What do we mean by "the right mortgage for you"

I was working with some clients recently who asked me to outline the 3 best choices for them. They were refinancing their mortgage and were left with three options. All of the options were a little bit different and basically depending on what their priorities were there would be a clear correct choice for them.

I outlined all three options in an exhaustive spreadsheet. Basically what they boiled down to was:

A. Refinance there mortgage with their current lender paying no penalties but accepting a higher interest rate and less money than they had requested.

B. Pay a penalty to their current lender and refinance with a monoline lender for exactly what they wanted but increased amortization period in order to qualify.

C. Pay a penalty to their current lender and refinance with a bank lender for slightly less money than they wanted & add a cosigner.

To fully compare these three options we needed to consider the prepayment penalties, closing cost fees, prepayment options and external costs of each lender's option for their specific situation. I may have created a spreadsheet that does this too! Ultimately I believe that my job is to provide all the options and make sure that the client knows what the benefits and risks are of each one.

In the above scenario if the client prioritized no cosigner, less closing costs, saving the most interest money, obtaining the full requested mortgage amount or having the most options to change their mortgage in the future there would be a clear choice of what was the right option to choose. My job is to run through the scenarios and help you make that decision. If you need 1 million spreadsheets to get there we are happy to help, this is what we mean when we say that we want our client's to be in the right mortgage for their particular situation.