Purchasing a home for the first time can be an overwhelming experience, but John Oeftering of Meadowbrook Mortgage Corporation has made it his life’s mission to make sure that first-time homebuyers are treated fairly.
“It saddens me when I come across a transaction and the first-time buyer is literally at the mercy of who is taking them through it,” he says.
Oeftering, an Oxford Township resident and senior mortgage planner for Meadowbrook, a family-owned and run business in Bloomfield Hills, has been teaching real estate classes for the Lake Orion and Rochester School Districts’ adult education programs, educating people on home dealing.
He taught a class for first-time homebuyers at the Community Education Resource Center in Lake Orion in February, and hopes to hold another class in the spring.
“It’s a what-you-need-to-know introduction,” he says of the class. “I teach first-time buyers the proper method for becoming qualified and figuring out how much money they can afford to spend, as well as who to select for their agent, inspector and appraiser.”
Oeftering brings in experts from each area and encourages his students to ask questions.
“I also teach them the terminology, and the sequence of events, as well as the do’s and the don’t’s of home buying,” he says.
Oeftering has been in the lending industry for a number of years, and between the three owners of Meadowbrook Mortgage, there is 40 years of experience.
Oeftering says he wants to introduce people to the procedure involved in homebuying, so they can make educated choices without having to just rely on whoever happens to answer the phone.
“I let them know what they deserve,” he says. “I’m having fun with it, and I always have very good attendance.”
Oeftering has also been approached by other local school districts about teaching classes, and his Lake Orion first-time homebuyers class is one night, for two hours.
Oeftering says once the class is over, many of his students continue coming to him and Meadowbrook Mortgage for assistance.
“I show them who to align themselves with, including proper inspectors and appraisers who establish condition, and estimate the fair market value to educate the buyer if they are paying a fair price for the home,” he says.
Oeftering’s class also takes students through the title preparation, informing them of what services title companies provide, and what information a title search can produce.
“Then we talk about the closing, to reduce the intimidation of that process,” he says.
Oeftering says people who just pick a name at random in the phone book to do business with could be putting themselves at risk.
“Whoever answers the phone is who you are stuck with,” he says. “Our clients at Meadowbrook Mortgage only see listings for which they meet the requirements, and many are surprised to find out they qualify for more than they thought they would.
“We offer every conceivable mortgage product in the industry, and we stand by our clients, from the application procedure, through the entire process, including closing,” Oeftering says.
Meadowbrook Mortgage specializes in having personal involvement with their clients, and Oeftering says loan officers follow clients through the loan process from beginning to end.
“We always offer free consultations to people looking to get started,” he says. “They are under no obligation. We counsel first-time buyers at no expense.
“We slow down the procedure so the buyer is in control,” Oeftering says.
Meadowbrook Mortgage Corporation is located at 6001 N. Adams Road, Suite 135, in Bloomfield Hills. The phone number is (248) 593-0700.
Meadowbrook Mortgage has a website coming at www.meadowbrookmortgage.com