you’re talking my language now.
CHONG Anyone can go to a store and buy a shoe. But is it the one that really fits you? That works with what you’re wearing? Is it your style?
GDW So if you want to be Cinderella and fit into the perfect shoe that is your mortgage, inquire about getting a new mortgage or refinance just contact Chong Yi and The Yi Team at Fairway Independent Mortgage Corporation at theyiteam.com. Build financial literacy with a mortgage advisor who offers a custom fit for your home loan mortgage.
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