Interview Questions and Answers Provided
- What experience do you have in this subject of home buying?
Answer: Going on 26 years of being in industry. Started as underwriter in 1985 the person that reviews all documentations. Has accounting background. Then moved into one that processed and closed on the loans. Was bank Manager for a couple years before moving into current role as loan originator.
- What would you tell people nervous about buying their first home?
Answer: First to get people comfortable with the process and help to begin understanding the steps they will take. Trying to calm the person down with explanation of what is next and why.
- What is the current market like in this area for people interested in buying a home?
Answer: Awesome prices being so low in the past if someone was looking for a home and approved for less then 150,000 would tell person do not bother looking as prices was higher then that. Currently prices are lowest that she has seen. Interest rates being so low another reason to buy now.
- What steps do you suggest for people interested in buying a home but have no savings currently?
Answer: Talk with a loan officer because based on type of loan approved for may not need a down payment.
- What are the different types of home loans available?
Answer: Went into length here on the different types of home loans. Discussed all the government backed loans the RD, VA, FHA, and Conventional home loans. Talked over the requirements to each.
- Which loans do you suggest for first time home buyers, and then which ones for people already owning a home?
Answer: Depends really on each persons situations and who they are. With so many different programs there is one to fit everyone. For current home owners looking to either refinance or move into bigger homes will look at their equity position what the value they currently have in their home. The basic requirements is no more loaned for a second mortgage above 80% of the home value.
- What information is required for applying for a home loan?
Answer: All of the current information of the home buyer. Pay stubs, documentation of other income, mainly history around finances.
- What complications can come up when buying a home?
Answer: First she said they do their best to elevate complications by validating all the information from the start. Leave no stone unturned in the loan process from the start. That helps prevent problems in closing. Property issues can come in many forms one example is how the county does not require inspections when building a home.
- If credit is an issue what steps should one take to become approved for a loan?
Answer: Pull credit report at free credit sites then if disputes get them handled. Get rid of any debt in collections. If no credit currently then open up lines of credits. Said there is 3 types of credit that impact credit scores the most that is revolving credit, installments, and mortgage loans. At worst case if person has really high debt and best solution is then bankruptcy to help build up credit again.
- With the current economy is it a good time to purchase or should one wait until prices hit bottom?
Answer: Yes it is still good time to purchase because of current interest rates and current home prices. There is still a chance that prices will go down if the Shadow Inventory out there do hit market all at one time and in mass numbers. Having more inventory available will draw prices down even more.
- How much do you suggest for a down payment on a home for first time home buyers?
Answer: Zero if require no down payment with loan type person is approved for. If available to the 20% down helps prevent home owners from having to pay the insurance required otherwise.
- Any suggestions on resources to use in my research paper?
Answer: She did not provide documentation to look up. Said there really is not anything that she uses. Said to research on the different home loans themselves and the Financial Reform Act of April 2011.
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