How long have you been in the mortgage business and what inspired you to get into it?
25 Plus years I love helping people. From 1st time homebuyers to the move up buyers, the challenge to find them the best product is what motivates me.
Who is your typical customer and what questions do they typically have?
My clients range from first time homebuyers to clients buying their forever home. I pride myself in asking a lot of questions and giving a lot of suggestions so that the product that is selected is right for the clients specific needs.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
The differential between a fixed rate and an adjustable rate usually helps a client make a decision. National average is a client stays in a home 5- 7 years. If you're a first time homebuyer an adjustable rate might be the product for you, but only you can make that decision. I pride myself in the education I provide to clients so that they can make a well informed decision.
What advice would you give new or first time home buyers?
Choose your loan officer carefully. Make sure that the person you choose to work with has your best interest at heart. It's not about the commission. It needs to be about what is best for the client.
Tell us about a mortgage product that consumers may not be aware of?
We have a great product that has been off the radar for a while. An interest only loan. Good for clients who get big bonuses once a year whose income is stable and can pay down principal once or twice a year. I personally have a few homes and this is a product that I use regularly,
How has the mortgage industry changed since you started, and what would you expect in the future?
When I started in the mortgage business it was like the wild, wild west. If you had a pulse you could get a loan. That wasn't prudent and definitely caused part of the mortgage collapse in 2008. Things have definitely tightened up for the better. Lenders are more restrictive and are coming more to a center of lending.
What part of the home loan process do customers find most difficult and how do you help them through it?
I don't find the process difficult. I educate the customers upfront and that makes the process easier.
What are the top 3 misconceptions people have about the home loan process?
The propaganda in the media is that it's hard to get financed. Not hard. You just have to have the right paperwork.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
Get preapproved before you start to shop. Credit is the biggest obstacle.
What can borrowers do to insure a smooth mortgage underwriting process?
Talk to your loan officer early and often.