What specific steps do you use to help your customers find the best home loan for them?
I ask my clients questions about comfort-level with monthly housing payment and also long-term objectives with their real estate investment. I will outline different options with pros and cons so that my client can make an educated decision on which loan program to pursue.
Tell us about a mortgage product that consumers may not be aware of?
There are options for Private Mortgage Insurance (PMI) when a client has less than 20% down/equity. There is the traditional monthly payment for the PMI which is a separate line item in the monthly payment, that can be eliminated once 20% equity is reached; either through paying the principal balance down OR through the value of the property going up. Or there is Up Front Single Premium PMI, which is where a lump sum is paid at the time of the closing. This lump sum may be paid by the lender by taking a higher interest rate. In most cases, the monthly payment is less doing the Single Premium, so depending on how long the customer anticipates being in the house, it may make financial sense to take the higher interest rate and not have a separate line items for monthly PMI.
What part of the home loan process do customers find most difficult and how do you help them through it?
I think that explaining the process, step-by-step, in the very beginning helps to set expectations accordingly. There are many steps behind the scenes that we must do in order the get the loan ready for an underwriter to review and then ready for closing. Some of the items we ask for may seem odd so by explaining the reasoning upfront for why we ask for certain things, why different steps take as long as they do, I am educating the consumer on the Mortgage Process so they understand the reasoning behind the process and why it takes as long as it does.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
In my spare time, I enjoy spending time with my two daughters who are active in Elmhurst baseball and gymnastics. I am physically active and go to my gym, Courts Plus in Elmhurst four to five times a week. I also enjoy running races and most recently completed the Marine Corps Marathon in Washington, DC. I also love to travel and spend a lot of time in Michigan and Arizona where my family lives.
Tell us something that makes you unique or something wacky, yet interesting about you?
Along with being a mortgage broker, I am a secret agent who's main objective is to encourage healthy living and exercise. I motivate unsuspecting victims by having a lot of energy and a positive attitude about feeling good and having fun while being physically fit. :-)