June 2018 Mortgage

June 2018

8 Tips to generate

more referrals

Andy Wilt also featured: Ralph Basile Megan Higgs

Transform your home into a

summer oasis

Don’t believe this bad

mortgage advice

contents

Featured Agent Magazine Phone 888.437.5707 Fax 888.849.3663 contact@featuredagentmagazine.com www.featuredagentmagazine.com Materials and content included in Featured Agent Magazine and on featuredagentmagazine.com are subject to copyright and may not be copied or reproduced in any part without prior written consent. Featured Agent Magazine is published

by Times 3 Publishing Group, LLC. Publisher shall not be liable for any inaccuracy, error, or omission and makes no representations or warranties of any kind, express or implied, as to the information, content, or materials included.

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professionals 6

Work/life balance — Tips for setting boundaries when business is booming

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Ramping up — 8 Tips to generate more referrals

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Priceless — Why professional photography is invaluable

t featured cover mortgage pro

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Andy Wilt

q featured mortgage pro

Ralph Basile

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q featured mortgage pro

Megan Higgs

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buyers&sellers 4

Transform your home into a summer oasis

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Don’t believe this bad mortgage advice

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Transform your home

into a summer oasis

Whether you’re preparing a home for listing during the summer months, or just want your own living space to feel cool, comfortable and seasonally appropriate, there are several things you can do to make that happen. Of course, you can’t fully redecorate every room for every season, but there are many easy, inexpensive and fun ways to transform a home into a relaxing summer getaway.

Decide to Declutter — Think of your favorite summer beach house or the best hotel room you’ve ever stayed in. Chances are part of the reason you loved it was because it was clean, serene and clutterfree. To achieve that look, pack away a majority of the dust-collecting knick-knacks, framed photos, heavy throws, books, and other clutter. It’s a great first step in opening up rooms to give them a lighter, airy feel.

Your items will feel new again when you bring them back out in the fall; or you may decide you like the look so much that you begin to embrace minimalism.

Change the Layout — Nothing can change the look and feel of a room more quickly than rearranging the furniture. If your current seating arrangement is centered around a fireplace, change it around to focus 4

on a window instead. If living areas are feeling crowded, consider removing extra chairs or end tables and replacing them with large floor cushions in bright fabrics for lounging and watching movies; they can be stacked out of the way in a corner when not in use.

Embrace the Light — Replace dark, heavy curtains with light and airy sheer panels that catch the breeze and let in light. Your room will feel larger and more open when the windows aren’t weighed down with heavy fabrics and dark colors.

The Scents of Summer — We all love the smell of a pumpkin spice or rich, warm vanilla candle, but strong, foody scents can become heavy and overwhelming during the warmer months. Switch your home fragrance to something light, fresh, and clean.

Citrus aromas and green florals are universally pleasing choices, as are scents reminiscent of a day at the beach (especially if you’re landlocked). Instead of candles, which can generate extra heat when they’re burning, switch to scented oil diffusers. They’ll keep a steady, subtle aroma in the air without worrying about whether kids, guests or pets might accidentally knock over a burning candle.

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Add Splashes of Color — Here’s where it gets really fun! Summer is the time for punchy brights, crisp nautical hues, and All-American red, white, & blue color schemes. Incorporate color into bedrooms and bathrooms with crisp new linens and towels in your favorite summer colors. Add some striped, floral and solid throw pillows to couches and chairs in the family room. Stock up on Turkish towels, which are super-lightweight, dry quickly and come in loads of fun colors. They can serve as pool towels, swim cover-ups, tablecloths or light throws if the AC is cranked a little too high. In the kitchen, add some brightly colored acrylic serving pieces like trays and pitchers to your table settings, and use cloth napkins in a complementary hue.

Bring the Outside In — Fresh flowers are abundant this time of year — maybe even in your own yard! Take advantage of Mother Nature’s good mood and keep fresh flowers in your home throughout the season. It’s one of the easiest, most beautiful ways to make a home feel summery. Stick with vibrant colors like hot pink, sunny yellow and juicy orange; save the deep, dramatic hues like burgundy and purple for fall and winter. Whether you go for a full-on arrangement Copyright Featured Agent Magazine

Of course, you can’t fully redecorate every room for every season, but there are many easy, inexpensive and fun ways to transform a home into a relaxing summer getaway. or just a few stems in a simple vase, you’ll smile every time you see them.

Don’t Forget the Floors — Sandy. Wet. Muddy.

Grassy. Dusty. Floor coverings take a beating during the summer. Roll up and store wool throw rugs and replace them with inexpensive washable rugs you won’t feel bad about getting rid of at the end of the season. Don’t forget to add a new doormat to every entrance door to catch sand, dirt, and water before they get tracked inside.

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Work/life balance —

Tips for setting boundaries when business is booming A career as a mortgage professional, is by design a bit unconventional. With late nights and weekend work, there’s no disputing that top producing mortgage professionals often have a full plate. Trying to balance family life, or a personal life on top of the demands of providing exceptional service, it’s little wonder that most mortgage professionals cite the need for balance as a goal year-after-year.

