How long have you been in the mortgage business and what inspired you to get into it?
A friend introduced the mortgage business to me in 2001 and I have remained ever since.
Who is your typical customer and what questions do they typically have?
Being in mortgages so long helps me to know there is no such thing as typical. Every borrower is different and their is no one size fits all in this. But they all want to know how to get a lower rate, lower fees, and a lower monthly payment. Those are answers I have.
What specific steps do you use to help your customers find the best home loan for them?
The online application gets us started but overlaying their application on top of their goals allows me to select a strategy that is individual to the client's needs and wants.
How long have you been in the mortgage business? What awards have you won?
I have been in the mortgage business for over 15 years and in that time I have received production awards and service awards, but my favorite award is a happy client. All other awards pale.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
They are both vehicles that yield specific outcomes. Your home is a large part of your financial portfolio and its debt instrument should be used in alignment with your financial objectives.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
Borrowers decided to take out a payday loan a couple weeks before closing. It created a very messy situation. By knowing the guidelines and loan programs I was able to switch loan programs to help it all make sense to underwriting. Lots of steps. Lots of time. Lots of love needed on that loan.
What advice would you give new or first time home buyers?
Very few people ever stay in their first home. Be prepared to give up some things on your want list for characteristics that make better "investment" sense. A great Realtor and loan officer can advise in your best interest.
Tell us about a mortgage product that consumers may not be aware of?
Down payment assistance programs. I know them all. One in particular lends 30% of the purchase price for families with disabilities. Outstanding!
How has the mortgage industry changed since you started, and what would you expect in the future?
Guidelines are constantly loosening and restricting to match default rates. I don't expect a complete return of stated income loans to the degree they once existed, but as our economy experiences future success consumer appetites will increase and investors will once again see potential profit with riskier loans. The past will repeat itself and guidelines will loosen again allowing for a return of a "subprime" market of sorts.
What can borrowers do to ensure a smooth mortgage underwriting process?
World, national, and local economies have felt significant fiscal pains due to a lack of sufficient checks and balances. To rectify this in mortgage lending, the underwriting process has become extremely document heavy. It goes a long way to know that the amount of documentation required is the same for everybody. This is likely to get worse before it ever gets better. Providing everything that is requested as quickly as possible is the number one thing a borrower can do to insure a smooth transaction.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I got married three years ago and having a family has been more rewarding than I could ever have imagined. My time off is spent with family and I wouldn't have it any other way.
Tell us something that makes you unique or something wacky, yet interesting about you?
Running marathons in short shorts is a little slice of heaven. Love it.