What specific steps do you use to help your customers find the best home loan for them?
I start by having an initial open-ended conversation whether in person or via other means and assess their home buying goals. By identifying a customer's needs I am better able to begin determining which options may benefit their particular situation and start educating on the process.
What are the top 3 misconceptions people have about the home loan process?
I believe that the top 3 misconceptions that people have about the home loan process are:
Down payment and closing cost are too expensive - While there are certainly out of pocket expenses that should be budgeted for, your VP of Mortgage Lending professional will help you understand which programs and products are best suited for your unique situation and in many instances there are opportunities to take advantage of funding that can help reduce out of pocket expenses.
Credit score has to be 640 or higher - Credit scores are a big driving force in a lending institutions decision to approve a mortgage, however they are not the only factor. Credit score requirements can vary from lender to lender and for each loan product. It is important to have your credit evaluated by a mortgage professional that has the knowledge and tools to advise on the requirements and that can provide the resources to assist with credit related questions.
A pre-qualification is the same as a pre-approval - This is a common mistake across the industry. A pre-qualification is typically based on limited information provided by the borrower without a credit report review. A pre-approval is provided after the submission of a mortgage application, review of credit and in most cases the collection of financial documentation to support income, assets etc. I like to think of the pre-approval as the "golden ticket" when it comes to buying power.
What provides you with the most satisfaction in your job as a Loan Officer?
I find the most satisfaction in building sustainable relationships and being able to help individuals and families realize their dream of home ownership.