Ever hear the sayings ....
The whole is equal to the sum of the parts? or ...
The whole is greater than the sum of the parts?
Both come from a theory of Professor Albert Einstein. And in them, I believe you discover the great quandry that most Borrowers face when seeking their mortgage financing.
I believe when comparing mortgage quotes ... the best mortgage option for a Borrower is typically found in one of the statements above, but not the other. Saying "huh?" at this point? Let me explain ...
So often when a potential Borrower contacts me for mortgage service, they arrive to our conversation or appointment with one single mission in mind. Their mission can vary, but I typically find that their mission surrounds obtaining the "best deal" for themselves ... or at least what constitutes the best mortgage deal in their mind at the onset of their mortgage search.
Many times for Borrowers, that "best deal" equates to lowest interest rate. That's the one and only criteria they consider to determine the quality of the mortgage financing quote they are receiving or utilize for comparison between Mortgage Lenders.
Interest rates are the measuring stick they use. In other words, for most Borrowers, the bottomline is this ... "the whole (or end result of their mortgage financing) is equal to the sum of its parts" ... those "parts" being their interest rate.
But there is so much more to mortgage financing than obtaining the lowest interest rate, because that interest rate might not be attached to the best mortgage program, or deliver the best outcome, for a client's personal financial scenario. In fact, it may be attached to financing that actually costs them MORE over the life/term of their mortgage.
This is exactly where the intelligence and timeliness of Einstein's theory, "the whole is greater than the sum of the parts", is revealed in mortgage financing. Simply, in today's current mortgage market ... and in the majority of instances, the best mortgage financing solution (best mortgage program) for a Borrower is to be found within the mortgage package as provided in its entirety.
It's like a recipe ... the end result is far greater than any single ingredient found within it.
- The financial history and credit scores of the client(s).
- Is sensitive to the financial needs for their future.
- Is sensitive to their monthly or more short-term financial goals and needs.
- Is chosen after careful consideration and comparison of all mortgage financing options available to them.
- Takes into consideration multiple downpayment and Closing Cost scenarios.
- Is chosen based upon how long the Borrower believes they will reside/own the property.
- And much, much more should be discussed ...
Another fact is, as much as Borrowers may want to make their mortgage financing decision a simple, easily found, and quick one ... it just doesn't (and shouldn't) happen that way in today's world. To find the best mortgage financing solution for their personal financial scenario takes time. It takes effort. It takes some real thinking ... and allowing enough time for questioning.
Professor Einstein may have not known that when he offered his theory up for thought and discussion ... "the whole is greater than the sum of the parts" ... that he was speaking directly to today's mortgage Borrowers. That he was giving them real direction, real food for thought, and a call to action regarding their personal finances and their mortgage financing and solutions. But he was!
The "best" mortgage financing for a Borrower can only be found when they look beyond individual components of it, such as interest rates. The "best" solution is discovered in the "sum of the parts" or the entirety of the mortgage financing package.
For today's Borrowers, it's all about finding a mortgage solution and mortgage package that's a personal and custom fit for their specific goals and needs. Both in the short and long term ...
Contact me today! I'll put my 37 years of mortgage experience and expertise to work on your behalf immediately ... and together we'll find the best and right financing solutions for you.
I can be conveniently found at:
Direct: 815.544.2280
Cell/Text: 708.921.6331
eFax: 815.544-2281
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.
Your Referrals are Always Appreciated!
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