Finance Monthly July 2019 Edition

48 www.finance-monthly.com FINANCE & BUSINESS - ASK THE EXPERT To hear about mortgages, Finance Monthly caught up with expert James Darby, President and Broker at USA Financial Consultants (USAFC) and USAFC Realty. AQ & MORTGAGES What are the key misconceptions among buyers in relation to mortgages? Most buyers are scared of a mortgage payment, as they feel the weight of it when compared to renting. I like to educate my clients on the difference between buying and renting. Take for example $1,500 a month in rent, which translates to $360,000 in 20 years that you will pay a landlord. Now, if you had a mortgage for the same amount of money, you keep this money and in most cases, there will even be a return of investment. What are the key challenges that your clients face before applying for a mortgage and howdo you help themovercome them? Honestly, down payment and affordability are the key challenges that most clients face. I have several down payment assistance programs available for clients who have been trying to save but would qualify for a certain program which benefits them. I also educate my clients on the benefits of buying what they can afford. Most people want James Darby, President and Broker at USA Financial Consultants (USAFC) and USAFC Realty Q Q