Who is your typical customer and what questions do they typically have?
I have experience and knowledge in working with diverse clients, from first time homebuyers, serving the luxury market, and everyone in between. Of course, the first questions I always receive are, "What's the rate and what are your fees?" I am a correspondent mortgage banker, which allows me to have very competitive wholesale pricing and discounted closing fees. I consult with clients and determine what their short- and long-term mortgage financial needs are. I consult with many lenders. This helps me not only provide best-in-class service, but also discover a home ownership solution that makes the most financial sense.
How long have you been in the mortgage business? What awards have you won?
1. I have been originating mortgages for 24 years. Every year I have been in the top 1% of funded loan volume originators in the Nation. I have achieved many sales awards throughout my career, including Chairman's Circle and President's Club. I have personally funded in excess of 2 billion dollars of residential mortgages. I have built my business on creating relationships through service, trust and integrity.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
A fixed rate mortgage is a type of loan where the interest rate and monthly mortgage payments stay the same throughout the life of the loan. Conversely, like the name implies, an ARM has an interest rate that starts out lower, but can fluctuate with the housing index rate.
A fixed rate mortgage is always the more conservative choice of the two. The interest rate is higher than what an ARM starts out at, but there is the possibility that it could end up being lower than what an ARM will end up being after the introductory rate has lapsed. Fixed rate repayment terms for a loan are typically 15, 20, or 30 years. Since fixed rates loans are usually sold to a secondary market, there isnýt really any wiggle room for customizing the loan.
Now, an ARM is a mortgage that can be considered a bit of a gamble. Your interest rate stays the same for the introductory period, but then fluctuates according to a pre-determined index or the prime rate. This means that your monthly mortgage payments will change as time progresses.
There are definitely many good points to both of these mortgage productsýand everyoneýs situation is different. In order to discover what type of mortgage is right for you, contact me today!
What are the top 3 misconceptions people have about the home loan process?
The first misconception is that all lenders have the exact same rates. This is false. All vendors have different rates and there is no one-size-fits-all. Not knowing this can cause a mortgage borrower to fail to shop around and only consider a single lender before deciding where to apply. In turn, this could cost you more as opposed to someone who considers rates offered by multiple lenders or brokers.
Secondly, there is a belief that you should only work with someone directly associated with your personal bank. The fact is that there are many lenders and each has varying levels of service. At Guaranteed Rate, we are very focused on automating the process and making it easy for you. We have streamlined the home loan process through our pre-approval systemýand this online tool has been well-received by home buyers and realtors alike for its confidentiality and effectiveness.
The next misconception is that the home loan process is frustrating because of the lack of customer-oriented service in the mortgage industry. Actually, at Guaranteed Rate, that couldnýt be farther from the case. With the help of my dedicated team, I work to ensure that every customer I serve receives the best in service and communication. I believe that this is a service business and that is what I have based my career on. I am here for my customers and referral partners.
What can borrowers do to ensure a smooth mortgage underwriting process?
3. It all comes down to meeting the documentation requirements that are needed to get the loan approved as well as closed. The more experienced and dedicated the loan officer is, the smoother the process will be. With my experience and your cooperation, this will ensure my commitment to providing a successful approval and closing to all my clients.
What provides you with the most satisfaction in your job as a Loan Officer?
It's all about achieving the American Dream. I receive immense pleasure from putting people in homes. Knowing that I am responding to and delivering upon a client's desire and necessity is what drives me. This has helped me build my business and develop an extensive referral network simply because my clients understand that I am dedicated to helping them and to becoming their partner in this process. I do not take any of my business for granted.
Tell us something that makes you unique or something wacky, yet interesting about you?
I actually grew up in Venezuela, I spent the first 13 years of my life there! This experience allowed me to learn how to speak Spanish fluently (a skill I retain to this day). What's more is that living abroad really opened my eyes to other cultures and ways of doing things. I went to a school that taught kids from all over the world and I remember being fascinated as I listened to other people's stories about where they came from and their customs, what religion they were, what type of food they ate - the list goes on. As I have gotten older, this fascination never left me. I am so thankful for this incredibly unique experience as a child.