What specific steps do you use to help your customers find the best home loan for them?
Whether they are a first time home buyer or had many previous home loans, I always handle it the same and break it down to the basics. One reason for this is the industry, regulations, and guidelines are constantly changing.
First I will find out what their goals and objectives are and find out what monthly payment they are comfortable with. Next, I walk them through what the process will involve and review the 4 C’s of credit with them. Once they are comfortable with me and the process, we will move on to completing the loan.
What advice would you give new or first time home buyers?
I would tell new or first time home buyers to get started with the pre-qualification process as soon as they begin to consider purchasing a home. This is because the process can be somewhat intimidating and if there is anything that my hold up the loan, it is better to catch them early and get them corrected before they have a home picked out.
What are the top 3 misconceptions people have about the home loan process?
The top 3 misconceptions people have about the home loan process are:
1. You need perfect credit to purchase a house.
a. This is not true at all. Many people may have had one or two mistakes in the past but it will not necessarily prevent them from purchasing a home. Many of our government products can be a little more forgiving in both rate and underwriting guidelines for those with imperfect credit.
2. I need a large down payment to buy a house.
a. Not even close. USDA and VA loans don’t require a down payment and FHA is only 3.5% down. Recently, Guaranteed rate also released a 1% down payment option called the Double Match Program. This requires 1% down from a borrower and Guaranteed Rate will pitch in an additional 2% down at closing.
3. The lowest rate is always the best option.
a. This is not always the case. For example, many times FHA will have a lower interest rate but the MIP may be higher than conventional and negate the benefit. Also, it is important to have an idea how long you plan on staying in the home or keeping the mortgage. We can do a quick analysis to find the best combination or interest rate to closing costs for your individual situation.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
During my spare time I love spending time with my family. Having a middle schooler this involves a lot of sports and outside activities, including fishing and golfing.