Executive talks pioneering approach
In the world of mortgages, numbers often take center stage. But Rakhee Dhingra, the visionary broker of record at Mortgage Savvy, sees beyond the figures. Recognized as one of CMP’s Women of Influence in 2024, she is pioneering an approach that weaves financial life planning into the very fabric of mortgage services.
“A mortgage isn’t just a loan,” Dhingra says. “It’s a powerful financial tool that can shape a person’s entire financial future. That’s why we need to look at mortgages through the lens of comprehensive financial life planning.”
Dhingra’s journey to this realization was deeply personal. After experiencing a significant loss, she found herself navigating complex financial waters while grieving. This experience opened her eyes to a crucial gap in the mortgage industry.
She says, “I realized that our clients needed more than just competitive rates and quick approvals. They needed a partner who could help them understand how their mortgage fits into their overall financial picture.”
This insight led Dhingra to develop a revolutionary approach to mortgages, one that integrates financial life planning at every step. Here’s how her method transforms traditional mortgage services:
- Holistic financial assessment: Before diving into mortgage options, Dhingra and her team conduct a comprehensive review of the client’s entire financial situation. This includes income, expenses, assets, debts, and long-term financial goals.
- Mortgage strategy alignment: Instead of simply finding the lowest rate, they focus on aligning the mortgage strategy with the client’s broader financial objectives. This might mean choosing a shorter amortization period to build equity faster or opting for a more flexible mortgage that allows for accelerated payments.
- Risk management in mortgages: Dhingra’s team educates clients about potential risks, such as interest rate fluctuations or changes in property values. They help clients understand mortgage insurance options and the importance of an emergency fund to cover mortgage payments in case of unexpected life events.
- Leveraging home equity: As part of the financial life planning process, Dhingra explores how clients can strategically use their home equity. This might involve discussions about refinancing to consolidate debt, funding home improvements, or investing in additional properties.
- Long-term mortgage planning: Rather than focusing solely on the immediate mortgage need, Dhingra’s approach considers future scenarios. This includes planning for renewals, discussing the pros and cons of fixed vs. variable rates in the context of the client’s risk tolerance, and strategizing for potential life changes like starting a family or retiring.
- Integration with investment strategy: Dhingra ensures that the mortgage plan complements the client’s overall investment strategy. This might involve discussions about the balance between paying down the mortgage and investing or using mortgage products that offer investment components.
- Continuous mortgage optimization: Dhingra’s team doesn’t just set and forget the mortgage. They provide ongoing support, regularly reviewing the client's mortgage in light of changing financial circumstances and market conditions.
The impact of this approach has been profound. Clients report feeling more confident in their mortgage decisions, seeing their homes not just as places to live, but as integral parts of their financial strategy.
“By integrating financial life planning into our mortgage services, we’re able to help our clients make decisions that benefit them not just today, but for years to come,” Dhingra says. “It’s about using mortgages as a stepping stone to overall financial well-being.”
As a Woman of Influence in the mortgage industry, Dhingra is inspiring others to adopt this holistic approach. She’s become a sought-after speaker at industry events, sharing how financial life planning can transform mortgage services.
“I want to show my colleagues, especially women in our field, that we have the power to elevate the role of mortgage professionals,” Dhingra says. “We’re not just brokers or lenders; we’re financial life partners, using our expertise to help clients build secure, prosperous futures.”
Dhingra’s innovative approach is causing waves in the mortgage industry. More professionals are beginning to see the value in offering comprehensive financial life planning alongside traditional mortgage services.
“This shift isn’t just good for clients,” Dhingra says. “It’s revitalizing our industry, making our work more meaningful and impactful.”
As Dhingra continues to lead by example, she’s not just changing how mortgages are done – she’s redefining what it means to be a mortgage professional. Through her work, she’s showing that mortgages, when approached with a financial life planning perspective, can be powerful catalysts for financial empowerment and life-long security.
“Every mortgage is a story,” Dhingra says. “It’s a story of dreams, of futures, of lives being built. As mortgage professionals, we have the privilege of helping write these stories. By embracing financial life planning, we can ensure they have happy endings.”
Dhingra’s vision of integrating financial life planning into mortgage services is more than just an innovative approach – it’s a glimpse into the future of the industry. And as more professionals follow her lead, that future looks brighter for everyone involved.
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