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Mortgage and Lending |
RAINER 3,923 |
| Charlie Fitzgerald - NMLS ID 13353 | ||
| VP of Mortgage Lending | ||
| location_on Las Vegas, NV — Guaranteed Rate, Inc. - NMLS ID 2611 | ||
| NV MLO 12719 | insert_link Guaranteed Rate | |
| web Industry Best Practices 101 | ||
Charlie Fitzgerald NMLS ID: 13353
Guaranteed Rate NMLS ID: 2611
How long have you been in the mortgage business and what inspired you to get into it?
I’ve been in banking and finance for over 25 years and I’ve been originating mortgage loans for the past 16 years. I got into the mortgage business because I thought it would give me an opportunity to be of service and help people make sure they received the right loan for their individual set of circumstances.
Who is your typical customer and what questions do they typically have?
My typical customer is just looking for someone they can trust to help them with their loan needs. Over the past 8 years, the mortgage industry has gone through a lot. There was a lot of bad loans made to good people, and some bad people took advantage of their ability to get good loans. Most of my customer’s questions today are just making sure that there are no surprises in the loan they are getting.
What specific steps do you use to help your customers find the best home loan for them?
One of the biggest changes for the good in our industry is the requirement for lenders to need to insure that the borrower has the capacity to repay the loan on its terms. After making sure of that, I focus on the needs of the borrower as they relate to the property. Are they staying there long term? Do they plan to sell it when they leave someday, or keep it for an investment property? Things that allow me to give them the best guidance I can.
How long have you been in the mortgage business? What awards have you won?
I entered the business in 2000. In my first job as a Loan Officer, I was the top producer in 5 out of the 8 months I was there and for both quarters. I left to open my own Mortgage Company and within 3 years of opening, I was ranked # 15 in the USA for our loan volume. All of that is nice, but in all honesty, I prefer the simple “thank you” from a satisfied and happy client.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
For the right borrower profile, an ARM can be a great tool to keep the cost of debt service on a home as low as possible. At the same time, a fixed rate mortgage can be used for stability.
What advice would you give new or first time home buyers?
1. Have the right expectation of the lending process. It’s a process unlike any other. 2. Listen to the professionals in the industry – Realtors and Lenders who are working hard to make sure you are taken care of. Not your bartender, or your neighbor that has never bought a home. 3. Ask questions ANY time you don’t understand something. This is a big deal. Be informed.
Tell us about a mortgage product that consumers may not be aware of?
We have a product called Lock ‘n’ Roll…where you can lock in an interest rate and then take 55-85 days to find a house to buy. This is HUGE! Most people find a house and THEN go see what their loan will look like. That’s backwards. Put your financing in place 1st if you can.
What are the top 3 misconceptions people have about the home loan process?
Our industry has done a bad job with education about closing costs and the APR vs. the Interest Rate. People get snookered into less than desirable loans when they don’t understand the way the payment of closing costs and fees work.
What can borrowers do to insure a smooth mortgage underwriting process?
Be engaged with the process and get your loan officer everything they need to do a good job for you. Don’t “puff” numbers or “forget” to tell them about liabilities. Put your cards on the table and let your lender do the best they can for you. We want to loan money…help us, help you.
What provides you with the most satisfaction in your job as a Loan Officer?
Closing a loan for someone that never thought they would be able to own a house.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I love to read (legal thrillers), and I enjoy going to the movies (action adventure movies).
Tell us something that makes you unique or something wacky, yet interesting about you?
I used to be a Girl Scout Troop leader! I was a single dad and my daughters were in Girl Scouts and they were going to disband the troop because the Leader was moving out of town. So, I said I would be the troop leader, and they said I could, but one of the mom’s would have to be a co-leader. The mom that said she would be the co-leader is now my wife of 16 years!
At Guaranteed Rate a satisfied Customer is one that will refer us to their friends and family. We win that trust and the business of our customers through a genuine desire to serve them.
