Home » Michael Suffoletto
Senior Loan Officer
NMLS ID # 484103
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Loan Officer Interview Q&A's
I have been in the mortgage industry going on 10 years now. I started my mortgage career winning the Rookie of the Year honor. I received my Neighborhood Lending certificate in 2010. I have achieved President’s Club performance in 2008, 2009, 2010, 2011, 2012 and 2013.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
The fixed rate options give you the "sleep at night" factor. With a fixed rate mortgage you know your rate AND your principal & interest payment will not change. Alternatively, for certain buyers, the ARM options can be a wise choice. If the risk is managed, many savvy investors chose the discounted rate, and payment savings, associated with ARMS. However, ARMS are not for everyone due to the potential of rate adjustment after the fixed period.
What part of the home loan process do customers find most difficult and how do you help them through it?
Recently the challenge for customers is recognizing that we actually need to verify their income and assets which wasn't the case no too long ago! It's important to set proper expectations, under promise and over deliver!
Summary of where you grew up: family, affiliations, college, high school, etc.
I grew up in Hamburg, NY which is a suburb of Buffalo. I attend St Francis High School in Athol Springs and Allegheny College in Meadville, PA. I now reside in Andover, MA with my wife and son.
Tell us something that makes you unique or something wacky, yet interesting about you?
I never turn off my phone! My wife does not like it, but as long as I am up, I am working! I try to be as full service as possible to all my business partners and customers making myself available and quick to respond. I like adventure and went skydiving for the first time past July! However, the birth of my son in August is taking me on an even greater thrill ride!
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