While achieving perfect equilibrium is probably a lofty goal when business is particularly busy, it is still possible to achieve a semblance of balance, or at least a feeling that your life isn’t completely lopsided.

Here’s a look at ways to work towards better work/ life balance, even when your business is booming.

Focus on What Needs to Be Done First No matter how disciplined you are, or how hard you 6

try to stick to a schedule, the reality is that things come up which are time sensitive. Because every transaction is different, it’s impossible to foresee all challenges that can come up on any given day. That’s why it’s beneficial to start each day with a list of things that need to be done that day, no matter what. Start with those tasks, so if something comes up later in the day, you will have at least accomplished those to-do items that were necessary.

Block Off Chunks of Time for Specific Tasks Studies are beginning to indicate that multi-tasking can lead to decreased productivity. For this reason, it’s beneficial to focus all attention on a specific task for a set period of time. If you need to make follow-up calls, for example, schedule a block of time when you’ll focus only on that task. In most cases, when you focus your whole attention on completing a task, you’ll find Copyright Featured Agent Magazine

No one said being a busy mortgage professional would be easy. But there’s no doubt the rewards are worth it — as long as you make it a priority to carve out time for your own personal life, in addition to the time you spend making your clients’ lives better. advance to a movie, or schedule reservations at a restaurant, to keep you accountable to your personal obligations.

Put Personal Time in Your Calendar — Schedule time for yourself, or time with your family, and put it in the calendar like you would any other appointment. Even if it’s just 30 minutes of reading, relaxing, taking a bath, or walking the dog, it’s important that you honor commitments to yourself like you would commitments to your clients.

you’re able to do so faster than if you’re trying to work on multiple projects at once.

Assess Your Lifestyle Habits and Overall Health — If you’re not sleeping enough, chances are you’re not performing at your best, which makes everything feel unbalanced. Monitor your diet, make at least a little bit of exercise a priority, and avoid too many late nights coupled with early mornings. You’re less likely to feel frazzled, overwhelmed, or exhausted if you’re taking good care of your health.

Plan for Fun in Your Free Time — It’s important to remember the adage about all work and no play, even when you love what you do. So, make certain to plan to reconnect with friends, enjoy family activities, or otherwise have fun when you have the opportunity to take some time off. It might help to buy tickets in Copyright Featured Agent Magazine

Unplug for a Bit — Technology is great in allowing professionals to work from virtually anywhere, but as is the case with most things in life, there can be too much of a good thing. Try shutting down your phone during lunch meetings. Silence your calls while watching your children play sports. Unplugging from your phone, computer, or tablet is a smart way to set boundaries in your pursuit of balance.

Learn to Delegate — If there are tasks that can be handled by an assistant or a colleague when you’re particularly busy; let them handle it. This will help keep you focused on priorities, and prevent you from feeling overwhelmed by tasks that need to be done, which are not necessarily the best use of your time.

No one said being a busy mortgage professional would be easy. But there’s no doubt the rewards are worth it — as long as you make it a priority to carve out time for your own personal life, in addition to the time you spend making your clients’ lives better.

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featuredagent Ralph Basile magazine

Ralph Basile’s career in the mortgage industry stretches more than 30 stellar years. Since his first foray into lending, it’s been a natural fit.

“I love working with numbers and I love working with people,” he recounts. In fact, in his first year in the business, he earned the noteworthy rank of Top Producer — the earliest signal that he had found his calling.

Over the long arc of his career since, Ralph has witnessed countless changes and evolutions within his field, but all the while, his commitment to his clients’ successes remains persistent, year in and year out. He has carved out a masterful reputation for personalized service steeped in authenticity, as well as a consistent ability to deliver results on his clients’ behalf.

Serving the Western region of New York, Ralph specializes in new construction loans, though his lengthy industry tenure makes him a veritable expert across the board. Today, an impressive 80% of his business is driven by repeat and referral clientele. In many cases, he has provided his esteemed counsel to the same families, generation after generation. At the heart of his success and professional philosophy, Ralph cites a commitment to ethics, communication, and personal connection. Likewise, his experience and deep understanding of the industry is an indispensable, nearly unmatched asset he offers to those he serves. “The reason I’ve been able to write over a billion dollars in mortgages over the course of my career is because I’m honest, I have integrity, and I have a lot of knowledge of this business,” he explains. “Experience is invaluable in this line of work, and if you don’t have those qualities — you won’t survive.

Being in it for the right reasons is what keeps me going strong.” What’s more, Ralph’s banner company, Premium Mortgage Corporation, provides him ample resources to cater to all types of buyers. From grants geared toward first-time homebuyers and New York State bonds, to renovation financing — his arsenal is well-stocked to suit the needs of aspiring homeowners in his community.

To keep in touch with clients, Ralph continues his personal approach. He sends handwritten notes and takes time to mark major milestones, like home anniversaries.

All the while, the connections he builds with clients outlast the closing, and often bring them together as friends.

