I had one of the weirdest compliments of my career this week.
I met with a young first-time home buyer and her mother to go over her mortgage commitment and explain next steps to her. I have been working with this client for close to two years as she has prepared to buy her first home.
In point of fact, she was well-prepared before our first conversation. She had solid employment and started saving for her downpayment when she was 18. She also received an insurance settlement and tucked every cent away in an investment portfolio. By the age of 28, she saved 20% to put down on her first home.
This is highly unusual for a first-time homebuyer in our market, never mind clients who have bought and sold multiple homes.
We sat and chatted for almost an hour about her future plans and what her new financial picture would look like as a home owner. We went through the pros and cons of a 25-year amortization versus a 30-year amortization and ways to make additional payments against the principal of her mortgage.
She was very strategic in her choice and is purchasing a home with a legal basement suite. I have every confidence she will continue to be a strong saver and will likely hammer away at her mortgage to get it paid in full far ahead of the original amortization.
I love having these conversations with clients. I like to know they fully understand what they are getting into, and how to maximize the features of their mortgage. Maybe, most importantly, I want them to know the product I’ve chosen for them is the best fit for their particular situation.
As we wrapped up our meeting, her mother said “I’m so glad we were able to sit down and go through this with you. I feel like you really have her best interests at heart.”
Clients and conversations like this are why I truly love what I do.
Wishing you and your families an amazing holiday season filled with much love and laughter.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.