When clients call mortgage broker Chad Eliason and ask him about their ability to buy their dream home or commercial property, he often asks them a question in return:
“What do you think about my shirt?”
While his question may come off as unexpected and unrelated, it actually demonstrates a powerful point in mortgage lending. On the phone, it’s impossible to make an opinion about a shirt, because you can’t see what it looks like.
The same is true with mortgage lending. You can’t make an informed decision without seeing the numbers.
In a conversation with The Picture Of Wealth podcast host Dustin Serviss, Chad Eliason breaks down what to expect with mortgage approvals in today’s fast-paced market, as well as some tips on how to better plan for your future as you consider your mortgage options.
The Myth Of The 60-Second Pre-Approval
If you’ve driven through town or watched television in the past few years, you have likely been bombarded with advertisements for fast, effortless mortgage pre-approvals in minutes. Today’s world of have-it-now digitization has tempted many to approach their financial decisions with the same point-and-click methods.
For Eliason, setting someone up for success goes beyond giving approval for a click on a website. Rather than calling it a pre-approval, Alliason prefers the term “Pre-Qualified With A Plan To Move Forward”
What does this mean?
Simply that every pre-qualified applicant who comes through his office has built a strong understanding of their entire financial picture.
This includes their goals, expectations, financial situation, the current market, their overall portfolio… the list goes on. The goal is to make each investment decision as part of your whole-life financial plan.
Before You Buy That Rental Property
So, you want to buy a rental home to diversify your portfolio? For Eliason, it is essential that you create a strategic mortgage plan that will help you better plan for the future.
Too many first-time investment property buyers jump into the real estate game without a strong plan for how they will build and scale their investments.
Whether you choose to invest in a purchase as a secondary owner-occupied property or you buy straight as a rental home, know the full set of options available to you will help you make a better financial decision.
Just as you would with your personal wealth, make sure you work closely with an experienced financial advisor who can help you connect with the right people and resources to plan your future wisely.
Hear More On The Picture Of Wealth
Want to hear more great insights on real estate and financial planning from one of the area’s top mortgage brokers? Listen to the full interview between Dustin and Chad Eliason on The Picture of Wealth!
Want to hear more great lessons on life, happiness, and true wealth? Check out the Picture of Wealth podcast - hosted by Dustin Serviss. Discover the tips, tricks, and insights that unlock a life well spent. Listen today where you listen to podcasts.