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 over 25 years. I was a partner in a company for over 20 years, which we successfully sold to a major bank. I entered the mortgage industry because it gave me the opportunity to pursue an excellent career while helping people to achieve the worthwhile dream of home ownership.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
If a borrower expects to live in a home for a long time, does not expect to pre-pay the loan, and is satisfied with the current level of rates and the reuslting monthly payment, then a fixed rate mortgage is probably the right loan. Conversely, if a borrower has a short term time horizon for ownership or loan payoff, or needs a lower payment in the early years of the loan, an adjustable rate mortgage (ARM) might be the right loan.
What can borrowers do to ensure a smooth mortgage underwriting process?
It is extremely important that borrowers provide the proper requested documentation thoughout the application process. Usually this is just a matter of carefully following instructions and providing things like ALL pages of tax returns, bank statements, etc., and giving the mortgage company exactly what they are asking for and not what a borrower might think they should need. The mortgage industry is very exacting, and missing little things can cause big hold-ups in the process.
What provides you with the most satisfaction in your job as a Loan Officer?
I realize that the homebuying process can often be a long, stressful and time consuming process. It gives me a great deal of satisfaction to see a borrower finally complete the process and move into their home.
Tell us something that makes you unique or something wacky, yet interesting about you?
I have travelled most of the world and it makes me appreciate just how good we have it here in the United States.