Down Payment Disaster?

Confusion and stress are commonly experienced while in the process of buying a home. Whether it’s your first time or your third, loan types and down payments are complex, but crucial topics to understand. For this reason, getting the best help available is a necessity. In this video, we sat down with Dan Ortiz to talk about down payments and tips for first-time buyers!

At Motto Mortgage Advisors, Dan Ortiz understands the mental pressure one can feel while buying a home. This is why his main focus is on listening to the needs and lifestyle of every client. He looks at a family budget, saving goals, vacation plans and so on to guarantee clients a fitting payment plan. “Just because a bank says yes doesn’t mean that’s what best for your family,” Dan explained. Motto Mortgage Advisors believes loan officers need to take a step back and look at a budget before starting calculations.


“Just because a bank says yes doesn’t mean that’s what best for your family.”


Additionally, an honest conversation about the buyer’s finances has to happen before budgeting. It’s common for clients to qualify for a loan that’s much higher than what they actually need. This is why it’s important to note any additional spendings, like purchasing medication or taking care of a family member.  Solutions can be explored once the client is able to discuss their position and where they would like to be.

Unlike many of their competitors, Motto Mortgage Advisors avoids using all of the client's savings. Instead, they put in as little money as possible, allowing the client to add as much as they’d like. Putting all savings into the down payment leaves limited room for anything else. This is why advisors like Dan prioritize listening and avoid rushing the process. “A home should add to your lifestyle, not trap you in it,” Dan said.

Although the process can be difficult and complicated, Motto Mortgage Advisors strives to make it as simple as possible. They look at what their clients have and what they need to get them the best solution possible.  “A good loan officer should have the courage to say no,” Dan said. At Motto Mortgage Advisors, the client’s best interest is always above their own.