“A lot of borrowers call and immediately start with ‘I want to do 20% down. I want a 30-year fixed loan’,” he said, explaining how many clients are unaware that putting slightly more down could yield better rates, especially when purchasing specific types of properties like condos. This is where the expertise of the loan officer becomes invaluable, helping clients see beyond the standard advice they might have encountered online or through word-of-mouth.
“If rate was all that mattered, the best rate is paying cash and the rate is zero”
One of Martin’s key strategies is not just to find the best rate for his clients but to find the best strategy that aligns with their overall financial picture. Finding the correct combination of cash needed to complete the transaction, paired with an all-in payment that they can manage, is the ultimate goal.
“The best rate is paying cash and the rate is zero, right?” he said – but quickly notes that this is not a realistic strategy for most. Instead, Martin focuses on educating clients about the pros and cons of different options. For some, paying a bit of PMI might be a better option if it frees up cash for other expenses.
“Some buyers are stretching to get to that 20% and they really shouldn’t be,” he explained.
To support his strategy, Martin relies on a robust set of internal tools and resources available at Guaranteed Rate Affinity. These tools allow him to quickly access detailed real time pricing on standard conventional and government products and on niche products, such as non-QM loans, renovation loans, and reverse mortgages.
