Who is your typical customer and what questions do they typically have?
My typical customer is seeking help with purchasing or refinancing a co-op apartment. Because of my experience in financing co-ops, 80% of my business involves a co-op apartment. In most occasions the transaction is fairly routine: we approve the borrower and approve the co-op and the loan closes. But other times we have to help the co-op board and /or the management company work to get their documents to comply with current mortgage standards.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
For most people, the fixed rate option is still the best mortgage. With people who don't expect to move in the next few years, and who are paid by salary, the fixed rate option will provide a stable, predictable payment. For those people who expect to move in the near future (5-7 years), or who have variable income (i.e., bonus, commission, self-employment) the lower rate offered by the Adjustable Rate Mortgages (ARMs) may be better option. Because there is potential for the ARMs to increase dramatically (eventually), the decision to go with this product should be one that is weighed carefully.
What part of the home loan process do customers find most difficult and how do you help them through it?
The biggest issue for most borrowers is the documentation process. In most cases, when I first speak with a borrower at the point of pre-approval, I provide them with a list of the necessary documents so that they can take their time to accumulate their documents, rather than scramble to find paperwork once they've entered into a contract to buy a home.
What provides you with the most satisfaction in your job as a Loan Officer?
In my career, I've provided the financing for thousands of home buyers. This is a great industry in that I have been able to help so many people realize the dream of home ownership. There are very few things better than getting a Thank You card from someone who never believed that they could buy a home!
Tell us something that makes you unique or something wacky, yet interesting about you?
I love watching Tiny House, Big Living on HGTV. In fact, I live it! Okay, we couldn't (or at least wouldn't) actually live there, but my wife and I have a 180 square foot cabin on Canandaigua Lake.