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 24 years. I got into the business in order to apply my finance degree and help others achieve their mortgage goals.
Who is your typical customer and what questions do they typically have?
My typical client has been referred by a past client who has had a successful transaction working with me. A new client typically asks "Why should I work with you?" My answer is "Consistent great service with a proven track record of getting your transaction closed."
What specific steps do you use to help your customers find the best home loan for them?
I like to have an initial phone conversation or face to face meeting with my new clients to listen to their mortgage goals and guide them to well suited products.
How long have you been in the mortgage business? What awards have you won?
I have been in the mortgage business for 24 years. I have been named #218 in the nation of Mortgage News Magazine's 2015 top loan originators survey. I have consistently been named in the top 1% of originators in the country by Mortgage Executive Magazine.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
The pros of a fixed rate mortgage versus an adjustable rate mortgage (ARM) is the security of a steady long term rate. The cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM) is the higher interest rate if one knows they won't own their home longer than 5 or 7 years.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
I was able to get a borrower's challenging situation of closing on their new home financed without being able to sell their existing home. I was able to get simultaneous 1st and 2nd mortgage financing approved to cover the gap of funds needed to purchase the new property without the sale of their existing property.
What advice would you give new or first time home buyers?
My advice to new homebuyers is to keep very thorough financial records for the last 2 years prior to their date of purchase.
Tell us about a mortgage product that consumers may not be aware of?
We offer mortgage products where one can co-borrow with a blood relative in order to qualify even if the occupying borrower doesn't have income. This is a great product for those who are just starting out in the work force or retired.
How has the mortgage industry changed since you started, and what would you expect in the future?
The mortgage industry has become highly regulated from the days when I started. Although technology has made certain aspects of the mortgage industry more streamlined, there will always been the need of a responsive, accountable, human loan officer.
What part of the home loan process do customers find most difficult and how do you help them through it?
Clients find the most challenging aspect of the home loan process is fulfilling documentation requests. Documentation is a function of government regulation. Once customers jump on board with getting the documentation as requested versus fighting the process, the transaction goes smoother.
What are the top 3 misconceptions people have about the home loan process?
The 3 misconceptions people have about the home loan process is: 1) I can't qualify for a mortgage. There are many different mortgage programs available to help one qualify to purchase a home. 2) Why do I have to supply documentation, can't you see that I'm strong financially? The industry is highly regulated and documentation often is needed to satisfy the government rules. 3) It doesn't make sense to buy if I don't know how long I'll live here. Buying real estate with a mortgage can be a great way to take advantage of appreciating real estate market values and to gain tax savings. Even if you don't live in the property long term it can either be converted to a rental property or potentially sold for a profit.
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?
I like my website GuaranteedRate.com/DaveSchell in order to get information on the home buying and mortgage lending process. I like Zillow and Realtor.com as apps for house hunters. It allows one to sift through the home choices available on the real estate market without having to waste a lot of time physically visiting each property.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
Visiting my webpage GuaranteedRate.com/DaveSchell. It is a great way to learn more about the mortgage process and to help ensure a successful home closing.
What can borrowers do to ensure a smooth mortgage underwriting process?
To ensure a smooth mortgage underwriting process I would advise borrowers to respond quickly to documentation requests, not open any new credit accounts, limit the transfer of funds from one account to another, and keep a paper trail of the source of any large non-payroll deposits into bank accounts.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
In my spare time when I'm not helping clients with their home loans, I like to spend time with my wife and kids skiing, biking and hiking.
Tell us something that makes you unique or something wacky, yet interesting about you?
When I was young, I competed in mogul skiing and was part of the Junior World Cup and North American US teams.