How long have you been in the mortgage business and what inspired you to get into it?
I have been in the mortgage business for 14 years. I originally was inspired after buying my first home. I saw the process and thought it seemed interesting. I started as an assistant to an assistant and worked my way up through the ranks to become a seasoned professional.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Both Fixed rate loans and adjustable loans have advantages and disadvantages. The fixed rate loan is the most typical loan I see. Most of my customers prefer the security and predictability of the fixed rate loan. An adjustable rate loan is often overlooked. Many people think that an ARM loan is a dangerous loan. If you are aware of how the loan works and are prepared properly you can take advantage of lower rates and save a lot of money in reduced interest costs.
Tell us about a mortgage product that consumers may not be aware of?
There are a couple of mortgage programs that many people are not aware of. The first is the USDA loan. This allows for 100% financing in area that may be more rural. This program does have some income and location restrictions but in today’s environment it still is underutilized.
How has the mortgage industry changed since you started, and what would you expect in the future?
The mortgage industry has made many changes since I first started. When I began, we only used paper files. We had giant folders with documents that all had to be reviewed by hand manually. Today, everything is electronic and digital. The speed of the industry and the precision of the qualification process has put the industry in a great place. We are now in a better position to avoid another mortgage meltdown to happen to our economy.
What part of the home loan process do customers find most difficult and how do you help them through it?
The home loan process can be daunting and overwhelming to a customer. The biggest difficulty that people have is the amount of documentation that is needed when getting a loan. People will try to try to take shortcuts and end up having to do more work. One thing that I try to do to help with this is to be very specific on my request for items needed. I also try to get as much documentation at the beginning of the process as possible. This helps to avoid having to continually ask for more paper work throughout the process.
What can borrowers do to insure a smooth mortgage underwriting process?
To help insure a smooth mortgage underwriting process the best thing a person can do is to supply all the documentation requested in a timely manner. The more information I have the better I can present the information to the underwriter. Also, by staying available for questions and promptly returning all requests will help the transaction move efficiently and smoothly.
Tell us something that makes you unique or something wacky, yet interesting about you?
Here are a couple of interesting things that people don’t know about me:
- Most people don’t know that I am a musician. My rockstar dreams are gone but I still play with friends when I can. I mostly play bass in my church a few times a month. When I was, younger I was in a rock band that played around town. I got to play live On Air with one of the San Diego radio station. It was a fun time.
- When I was younger, I wanted to be a clown. I learned to juggle and ride a unicycle. I never actually did the clown thing but I still have my unicycle and it has become a great party trick for my friends.