In this episode of The Financially Mindful Podcast, Co-Founder and CEO of Own Up, a mortgage marketplace, Patrick Boyaggi explains what consumers need to know to go into the mortgage lending process with their eyes wide open. Taking out a mortgage is a financial decision that should require thought, time, and energy. Patrick gives insider tips and information on how to educate yourself, including taking advantage of the moving parts to feel like you have a good rate and can afford your mortgage down the line, in this episode of The Financially Mindful Podcast. 

 

Daniel James

Dan is Founder and CEO of CanopyLife, a platform committed to building families’ financial resilience to deal with major life events. Dan founded CanopyLife after experiencing the financial and emotional cost of losing his dad to cancer, and wanting to help families avoid the same pitfalls. A Kellogg School of Management grad, Dan previously led new product development at Capital One and has nearly a decade of experience working in product development at startups focused on consumer, fintech and insurtech. In a prior life, Dan was a consultant at BCG and worked in Equities for Goldman Sachs and ABNAMRO. 

 

James V. Grace

Jim Grace is the Director of Wealth Management at Silver Pine Capital in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry, leading Silver Pine’s financial planning and broader wealth management service offering. He has worked for MetLife and has managed for First Niagara (LPL Financial) and United Northeast Financial Advisors (Infinex Investments). He is father to two children. 

 

About our Guest:

Patrick Boyaggi is Co-Founder and CEO of Own Up, a tech company that is changing the way consumers shop for and secure a mortgage. As a former Senior Vice President at Leader Bank, Boyaggi founded Own Up in 2016 with the belief that everyone should understand their mortgage. Own Up lets its users shop in an unbiased, simple to use, transparent marketplace of top lenders.

 

Insight from this episode:

Insider information from a former loan originator that you can use to empower yourself in this huge financing decision. 

Details on the various interests and incentives that might impact your search for the best rates and terms in your mortgage search. 

Considerations outside of the interest rate that consumers should be aware of. 

Benefits of working with an independent advisor that knows your specific financial situation and you can trust.   

  

Quotes from the show:

“At the end of the day, lending is about fit. Not every lender is right for every borrower, and not every lender is right for every property type.” –Patrick Boyaggi The Financially Mindful Podcast Ep. #9 (11:03)

“What this industry allows for is for consumers to get overcharged by a quarter of a percent or half a percent, and that may not seem like a lot, but when you translate that into absolute dollars, it’s really impactful to people.” –Patrick Boyaggi The Financially Mindful Podcast Ep. #9 (13:20)

“There are about 26,000 mortgage lenders across the country. It’s really difficult to know where to even start.” –Patrick Boyaggi The Financially Mindful Podcast Ep. #9 (19:48)

“Just because it’s a complex transaction, and just because you don’t do it very frequently, doesn’t mean you should just be apathetic though. It doesn’t mean you should just go with the very first person you get connected with.” –Patrick Boyaggi The Financially Mindful Podcast Ep. #9 (22:10)

“The decision on whether to become a homeowner or not is much grander than just the rate.” –Patrick Boyaggi The Financially Mindful Podcast Ep. #9 (34:33)

“The parties that have access to that information, their motivation is to not share it with you because they benefit from the asymmetry of information.” –Patrick Boyaggi The Financially Mindful Podcast Ep. #9 (44:22)

“There’s very real dollars embedded all over the place on both sides of the transaction that we