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 12 years. From the very first day, I was completely enamored with helping clients purchase their homes, I still am today.
Who is your typical customer and what questions do they typically have?
A common question I get from clients is what is the best type of loan for me?
What specific steps do you use to help your customers find the best home loan for them?
I love the process of sitting down with clients to review their income, assets, credit and employment to come up with the very best loan option for their specific needs. Home loans are not one size fits all, very far from it. It is awesome to see the clients eyes light up when you tell them you have found the perfect loan for them and that they are pre-approved and ready to go!
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
The pro to a fixed rate mortgage is that you are locking in a specific interest rate for the entire term of your loan. It takes the guess work and stress of what the interest rate will do out of the equation. I do not see a con to a fixed rate mortgage.
The pro to an Adjustable rate mortgage is a little lower rate than a fixed rate loan. These should only be considered if the client has a specific timeframe of when they want to payoff the loan either by selling the home or paying it off with their own funds.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
The challenging loans are the ones you remember the most. Since the "great recession" we have had a lot of borrowers whose credit was destroyed during the down turn. One specific borrower I worked with needed their score to come up nearly 100 points prior to being approved for a mortgage. We sat down and made a step by step plan of how to rebuild the borrowers credit line up. It was really rewarding to meet the borrower each month and to watch them following our plan. Within 6 months the borrower's credit hit the score we needed to pre-approve them for a new home loan, the increase was extreme and suprising but it proved to me that anything is possible if the borrowers will put their mind to it and follow the plan. Within 40 days of their score hitting the mark these borrowers were closing on their new home and were once again home owners. Those clients jump off the page to me as one of my greatest success stories.
What advice would you give new or first time home buyers?
Be invested in the process, gather up your documentation quickly and be prepared and deliberate in everything you do with your credit and assets leading up to buying a new home. Don't stumble into home buying, attack the process!
Tell us about a mortgage product that consumers may not be aware of?
Here at Guaranteed Rate we offer a 1% down double match loan that not a lot of people know about as it is specific to our company. If the client contributes 1% of their own funds, we will match that down payment with an additional 2% of GR funds. Its pretty amazing really.
How has the mortgage industry changed since you started, and what would you expect in the future?
When I started in the mortgage industry, the best way I can describe it is it was like the wild wild west. There were what seemed to be a million different lenders and loan programs, many of which should never have been offered as evidenced by the financial crash of 2008, which was fueled by those loans. Today the mortgage industry is much more heavily regulated. This makes having an experienced loan officer even more important as any I not dotted or t crossed can cause major issues during the course of your loan. I expect the mortgage industry will continue to produce high quality loans with high levels of documentation and verification. The industry as a whole should continue to adapt to new technology and ways to make the process as streamlined as possible for borrowers, making the American Dream of homeownership alive and well for our kids and grandkids.
What part of the home loan process do customers find most difficult and how do you help them through it?
I think borrowers find the waiting period difficult at times. We live in a day and age of instant gratification, so some clients wonder why it takes up to 30 days at times to buy a home. We strive to help them understand the process as thouroughly as possible and find that constant communication helps them through this process.
What can borrowers do to insure a smooth mortgage underwriting process?
If borrowers will be prompt in getting their items in to us for processing and underwriting as well as getting back to us with any additional items requested in their approval the same day or the next day. We find this is the single most important thing they can do to have a positive impact on their loan process.
What provides you with the most satisfaction in your job as a Loan Officer?
Without hesitation it's seeing the borrowers at their loan closing after a job well done by our team to get the borrowers to that point with the absolute best loan available and to then count them as a friend for life.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I love fishing and riding four wheelers with my wife and our 4 boys up at our cabin in the mountains of southern Utah.
Tell us something that makes you unique or something wacky, yet interesting about you?
A lot people may be surprised to know that I have my student private pilots license and have 42 hours logged in a piper Cherokee single engine airplane including solo cross country flights to St. George, UT.