Who is your typical customer and what questions do they typically have?
My typical customer can be a buyer or a current owner. They always seem to ask, "Can I really do a renovation loan?" A renovation loan can be used when a home buyer can’t afford their “dream home” at a move-in ready price. By purchasing or refinancing a less perfect place and investing in renovations and repairs, you will be able to create and customize the ideal family home. This financing can be for needed repairs or desired improvements. Renovation Financing can also be used for a refinance, to include future repairs as part of the new loan.
What specific steps do you use to help your customers find the best home loan for them?
I am extremely thorough in my process to educate the home buyer or borrower on all the renovations loans available along with their benefits to accomplish the desired needs in the home financing process.
What are the top 3 misconceptions people have about the home loan process?
3 Misconceptions people have about the home buying process when it comes to Renovation Financing:
1: Too difficult to close, not the case when you are working with a specialist, like myself, with the knowledge, experience, and skill set to guide you successfully through the process from open to close.
2. Rates are MUCH higher, also a misconception. Yes, a renovation loan does carry a higher interest rate, but only a 2.5%-.50% higher. The reason for this slight increase is that we are taking a property in most cases that is NOT in lendable condition, financing over and above the purchase price or current value for needed repairs or desired improvements, appraising the property on a future value, subject to those repairs, closing on the property in its current condition and doing the repairs after closing.
3. Costs more to close a renovation loan, yes there are some minor additional charges, such as a Draw Center admin fee to handle the inspections, draws, and disbursement of funds and there is a cost for the actual inspections. But the Lender project manages the completion of the repairs with the contractor to help and protect the borrower, which is well worth the additional charges to successfully maneuver this process.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
In today's age of technology, "Google" tends to be the best information gathering tool to see the good, the bad and the ugly on the renovation mortgage process to get thoroughly educated, coupled with working with a Truly dedicated specialist will ensure a successful home closing.
What provides you with the most satisfaction in your job as a Loan Officer?
Assisting a home buyer or current owner home create their “dream home” with the use of renovation lending products to live out their HGTV fantasy of tackling a fixer-upper, provides me with the most satisfaction in my job a Renovation Loan Specialist.
Tell us something that makes you unique or something wacky, yet interesting about you?
I am a skilled educator and communicator, who is extremely down to earth and always leads with humor and a smile to convey my message!