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 just under 6 years and I enjoy the satisfaction of helping clients and interacting with new people everyday.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
The Pro’s of a fixed rate mortgage is that you have the comfort of knowing that your mortgage payment will not increase or move as long as you’re in that mortgage. The Con’s to a fixed rate mortgage is that you’ll always be paying on the initial starting loan balance no matter how far down you pay the mortgage your payment will stay the same. Fixed Rates are generally going to have a higher interest rate than an adjustable and in turn you pay the balance down at a slower pace with a higher payment.
A traditional adjustable rate mortgage can be very risky depending on the index it’s tied to and what type of ARM you get into. The risk you take on certain ARM’s is that your interest rate can move with the market which can in turn raise your interest rate beyond what is reasonable and put you into a position where you cannot make your mortgage payment. There are several very good and beneficial ARM’s out there that have huge benefits such as the VA hybrid loans. The benefit’s to these loans are that you will obtain a very low interest rate compared to a fixed rate, your payment will be a lot lower, and these rates are locked in for either 3 or 5 years in which they cannot move or change. In those 3 years you’re able to pay down the balance of the home significantly as well as saving a ton of money on your monthly payment. Once you are out of the fixed rate period of the VA Hybrid arm the loan can adjust but it can only adjust by 1% maximum and can only adjust 1 time a year. The most exciting part about this loan is that once you’re into the adjustable period your loan will re-calculate and re-amortize according to the new balance, term, and rate. With this loan you have the ability to create a lot of equity in your home in a very short period of time and you’re only paying on principle balance of the loan verses a 30 year fixed rate in which you’ll always have the same payment no matter how low the balance is.
What can borrowers do to insure a smooth mortgage underwriting process?
As a mortgage loan originator I am dedicated to providing a smooth and efficient process to every borrower I work with. I will always hold up to my end of the deal as long as the borrower’s hold up to their end. I will provide excellent communication on every step of the process, provide documentation and information that we need from them to close the loan in a timely manner. The best way a borrower can insure a smooth mortgage underwriting and closing process is to communicate quickly and effectively, respond to any team member that requests something from them. Disclose all details pertaining to credit, income, desired results, and any other details that could possibly hold up the loan process. As long as the borrower is on board and doesn’t delay the process of providing initial paperwork the process will be smooth and easy for them.
What provides you with the most satisfaction in your job as a Loan Officer?
What gives me the most satisfaction out of this job as a Loan Officer is being able to deliver the results to a borrower on their loan as discussed initially with a quick delivery with no surprises or delays. It feels great to see a loan go from start to finish through the team and then obtaining the borrowers trust and satisfaction in me as a Loan officer, my team, and the company.