In what situations do you tell someone it's better to wait instead of moving forward?

Hi, this is Jason Skelton with Pacific National Lending.

Welcome to another Q&A session where I answer mortgage questions from you all on the internet.

Today's question is:

"In what situations do you tell someone it's better to wait instead of moving forward?"

Summary:

Jason describes the circumstances in which he actively advises a client to hold off. The primary factor is financial stability. If a borrower is uncertain about their job or their overall financial footing, he recommends waiting until income is secure, because the last thing he wants is to push someone into a commitment they cannot sustain later. The second factor is whether the transaction produces meaningful benefit. Using a refinance as an example, he notes that saving twenty dollars a month may not justify the paperwork, even when the transaction costs the borrower nothing. His standard is that there should be substantial savings or a clear reason before proceeding, and when neither is present, waiting is simply the right recommendation.

Answer:

Again, it comes down to financial situations. If they're unsure what's going on with their job, if they're unsure about their financial stability, things like that — then you know what, let's wait and make sure you've got a secure income. The last thing we want to do is push somebody into something that they can't afford later. So that's the main thing: their stability and what makes sense for their scenario. Or, like I said before, if you're looking at refinancing to try to drop your payment and we're only able to save you twenty dollars a month, even if it doesn't cost you anything, it might not even be worth the paperwork for that. So let's make sure that there's a substantial amount of savings to make it worth your while as well. In those situations, waiting isn't a setback — it's just the responsible call for where somebody is at that moment.