SCENARIO: An elderly couple could no longer manage the stairs or upkeep of their large two-story home. After selling it, they hoped to purchase a small ranch near their children. Unfortunately, they didn’t qualify for a mortgage. Their son stepped in, offering to purchase the home and be the mortgage borrower on their behalf.
PROBLEM: The son turned to his bank. Because he didn’t intend to live in the home, the bank classified it as an investment property—requiring a large down payment and a higher interest rate. Unsure what to do next, he consulted his financial advisor, who introduced him to Warren Goldberg.
DIAGNOSIS: Warren took the time to truly understand the situation. He asked detailed questions, reviewed the son’s financial documents – income, assets, credit – and confirmed his qualifications for a mortgage.
SOLUTION: Warren’s in-depth knowledge of mortgage guidelines made all the difference. He knew that under Fannie Mae’s rules, an exception allows a child to purchase a home for a parent – or vice versa – and still have the property classified as a primary residence. This crucial distinction meant no investment property penalties, lower rates, and more favorable terms.
RESULT: Thanks to Mortgage Wealth Advisors, the son closed on the home quickly, smoothly, and without the frustration and added costs he would’ve faced at his bank.
BOTTOM LINE: Real estate transactions are rarely simple these days. If you’re planning to get a mortgage, it’s essential to work with experienced professionals who understand the guidelines, align the loan with your financial goals, and ensure a smooth, stress-free process.
At Mortgage Wealth Advisors, that’s exactly what you can expect – and so much more! Don’t just take my word for it. Browse our testimonials and Five-Star Reviews on Google, Facebook, Yelp, Angi, and beyond.
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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.
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