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Peter Demet

Vice President of Mortgage Lending
40 Skokie Blvd, Ste 450, Northbrook, IL 60062
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NMLS: 202232
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About Peter

Helping home owners for 25+ years, specializing in first time homebuyers and the north shore.

Peter interview Q&A

How long have you been in the mortgage business and what inspired you to get into it?
27 years
Who is your typical customer and what questions do they typically have?
First time home buyers. Helping them through the entire process
What specific steps do you use to help your customers find the best home loan for them?
Determine their long term goals
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Fixed rates offer security from uncertainty of future rate changes. Fixed period ARM's are ideal for people that know they will be in the property for a specific period of time
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
Income to debt ratios are always a big factor in getting a mortgage since we do not have many overlays we are able to approve a loan that a large bank was not able to.
What advice would you give new or first time home buyers?
Just because you could afford a larger mortgage doesn't necessarily mean that you should I suggest always going with your comfort level.
Tell us about a mortgage product that consumers may not be aware of?
Making Bi-weekly mortgage payments and how much additional interest can be reduced over the life of the loan
How has the mortgage industry changed since you started, and what would you expect in the future?
Technology is making the process faster and more thorough than ever before
What part of the home loan process do customers find most difficult and how do you help them through it?
Understanding the importance of the time frame and when to provide additional information required from the underwriter
What are the top 3 misconceptions people have about the home loan process?
That the process is like any other transaction. That ARM rates always go up. Poor communication.
What 2 or 3 mobile apps would you recommend for home buyers or house hunters, and why? What Smart Apps do you recommend your customers use for the house hunting process?
So many different portals to choose and how often they change
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
links on our website help to explain the process in detail
What can borrowers do to insure a smooth mortgage underwriting process?
Promptly provide the documentation requested as quickly as possible to aviod delays.
Summary of where you grew up: family, affiliations, college, high school, etc.
Grew up and live in Lake Forest, Illinois. Married with two children in college
What provides you with the most satisfaction in your job as a Loan Officer?
Helping first time homebuyers realize their dreams and seeing how excited they get.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
Trips with the family, boating, triathalon events
Tell us something that makes you unique or something wacky, yet interesting about you?
Willingness to attempt something that I am completely unprepared to do and finishing.

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