Brokers step in as clients struggle
Mortgage brokers have become key partners for clients facing tough financial times. Some are deploying creative solutions, such as refinancing existing loans or consolidating high-interest debt, to help borrowers stay afloat.
“Unfortunately, we know Americans are in debt up to their eyeballs right now,” Mike Alberico, a loan officer with Carolina Mortgage Advisors, told Mortgage Professional America.
“I’ve probably done six cash-out refis, and have taken people off those 2% and 3% rates and sometimes put them on a 7% or 7.125% rate, but the overall monthly payment goes down by like $900 even if their mortgage goes up.”
Brian Mozley, chief growth officer at Choice Mortgage Group, said economic uncertainty has made things challenging for both buyers and sellers. Mozley stressed that having as easy a process as possible removes one of those potential pain points that could cause a buyer to back out.
“I think that we have to be prepared as mortgage professionals to be an advisor to our clients. While we don’t have all the answers, you have to be empathetic to the situations that people are in and the questions that they’re naturally going to have,” Mozley told Mortgage Professional America.