Written by Tom Tomasian
Most of you are probably familiar with the phrase above and you may have even used it yourself on occasion. The phrase was used in the movie Apollo 13, and was adapted from a conversation between the crew of the Apollo 13 moon flight and the NASA Mission Control Center after the shuttle developed mechanical issues.
What does this have to with mortgages? Lately, there has been a strong campaign by a national lender alluding to ‘rockets’ that claims that you can get a mortgage by pressing a few buttons on your phone. Sounds tempting, but you would have to be a real ‘space cadet’ to move forward with this type of financing for the biggest purchase of your life.
Modern technology allows us to do more of our daily tasks from our phones. No matter what you need, it seems like there is an app for it. But, when it comes to securing a mortgage, there is no app that can offer you the attention or guidance that you’ll receive from an experienced, licensed loan officer who can guide you step by step through the mortgage process.
Automated mortgage apps rely heavily on cookie cutter programs. These vanilla options may work for some borrowers with straight forward W2 income, but self-employed borrowers often require far more attention and expertise. Also, in a market like Boston that is dominated by high-price properties, new construction, and condos, these cookie cutter programs often don’t cut it. Some of these properties require specialty loan products that are typically not available from the ‘mega’ lender you see on TV. (Speaking of which, this advertising campaign costs tens of millions – who do you think really pays for this… Hint: YOU!)
Anyone who is actively looking in Boston and the surrounding areas knows how competitive this housing market is. Most real estate agents prefer to work with a local loan officer, who is available 24/7 throughout the loan process. Good luck getting an updated pre-approval letter from the ‘space station’ in the Midwest on a Sunday afternoon after seeing the home of your dreams. Timing is crucial, and in this market, you need every edge you can get. This is why I pick up my phone on the weekends and answer every email from my clients and real estate agents.
In Massachusetts, we also have programs that are specific to our local housing market. To qualify for these programs, you need to complete educational courses and meet specific requirements. A seasoned loan officer can help you navigate the process of finding and qualifying for these loans. Even if you don’t qualify for a Massachusetts loan product, your loan officer can evaluate your current financial situation and your financial goals and recommend products that will help you create the future you want.
At Fairway Independent Mortgage Corporation, we offer our clients the best of both worlds: a mobile app that makes it easy to apply for a mortgage and upload your mortgage documents using your phone’s camera, and the support of a dedicated, local, loan officer. If you are actively searching for a new home or just want some basic information, I encourage you to give me a call—I’d love to work with you to make your mortgage experience as easy and stress-free as possible.
Thomas M. Tomasian, Sr. Loan Officer
Fairway Independent Mortgage Corp.