Mortgages – More than Just a loan!

Purchasing a home is one of the most important investments an accountant’s client will ever make. Choosing the right mortgage and mortgage vendor is critical. With today’s innovative investment opportunities and complex tax environment, choosing the right mortgage financing can optimize your client’s portfolio, and decrease his or her tax liabilities. Each client’s mortgage needs must be integrated into their overall financial plan.

The CPA should be the facilitator of the communication between the borrower (the client), the mortgage specialist, the insurance agent, the attorney and the financial planner. Constant communication among all parties involved will ensure that all aspects of obtaining the right mortgage vehicle are considered.

The CPA should be the leader of his client’s financial and tax planning team. When choosing a mortgage very few borrowers consider all of the advantages and consequences of their decision. The CPA should be actively involved in the process, assisting them to make the proper choices.
When a person is trying to buy a home there are several questions that must be asked: How can my CPA, Financial Planner, attorney and mortgage specialist work together to help me? What is my tax liability? How much should I put down? Accountants should be available to help answer these questions or recommend brokers or bankers who can take care of complex mortgage questions. A referral to a mortgage specialist from a CPA, the most trusted financial services profession, carries a great deal of weight and clients know that the individual to whom he or she is being referred is a knowledgeable professional.

Mortgages are now a commodity and people are shopping around for the best price but often forgetting about personalized professional service. While using the Internet as a reference for prices is an excellent idea, when it comes down to actually choosing a mortgage company, going local is your client’s best bet. Choosing a local, reputable institution that knows the local market and state banking laws is essential. Internet mortgage companies tend to be impersonal and are difficult to reach with specific problems. If something goes wrong at the closing table, who are you going to e-mail or try to call? Who is held accountable if a mistake is made? The Internet is still difficult to navigate and when it comes to service it is still, in some respects, lacking.

The Internet has forced all mortgage providers to be more competitive. This benefits the borrower so they can seek the best possible rates available to them. CPAs should encourage people to research rates on the Internet and in newspapers, and use that as a reference point. However they should use a local mortgage broker or bank that can offer the personal attention that is needed. There are many options available and clients should know that brokers can often modify and adjust rates to be more competitive.

This article was provided by Peter Marino of GreenStreet Financial Services. Located in Huntington, New York, Peter and his staff have more than 50 years combined experience in mortgage lending. To learn more about GreenStreet Financial Services call (631) 452-1440 or visit on the Internet.
The National Network of Accountants is a leader in the training and development of accountants in the field of personal financial planning.

For additional information about the National Network of Accountants go to on the Internet, or call(800)-234-PLAN.

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