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Aczel Rico

VP of Mortgage Lending
750 Lexington Ave, 4th Floor, New York, NY 10022
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NMLS: 66997
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Aczel interview Q&A

How long have you been in the mortgage business and what inspired you to get into it?
14 years in the business. I wanted to provide a professional service founded on the bedrock aim of borrowers long-term financial security.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Pro - The main advantage of a fixed rate loan is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise. Con – Stability comes at a price. Fixed rate loans are usually higher than starting rates on an ARM resulting in a higher payment. Pro - Choosing an ARM over a fixed rate mortgage could be a solid financial decision, potentially saving you thousands of dollars. Con - if rates move up after initial rate period, this could lead to a higher payment and a “payment shock.” This could be a big risk if you plan on living in your home past the initial fixed rate period.
What are the top 3 misconceptions people have about the home loan process?
1- Mortgage rates are only released once per day - Mortgage rates for all types of mortgages can change frequently, sometimes dramatically, throughout the day. Because of the rapid changes in mortgage rates and a lender’s ability to control what is offered, it is important to shop around for the best rates. Getting multiple loan quotes is highly recommended. 2- I must get my mortgage through the same lender I was pre-approved with - a preapproval is a conditional agreement that estimates the size of the home loan a lender would fund for you. It typically preapproval involves income verification and a credit check. However, you are under no obligation to proceed with the lender that gave you the pre-approval. Make sure you get at least three loan quotes before proceeding with a mortgage. 3- You cannot get a home loan with less than a 5 percent down payment- It is a common misconception that you need to put down 10 percent, 15 percent or even 20 percent on a home, especially in after the recent housing crash. But with as little as 3.5 percent down, you can often obtain a mortgage through the Federal Housing Administration. FHA has become a popular loan option for those who may not have a large down payment or have blemishes in their credit history. FHA loans are available to everyone, not just first-time home buyers. (Find out more about the advantages and disadvantages of an FHA loan) There are also alternative loan programs through other agencies, including the Department of Veterans Affairs (VA) and the United States Department of Agriculture (USDA). These loans also require little-to-no money down.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I like to spend time with my family when I can. I enjoy playing sports and doing yoga.
Tell us something that makes you unique or something wacky, yet interesting about you?
I'm a neat freak. Everything of mine is clean all the time.

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