How long have you been in the mortgage business and what inspired you to get into it?
Jake has been in the industry for 6+ years. His love for helping people and problem solving inspired him to enter the business in 2010.
Who is your typical customer and what questions do they typically have?
Jake's typical customer is generally first time buyers, investors and high-end luxury homes.
What specific steps do you use to help your customers find the best home loan for them?
The most important conversation that Jake has with customers happens in the first 5 minutes of the initial phone consultation. Jake's approach is to guide his clients into making decisions that fit within both their short and long term financial goals. Helping clients determine their maximum 'comfort payment', before they have an understanding as to how much they are qualified for is a critical conversation. Everyone's situation is unique, and Jake feels strongly that the industry guiding 'Debt to Income' ratio should not determine what one spends on housing, instead, and while working within the Debt to Income guidelines, Jake probes his clients with questions to gain a clear understanding as to what their monthly cash flow looks like with their current situation, and works with them to also identify what their overall financial goals are. Jake believes that when a client is focused on their short and long term financial goals vs. how big of a house they want, their maximum 'comfort payment' will naturally present itself. Working with clients to stay within their means is essential to having long term client relationships built around trust, transparency, and confidence.
What are the top 3 misconceptions people have about the home loan process?
The #1 misconception is that affluent borrowers will have an easier time getting qualified. Generally speaking, higher income earners with significant assets will put more time into the transaction and be required to submit more documentation when compared to a lower income earner with less assets. The #2 misconception is that people believe that if you have your credit pulled by multiple banks it will hurt your credit. This is completely inaccurate, the federal government encourages people to shop for home mortgages without being penalized for having credit pulled by other places. You can have your credit pulled several times by different banks but it only will count as one credit pull. #3 misconception is that shorter term fixed rate loans are too expensive. When clients take a step back and consider the fact that they may be planning to retire in 15 to 20 years, taking on a slightly higher mortgage payment with a 15yr or 20yr fixed rate loan not only creates a significant increase in overall wealth during the life of a loan, more importantly arms a client with a tool that allows them to retire with no remaining mortgage payments. Arming them with the ability to control their retirement decisions, vs. allowing a longer term 30yr fixed note potentially control the timing of retirement.
What provides you with the most satisfaction in your job as a Loan Officer?
Jake receives the most satisfaction when he receives a referral from a previous client. That shows that he has done a memorable job and left a great impression.