Tell us about a mortgage product that consumers may not be aware of?
There are a couple various products that many consumers are not aware of. For starters, while it’s awesome to be able to have a down payment of 20%, many buyers (particularly first-time home buyers) do not have the liquid assets to do so. There many programs geared toward certain demographics (e.g. first-time homebuyers, household income below a certain threshold, or individuals buying within a targeted area) that make a client’s purchase more manageable. Additionally, many veterans and their families aren’t aware they might be eligible for a VA mortgage, with affordable interest rates and a down payment as little as 0%.
How has the mortgage industry changed since you started, and what would you expect in the future?
When I started in the mortgage business it was sort of the Wild West. There were a lot of people working as loan officers that didn’t have experience and probably shouldn’t have been in the business. With the regulations and guidelines currently in place, the customer is much more served, and the overall mortgage experience is much more professional.
What part of the home loan process do customers find most difficult and how do you help them through it?
I think customers find the quantity of documentation that they have to gather and navigate somewhat cumbersome. We mitigate that by asking them to put us in touch with accountants, who often times have all of their required documents and as long as we have the customer’s permission, they will work with us to provide everything we need.
What are the top 3 misconceptions people have about the home loan process?
The top 3 misconceptions that clients have about the home process are:
1. They need to have excellent credit. In fact, many borrowers have less than stellar credit. My job, as a mortgage originator, is to find a loan program that works for you or let you know what steps are necessary to make your home purchase a reality in the future.
2. They need to have at least 20% down for most loan programs. Quite the contrary, many of our borrowers either are unable or prefer not to put 20% or more down towards the purchase of a home.
3. They need to have sizable income to afford a home of their own. Many of our borrowers are hard-working individuals with modest incomes. If you’re able to rent a home and comfortably afford it each month, then you likely could afford to purchase a similar property and have it be your own.
What can borrowers do to insure a smooth mortgage underwriting process?
Be active in the process. Supply the items requested, not what they think we need.
What provides you with the most satisfaction in your job as a Loan Officer?
I am so satisfied when I’m able to sit down at the closing table with my borrowers, see the smiles on their faces, and hear their kind words, knowing that I and my team delivered an unforgettable experience.
Tell us something that makes you unique or something wacky, yet interesting about you?
I have a twin brother who is also a loan officer.