What specific steps do you use to help your customers find the best home loan for them?
Apart from all the common and customary prequalification questions, I spend a significant amount of time thoroughly interviewing potential clients before recommending the mortgage loan program best suited for their needs. Regardless whether it is their primary residence, vacation home or an investment property or whether it be a conforming loan, jumbo loan or an FHA mortgage, going over their short and long term financial goals is very important. It's critical to know answers to questions like: How many years they intend to retain their home? Do they anticipate paying off the home early? Expected retirement timeframe? Significant changes in lifestyle like children going into college, finishing college, weddings in the future? Does their annual compensation make them a candidate for an adjustable rate loan or ARM? Answers to all these questions are essential 'need to know' items before I can make a loan program recommendation that truly matches their financing needs. I make it a point to review fixed rate mortgages, adjustable rate loan programs as well as niche home financing programs that may make sense for my homebuyers and clients that wish to refinance. Each and every homeowner's needs are different so I take time to calculate monthly mortgage payments, interest savings and review purchase closing costs as well as special "no closing cost" refinance options. Throughout my twenty-four year career in the mortgage industry, I believe obtaining as much information as possible during the initial prequalification interview will assure a smooth loan process, a timely mortgage approval and a loan commitment that will fulfill their home purchase or refinance needs.
How has the mortgage industry changed since you started, and what would you expect in the future?
Since the mortgage industry meltdown, investors who purchase home mortgages have definitely tightened their requirements. As expected, full credit and income documentation is now the norm. The government has taken a much larger role in regulating Mortgage Bankers including annual written exams and required continuing education for loan originators to maintain their license. Technology has also made dramatic advancements since I began my mortgage origination career nearly twenty four years ago. All aspects of the mortgage application process have become automated. The loan process has become streamlined and efficient starting with my personal online application website at www.guaranteedrate.com/drewwilk to super efficient processing, automated underwriting to paperless files and ending with loan application paperwork and closing documents being sent via encrypted email, the mortgage application process has become simplified and hassle free.
What are the top 3 misconceptions people have about the home loan process?
"Closing Costs": typically clients don't understand fully the funds needed for settlement. For that reason, I take time to explain to the borrower in detail all costs associated with their purchase or refinance. "Lower Rate Elsewhere": I assure my clients that I will secure for them the lowest interest rate available while at the same time providing them with prompt, professional and courteous service. Many clients are repeat customers because of my knowledge and expertise and Guaranteed Rate Superior Mortgage Group's reputation for putting the customer first. "Some borrower's believe that because of their qualifications they shouldn't need to provide all the requested documentation": The Equal Credit Opportunity Act (ECOA) is a Federal Law which requires lenders to make credit available without discrimination on the basis of race, color, religion, national origin, age, sex, marital status or socio-economic status. Each and every borrower is treated EXACTLY the same as required by Federal Law. No borrower will ever receive preferential treatment.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I live on Long Beach Island so spring, summer and fall are when I especially enjoy spending time outdoors with family and friends. Boating is my passion and being out on the water in my boat is where I may be found as often as possible usually with a fishing pole in hand. Additionally, I love to travel along with my wife of twenty seven years and lovely daughter.
Tell us something that makes you unique or something wacky, yet interesting about you?
Spanish is my second language because I spent a year studying abroad at the University of Madrid in college. Also, I\'m known as Mr. Fix-it because of all my dad taught me when growing up. I am extremely handy and a perfectionist at times. There is not much that I cannot do myself.