Today I am joined by Michael Timmons, Mortgage Lender with Gibraltar Mortgage.  If you would like to listen to the interview you can go to my iTunes podcast at Real Estate with Scott Culberson or you can listen on my Alexa Skill Real Estate with Scott Culberson. Here is the transcript…

Scott: Buying a house can be one of the most exciting and terrifying things you can do in your life.  Finding a trusted mortgage professional is paramount to a smooth process.  They know the guidelines and know how to help you navigate the transaction from start to close in smooth manner.

Scott: How do I find a trusted Mortgage Loan officer?

Michael: A realtor is probably the best source when it comes to finding a Mortgage loan officer (MLO).  Government regulations prevent any kickbacks when it comes to a mortgage referral.  So you can be assured that any referral given by your realtor is going to be with someone that has a great track record.

Happy clients refer more clients and help grow any realtors business, so not just being able to close on your home but confident that you will be happy is extremely important to their businesses growth.  So in turn you can be assured that they have vetted the Loan officer to insure their clients are getting taken care of from both a customer service and pricing standpoint.

Scott: Do I need 20% down?

Michael: It is always nice to have 20% or more down but the vast majority of loans originated are with less than 20%.  There are many different programs ranging from Zero to 5% down.  Even though those options will have mortgage insurance it is still better financially for most people to be paying a mortgage than paying rent – aka someone else’s mortgage.

Scott: Should I get a fixed interest rate?

Michael: There are many choices.  A fixed rate is the most common.  For a lot of people they aren’t staying in their homes forever so looking at a 5 or 7 year adjustable may be a good option and save some money in interest vs. a traditional 30 year fixed.

Scott: Do I need to meet with the lender in person?

Michael: It is always nice to be able to look someone in the eye and shake hands.  Working with someone local does afford that benefit.  However with technology that is in place it isn’t required.  But when there are questions you still need someone to speak with so human contact is not obsolete.  Every one of my clients has my cell phone number to reach me if need after hours or on the weekend.

I’m Scott Culberson, Broker Associate, Better Homes and Gardens Real Estate Gary Greene.  A big thank you to my special guest Michael Timmons, Gibraltar Mortgage.  Let me know if you have any other questions for Michael or myself.   I am here to help you to…  Live Life to the Fullest.