How long have you been in the mortgage business and what inspired you to get into it?
I have been in the mortgage business for over 30 years. I got into it because of my interest in architecture, city planning and housing. Owning your own home is one of the biggest investments that you will make in your life. It is a source of pleasure as well as a great way to grow your net worth. I want to help my borrowers so that they achieve this goal.
Who is your typical customer and what questions do they typically have?
My borrowers are city dwellers and suburbanites who are interested in enhancing their lives by owning their own homes. They are concerned about making the right investment and are most concerned that their monthly payments will be affordable.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
In today's world, fixed rate mortgages are at the lowest interest rates that have been experienced for the last 60 years. The interest rate is set and does not change throughout the life of the loan. My borrowers are protected from sudden increases in monthly mortgage payments. It makes budgeting that much easier.
Adjustable rate mortgages are also attractive because they offer low initial payments. Some borrowers find ARMS to be an excellent choice if low payments in the near term is the primary objective or if they do not plan to live in the house long enough for rates to rise.
What can borrowers do to insure a smooth mortgage underwriting process?
Borrowers should be organized and start to assemble all the documents required by lenders when they start house hunting. That way, when they start mortgage processing, they can upload their information simultaneously. Be prepared to also update some documents as you go through processing.
What provides you with the most satisfaction in your job as a Loan Officer?
I most enjoy assisting my borrowers in purchasing or refinancing their perfect home. I appreciate it when they say that "I could not have done it without you" and they refer their friends and family.