DID YOU KNOW?

Did you know that in 2023, over 12% of all mortgage applicants nationwide were denied?

That’s right! According to findings published by the Consumer Financial Protection Bureau and the Federal Reserve, only 88% of applicants had their mortgage approved. Of those approved, even fewer actually closed! (Previous years’ data reflected similar findings.)

While there are many legitimate, and likely invalid reasons for this rejection rate, I can tell you this; for the past 12 years, I have been tracking our borrowers’ loan approval and closing ratios. At Mortgage Wealth Advisors, we consistently close over 95% of all applications taken.

Why are our closing rates so much higher than the national average? There are many reasons:

• Many Big-Box Lenders employ marginally qualified loan officers with the minimal required training. Many of them do not know how to structure mortgage loans to ensure a loan is approved. Many others, as the saying goes, simply throw applications against the wall to see if they stick!
• At Mortgage Wealth Advisors, we encourage our clients to begin working with us well before they even find a home to purchase! An ounce of preparation is worth a pound of cure; and reviewing our clients’ qualifications early allows us to position them for success.
• With 30 years of mortgage industry experience, I can foresee where problems can arise. I help my clients address molehills before they become mountains and navigate around the landmines that often blow up transactions.

Plus, with our Mortgage Planning Approach, our borrowers receive tailored financial advice to ensure their mortgage matches their unique needs, complements their lifestyle, and helps them obtain their financial goals. These are among the many reasons why our motto is, “The Right Mortgage Today, For Your Family’s Wealth and Security Tomorrow.”

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Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.