‘Mortgage Wizard’ Gets Self Employed Their Dream Home

(Newswire.net — April 12, 2016) Salem, Utah — After helping many of her clients with some of the most difficult loan situations, Amanda Madsen was dubbed the “Mortgage Wizard” because of her ability to help her clients resolve issues that other Loan Officers couldn’t work through.  The name stuck, and we had the chance to sit down with her to discuss her uncanny ability to work with even the most unique of situations.

After our interview, we realized that she is well deserving of the title “wizard!”

Being self-employed can sometimes make getting a mortgage loan difficult. What needs to happen to get one? Who do you go to with a slightly more complicated lending profile?

If ever a wizard of mortgage loans there was, it would be Amanda Madsen.  Madsen (the “Mortgage Wizard”) is a loan officer with Primary Residential Mortgage, Inc. With her help, self-employed entrepreneurs can follow her down the path to the home of their dreams.   

Madsen’s goal is to help educate borrowers about the lending process while making a plan together to achieve their goals. Madsen has a background that sets her apart. “My strength as a loan originator is helping those with tricky situations like self-employment,” the Mortgage Wizard said..

Madsen is different than other loan originators. She has a genuine interest in helping her clients. “When I talk with my borrower, I don’t know if it’s my history of being around the service industry and helping people, but they tell me a lot about their lives and their situations. And… I ask the right questions,” she said.

Before becoming a loan officer, Madsen taught as an instructor for a cosmetology school for many years. She simultaneously ran two businesses, including owning her own salon, for more than ten years. 

“With my background in business and lots of experience listening and helping people solve problems, I decided to transition into the mortgage industry,” Madsen said.

When it comes to getting a mortgage loan for someone who is self-employed, Madsen said it is important to think several steps down the road, and keep the big picture in mind.

And it is her background with special attention to detail and customer satisfaction that enables her to do things—-like catch duplicates on credit reports—-that other loan originators may not take the time to find. “A lot of loan originators just want things to be easy. They don’t want to do the work. They don’t want to dig through the dirt. That’s what sets me apart,” Madsen said. 

There is no simple mortgage loan, or one without some added challenges, especially for the self-employed. But Madsen said these obstacles are something she looks forward to. “I’m able to help them navigate the loan process and understand how their taxes are affecting their ability to get the loan that they want.” 

Madsen explained that one of the obstacles that often stands between self-employed buyers and a home is their taxes. “A lot of us try to take as many deductions as we possibly can,” Madsen said.

Self-employed potential home buyers might not make a lot on paper when taxes are filed, those deductions affect the adjusted gross income. And that adjusted gross income is what determines whether an individual gets a mortgage loan.

For example, a self-employed individual may have an income of $200,000. But after deductions, on paper they may show an income of $50,000. That potential buyer may have difficulty if looking to buy a $300,000 home.

“If they’ve made a lot of money and deduct down to very little, that is not going to allow them to get into the home that they want. Granted, they’ve deducted everything legally, and they’ve done their taxes correctly,” she said. “That’s one of the joys of being self-employed.”

That benefit can also be a pitfall when it comes to getting a mortgage loan. As the Mortgage Wizard said, being self-employed can be a catch-22.  “You need to understand the balance that takes place. Yes, we try to not pay as much in taxes as self-employed small business people, but it does hurt you when you want to get into the home of your dreams.”

Her background in education comes into play when she meets with self-employed buyers. “I like to help educate them. I like to help navigate those tricky situations,” Madsen said.

She loves it when entrepreneurs come to her and say they are self-employed, looking to buy a home in a year’s time, and wondering what they need to do to get the home of their dreams.

“If you’re sitting on the fence about getting into a home, make that decision now,” the Mortgage Wizard said. With rates as low as they have been for so long, Madsen doesn’t expect them to last much longer. “The market and the homes just seem to be going up, so waiting for that perfect home or waiting for a better scenario isn’t going to get you where you want to be currently,” she said. “Don’t hesitate.”

Madsen advises anyone who is self-employed and looking for a mortgage loan to go talk to a loan originator. “See where you fit now, or what you need to do to get where you need to be, or you would love to be,” Madsen said.

It doesn’t cost a potential buyer anything to have a loan officer look over their information.

“It’s part of our job,” she said. “That’s the sign of someone who is a good loan originator, they are going to be willing to do the work without even the possibility of getting anything.”

Madsen suggests putting a plan in place that will enable self-employed borrowers to achieve their home-buying goals. “When someone chooses to work with me, I really do take that on as an honor and I want to help get them make their dreams come true,” she said.

The Mortgage Wizard said she feels very driven to fight for the people she works with, and to help them achieve the American Dream of owning their own home.

“I do the dirty work. I get in. I discover what we need to know and find a solution,” she said. “Exhaust all possibilities until we can’t do it anymore.”

Entrepreneurs looking for a loan officer who has their best interest in mind and can navigate a complicated buying process can expect just that when they go to the Mortgage Wizard, Amanda Madsen.

Interested in meeting with Madsen? Click here or here for her contact information.

Additional resources: 

• Learn about Park City master-planned community, right here in Utah. 
• Why invest in a home.