How long have you been in the mortgage business and what inspired you to get into it?
16 Years. The most exciting and fulfilling moment in one’s life is seeing the dream of owning their own home blossom into reality. Being part of that adventure is the reason I choose to be in this business.
Who is your typical customer and what questions do they typically have?
I have a very diverse clientele, ranging from new home buyers to seasoned investors. 98% of my business is purchase business. The two most important questions they all have are, in this current market what would set me a part from all the other buyers? and which loan program best fits my financial situation?
What specific steps do you use to help your customers find the best home loan for them?
In my Buyers Consultation, I first want to know what have they already done and researched? Where do they envision themselves buying a home? What type of home are they looking for? Review their financial portfolio to determine how much they qualify for? Then discuss, what type of payment would they be comfortable with and would work well with their budget. Discuss the future goals for their new home. Then present them with options that are customized to meet their current needs both for their vision of the type of home their family needs and can financially maintain at the highest level.
How long have you been in the mortgage business? What awards have you won?
16 years. Presidents Club winner, Chairman’s Club winner. I have also obtained all my FINRA Securities licenses including Principal’s License. 98% Customer Satisfaction.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
a. The main pros of a fixed rate mortgage is the stability of a fixed payment for the entire amortization period. You know what you are paying and can always plan for it. The con is that the rate will be higher than an ARM Program.
b. With an ARM you can save big money during the initial fixed-rate period. Huge advantage. However, the con here is that after the initial fixed period, your interest rate can adjust to a higher rate which would also increase your payments.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
100% of my business comes from referrals, both from Realtors and my past clients…Majority of those referrals are purchase clients. Naturally, a purchase loan has more moving parts and complexities compared to a refinance loan. One recent example, which happens often, I had to save my client from a failed loan application originated by a big bank. Their bank notified my client at the 11th hour that they cannot approve the loan. Escrow was scheduled to close in 10 days. I immediately jumped in, had my buyer’s consultation with him, discussed his goals, then structured his loan. After submitting his loan for an underwritten decision and receiving an initial fully underwritten approval (not a system generated “pre-Approval”), I contacted both realtors (buyer and seller) to discuss my clients loan and the timing. I was able to help negotiate an escrow extension with the seller to help accommodate the timing. We closed the loan in 15 days.
What advice would you give new or first time home buyers?
Take time to fist understand your buying power and what you would genuinely feel comfortable paying on a monthly bases. Then obtain an underwritten approval/Pre-approval and stay away from system generated pre-approvals that will not confirm if the underwriter/lender will give a final approval. You do not want to be the person who was told every day of the escrow that your file looks great then be handed the heart-breaking news that you have been declined. It’s not easy finding a home, then convincing the seller to accept your offer, and then go through the motions of collecting countless loan supporting financial documents to hand the underwriter to suddenly be given the news that you do not qualify.
Tell us about a mortgage product that consumers may not be aware of?
Down Payment Assistance programs and renovation loan programs are underutilized.
How has the mortgage industry changed since you started, and what would you expect in the future?
It’s changed in every way, but for the better. We now have a self-funded and regulated agency looking after the interest of every individual looking to obtain a loan. The Consumer Financial Protection Bureau has changed everything from non-qualified mortgage products, such as Option ARM and Prepayment Penalty programs, to the way lenders and brokers charge fees to their clients. The CFPB has also put down the hammer on brokers conducting themselves in an unethical way.
What can borrowers do to insure a smooth mortgage underwriting process?
Be responsive. The lender will ask for documentation. Make sure you are available to communicate and supply the lender with anything they request.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
Spending time with my daughter and son. Time spent with them are the most precious moments in my life.
Tell us something that makes you unique or something wacky, yet interesting about you?
Competed in Tae Kwan Do Tournaments internationally and now my 6 year old daughter, Isabella, is following in my footsteps.