Furthermore, Ralph’s ability to creatively problem-solve — drawing upon his deep well of knowledge — allows him to help borrowers who have not been able to enjoy success elsewhere. “I do my best to always be there for my clients. I’m good at what I do and my clients know that they are in good hands,” Ralph explains. “I guide them through each step of the process, beginning to end, and if I say something is going to get done, it will get done. I’m up front and honest, and I try to avoid surprises. Integrity is everything.” While he’s built a reputation and livelihood on his lending prowess, Ralph most values the ability to serve others as they seek out the American Dream of homeownership. “Being able to help someone get into the home they have dreamed of makes everything worth it,” he says. “This business was a natural fit for me right out of the gate.”

As a longtime resident of Western New York, Ralph has been active in a variety of civic, charitable, and community causes. As a cancer survivor, he takes pride in supporting the Roswell Park Comprehensive Cancer Center, based in Buffalo. In the past, he served as a member of the Board of Directors for the BuffaloNiagara Mortgage Bankers Association, and chaired the board for the Taste of Buffalo, one of the largest food festivals in the country. In his remaining free hours, Ralph most enjoys time spent alongside his wife, staying active through bike-riding, cheering on his favorite sports teams, and quality time with his grandkids.

Looking ahead, Ralph has plans to continue maintaining the high-caliber care his career was built upon, while finding even more opportunities to serve borrowers in the community he calls home. Now, with more than three decades of faithful service to his clients, colleagues, and community, a lasting professional legacy has surely been established by Ralph Basile of Premium Mortgage.

Ralph Basile Premium Mortgage Corporation | Buffalo, NY 716.880.0115 | rbasile@premiummortgage.com | www.premiummortgage.com LO NMLS# 481571 | Equal Housing Lender 8

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Ramping up—

8 Tips to generate more referrals It is often said that a referral is the highest compliment a professional can receive. Therefore, it’s no surprise that many mortgage professionals make it a priority to build a business that is overwhelmingly referral based. Countless originators and brokers have achieved this elite status through hard work, integrity, and an unwavering commitment to providing premium service.

If you’re already doing all of this, and you’re still eager to continue growing, it’s time to start focusing, and committing to generating more referrals. Here are 8 easy tips to generate additional referrals.

Start Sharing — Share your knowledge, share your expertise, and share your time with others through speaking at networking or industry events, or even co-hosting Copyright Featured Agent Magazine

first-time home buying seminars with a REALTOR® partner. Speaking in front of audiences — whoever they may be — offers you a perfect platform to position yourself as a true expert. After all, home buyers and homeowners aren’t the only source of referrals. Your fellow real estate professionals often prove to be an excellent source of referrals as well.

Keep Requests Casual — Asking for referrals doesn’t have to happen immediately after a transaction is complete. Try calling past clients when interest rates drop, or when home value reports indicate they have likely accrued significant equity. Keep this as a casual call, as there’s no need for formality when you’re merely calling to update, educate, and catch up.

Give More Than You Receive — Statistics

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don’t lie. Those who give more referrals, tend to receive more referrals. When you find a vendor you like, refer them. When you work with mortgage professionals or CPAs who provide terrific service, refer them.

Refer bakers, gardeners, lawyers, and doctors. Givers tend to get more in return.

Become Your Clients’ Cheerleader — When your clients succeed in a business or personal venture, congratulate them. A phone call, a text message, and even a social media shout-out when your client has been successful, go a long way in showing that you’re rooting for them. This helps reinforce the relationship, and can help keep you top-of-mind.

Create Quality Content That Others Can Share — Get clever with content on your blog or social media platforms. Provide useful information, funny stories, or educational material. All three types of content are likely to be shared, which will get your name in front of even more potential clients.

Thank Your Referral Sources Publicly — When someone refers a client to you, consider thanking them on Facebook or other social media platforms.

This gives them recognition, and demonstrates you truly do appreciate them and the client they sent your way. Flowers, or a similar mailed gift also can’t hurt.

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Tout Your Testimonials — Telling your clients that you’re excellent at your job, is one thing. Having them hear from others how great your service was, is better. Use raving testimonials on your website, in your email marketing campaigns, on social media, and if appropriate in your direct mail marketing.

Offer Free Services to Clients, and Friends of Your Clients — Consider calling a client, and offering to give them a free estimate on money-saving refinances available, out of the blue. Let them know that you’re happy to provide any of their friends or family members the same. After all, people would enjoy knowing if they can save money each month, and providing this information is a great way to educate your clients and ask if there is anyone else who may benefit from the same.

When it comes to increasing your referral business, there are opportunities to do so every day. In addition to these tips, try leaving extra business cards with your barista or favorite server at your local lunch spot or ask your dry cleaner if you can put cards at their location.

Be armed with an awesome elevator pitch when you attend events, entertainment venues, or even when you head to the dog park. Each new person you encounter has the potential to not only become a client, but to be an excellent resource for referrals for years to come.

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Andy Wilt

Andy Wilt Andy Wilt’s tenure in the mortgage industry began as a happy accident. He had started his post-college career in executive recruiting, but was soon ready to discover new professional horizons. It was then that Andy reconnected with a friend working as a mortgage originator, who described the industry as dynamic and limitless in its potential. Inspired by a new challenge, