Who is your typical customer and what questions do they typically have?
My typical customers are First Time Homebuyers and active military moving into the area. Both groups have a lot of questions concerning how much they have to have saved for a downpayment, what is the process of obtaining a home, and what type of payment they are approved for. Many potential homebuyers are surprised with the answers as we have multiple low downpayment options and payments that can compare to the rents they are currently paying.
What specific steps do you use to help your customers find the best home loan for them?
From the initial interview with the customer, I lay out all options they have to purchase a home. I will give them downpayment options, monthly payment options, and give them the positive/negative of each program and let them make the best decision, along with providing them my professional advice on which direction they should go.
What are the top 3 misconceptions people have about the home loan process?
The 3 main misconceptions I see are customers needing at least 20% to put down on a home, a Veteran thinking they can only utilize their VA home loan one time, and that you need perfect credit to acquire a home. Their are programs out there that allow 100% financing and a downpayment isn't required, a Veteran can utilize their Certificate of Eligibility multiple times and under certain circumstances, have multiple homes financed at the same time, and programs can allow down to a 580 credit score.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
Their are many great resources out there. The best resource would be to consult a loan officer. Many times, the loan officer will know about area specific programs that may help a customer become a home owner. The internet does a good job and providing a basic overview of the major loan programs and the process, but consulting a local loan officer will help the customer get all available programs.
What provides you with the most satisfaction in your job as a Loan Officer?
As a loan officer, my proudest moment is going to the closing table when the buyer officially takes possession of the home. After going through 30 days of inspections and 3rd party verifications, you won't find a happier individual than on the day of closing.