When John Grime began fascinated by shopping for an funding property in 2021, he wanted a plan.
He referred to as his “go-to” mortgage dealer, Mary Catchur of Marimark Mortgage within the Tampa Palms Skilled Middle, simply off the Bruce B. Downs (BBD) Blvd. exit of I-75. John says he’s constructed years of belief with Mary, as she’s helped him and his spouse receive financing to buy a house, then refinance it when charges dropped. He knew if he ever purchased an funding property, he would depend on Marimark Mortgage to offer the financing to make that transaction occur.
“Mary broke all the things down and laid out a superb roadmap for me of what the lender would ask for and what I would wish,” he says. “Now, right here I’m, closing on a spot.”
He says that kind of sincere, easy recommendation is the rationale he at all times counts on Marimark Mortgage and extremely recommends Mary.
“She’s detailed and he or she’s fast with info,” John says. “Whether or not it’s a telephone name, a textual content or an electronic mail, Mary continually communicates.”
Mary says that’s an indicator of her enterprise, which she opened in 2006. When she first dipped her toes within the mortgage facet of the enterprise, whereas working for an additional firm, she rapidly realized the standard manner of promoting mortgages wasn’t going to work for her.
“Lots of people who promote mortgages are gross sales individuals,” she says. “They need to promote the speed or promote the fee, however I take a distinct strategy. I’m an educator and a monetary individual, so I first pay attention to grasp, then determine what make sense for that individual, after which, I clarify why.”
Her monetary background comes from each the schooling and work experiences she had earlier than shifting into the mortgage trade.
Mary acquired each a Bachelor of Science (B.S.) diploma in Accounting and a Bachelor of Arts (B.A.) diploma in French from the College of South Florida (USF) in Tampa. She holds Florida licenses as a mortgage dealer, as a CPA (Licensed Public Accountant) and as an actual property Dealer.
She labored as an auditor for “Large 4” public accounting agency KPMG for 13 years, then served because the chief monetary officer (CFO) for an actual property firm.
Marimark has not too long ago expanded, as Mary’s sons, Matt and Nick Catchur, have each joined the agency.
Matt graduated from USF in 2024 with a B.S. diploma in Finance. Mary says Matt’s schooling advantages their shoppers.
“Just like my CPA background,” she says, “the extra you already know about finance, the higher you may perceive the merchandise you provide. We are able to higher consider our clients and discover the very best product for them.”
She explains {that a} salesperson who doesn’t have the background that Marimark Mortgage has will depart it as much as the underwriter to find out if a purchaser is certified for a mortgage. Mary says this may trigger frustration for a purchaser who has been pre-qualified by somebody who doesn’t absolutely perceive the customer’s monetary state of affairs or the nuances of the mortgage product they’re promoting.
In the meantime, Mary’s son Nick is a fellow actual property Dealer who additionally works at Marimark in mortgage origination. As a group, this trio can provide a number of companies which can be useful to patrons, and produce a larger understanding to the home-buying course of.
Know What You Don’t Know?
Mary says that past their dedication to wonderful communication and schooling, one other essential ability is to know what they don’t know.
“There’s a lot to know and to maintain up on,” Mary says. “The foundations and tips are continually altering, and there are such a lot of totally different merchandise on the market. There are a number of shifting components and everybody’s state of affairs and supply of earnings is so totally different, so each individual you’re employed with is totally new.”
For instance, she says, earnings earned by a truck driver is totally totally different from that earned by a nurse, which is totally totally different from that of a enterprise government.
“Our enterprise background helps us perceive how all these individuals receives a commission,” she says. “We’ve got to continually assume exterior the field, be artistic and perceive the state of affairs to place them with the suitable product.”
Whereas many patrons are searching for a fixed-rate mortgage, Mary says there are a lot of totally different choices.
For instance, Federal Housing Administration (FHA) loans provide low down funds and Veterans Administration (VA) loans enable U.S. army veterans to purchase a house with no cash down.
Mary additionally says that those that are self-employed might need to contemplate a bank-statement mortgage, the place account deposits decide earnings, quite than pay stubs.
For funding properties, a debt-service protection ratio mortgage doesn’t require a borrower to have a particular earnings, however as an alternative considers how a lot cash goes to come back in from the funding property and whether or not or not it can cowl the principal, curiosity, taxes, insurance coverage and Owners Affiliation charges.
Marimark additionally affords reverse mortgages, which permit debtors over the age of 62 whose house is price greater than what’s owed on it to remove mortgage funds altogether.
Mary says Marimark typically helps owners who need to refinance and get money out for debt consolidation, renovations or different functions. Proper now, although, many who refinanced their houses when charges had been low don’t need to quit that low mortgage price. In that case, owners can add a second mortgage or residence fairness line of credit score, which Mary says is widespread amongst those that need to use the fairness of their houses with out having to refinance.
She additionally says it’s a false impression that working together with her will price a purchaser greater than not working with a mortgage dealer.
“Generally your financial institution may have a superb product for you, however generally they’re not your best choice as a result of they solely have their very own merchandise,” Mary explains. “Your state of affairs is perhaps a bit totally different and also you may want a distinct product. I’ve a number of lenders I can go to and seek for a product that meets your wants. However, in case your financial institution’s merchandise don’t fit your needs, they’ll’t show you how to.”
She says she talks with individuals day by day who’ve particular circumstances and that the extra she learns about them, the extra useful it’s to have the ability to work with a wide range of totally different lenders.
“We positively have extra choices than a financial institution can provide,” she says. “There aren’t any additional charges, and you’ve got the benefit of the various extra merchandise that we will give you.”
Marimark Mortgage’s workplace is situated at 5327 Primrose Lake Cir. within the Tampa Palms Skilled Middle. For extra info, go to MarimarkMortgage.com or name (813) 910- 8020.
