GuaranteedRate - Mortgage Company

Michael Caras

Loan Officer
6 Winter St., Suite A, Newburyport, MA 01950
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NMLS: 1489370
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About Michael

After the energy efficiency company I worked for closed its doors, I met a senior VP, Liz Ryan, through a mutual friend of ours. We go to talking about the mortgage industry and some of the very reasons I got into energy efficiency existed in the lending world, including saving people money and teaching them about a product that can be complex to understand. Ultimately, I accepted a position to help home buyers to get into the home they desire and refinance existing homeowner to save money on their existing mortgages. It's such a positive experience after all of the hard work to see the smiles of new home buyers at the closing table.

Outside of work, I love spending quality time with my two dogs, Nala and Amberlyn. Whether we're hiking or just lounging in the house they always have a way of making me smile. For hobbies I enjoy racing cars at tracks throughout New England, snowboarding, mountain biking, and playing volleyball.

Michael interview Q&A

What specific steps do you use to help your customers find the best home loan for them?
I always make it a point to put my self in the customer's shoes and act as if this were my purchase what loan program works best for me. I give them multiple options on the loan. Its interesting to see how sometimes money put towards an existing debt rather than a larger down deposit can qualify them for better programs. I also look to see if few extra points on their credit may benefit them. Often times, there are simple things the buyers can do to increase their credit score instantaneously.
Tell us about a mortgage product that consumers may not be aware of?
A lot of times people have the misconception that they need a large amount of money done to qualify for a mortgage. This couldn't be further from the truth. One of most common loan programs I teach consumers about is the Mass Housing loan available only here in Massachusetts. With this loan eligible buyers can purchase a home with as little as 3% down. It has opened up many doors for customers who may have never thought of becoming homeowners.
What can borrowers do to insure a smooth mortgage underwriting process?
All I can ask of my borrowers is to please have your documents ready. Often times I will need recent pay stubs and up to 3 years tax returns in some cases. Being able to verify all of the information they provided me during the application process will reduce any hold ups and allow for a smoother close. Customers that are able to get me items in a timely manner are much calmer through the process knowing that we have met each deadline along the way.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I'm a bit of an adrenaline junky. My hobbies include racing cars at race tracks through out New England, mountain biking, and snowboarding. When I'm home I love spending time with my two dogs, Nala and Anberlyn.
Tell us something that makes you unique or something wacky, yet interesting about you?
I have once went over 200mph on a motorcycle at a track in Maine.

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