Rate.com Q&A With:
Denise Crew, VP of Mortgage Lending
What specific steps do you use to help your customers find the best home loan for them?
When I speak to a potential client for the first time, I ask a lot of questions regarding income, debts, credit history, how long will they live in the home, are they self employed, how much money is available for a down payment and what is their primary goal for a potential new mortgage? Based on our conversation, I will be able to begin discussing options for them and explaining the differences in payments, interest rates, how mortgage insurance works and in general, the overall loan process.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Often it seems that mortgage companies fall back to the most common loan, the fixed rate mortgage. However, if you know you won't live in a home more than 5 or 7 or 10 years, and you have no desire to keep that home in the future as a rental, and Adjustable Rate Mortgage may be a very good option for you. It's exactly like a 30 year fixed for a set number of years, with a lower interest rate and lower payment. This can be a huge benefit to build equity a little faster and keep your payments as low as possible while you own the home.
What can borrowers do to insure a smooth mortgage underwriting process?
The most helpful borrower is the one who doesn't hesitate to gather the information and/or paperwork we need for their loan. From the start of the loan, we will give you a detailed "to-do" list. Sometimes whatever paperwork is supplied, it can bring up more questions and we need additional backup. This can be a frustrating process for the borrower, but rest assured, we are helping to make the underwriting process as smooth as possible and make sure you loan fits the guidelines we are required to adhere to!
What provides you with the most satisfaction in your job as a Loan Officer?
My favorite part of being a Loan Originator is when I'm first getting started with a potential borrower. I enjoy explaining the process, answering questions, and really getting to know the person and their wants and needs. Everyone has a different story or situation and I pride myself on helping figure out what's the best route to take in this ever changing environment of mortgage financing!