How long have you been in the mortgage business and what inspired you to get into it?
Just over 10 years in the mortgage business and I was inspired to get into the business because of the potential to be able to help people accomplish one of life's biggest goals of homeownership!
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
There are pros and cons with a fixed rate mortgage versus an adjustable rate mortgage (ARM), especially for first time homebuyers. The low initial cost of adjustable-rate mortgages, or ARMs, can be very tempting to home buyers, yet they carry a degree of uncertainty. Fixed-rate mortgages offer rate and payment security, but they can be more expensive. With the right information, whether it is a refinance or a new home purchase, I can help my customers pick the best mortgage that meets their financial goals.
How has the mortgage industry changed since you started, and what would you expect in the future?
When I first started in the mortgage business anyone with a 580 credit score could get a mortgage with zero money down. Zero money down is now only available with USDA and VA financing. The minimum required credit score is 580 with FHA and VA, but 620 for Conventional and USDA. I expect guidelines to stay tight for sometime to come but we may actually see some leniency return as investor confidence builds/returns and foreclosure rates continue to decrease.
What part of the home loan process do customers find most difficult and how do you help them through it?
Gathering documentation and documenting large deposits in their monthly bank statements. I invite borrower's to transfersafe immediately and I review bank statements immediately upon receipt to identify any large deposit transaction that may need to be documented. This way we're done and past these issues at the very beginning of the process.
What provides you with the most satisfaction in your job as a Loan Officer?
Helping first time homebuyer's purchase their very first home. The mutual appreciate goes well beyond a business relationship.
Tell us something that makes you unique or something wacky, yet interesting about you?
I know how to skin a muskrat.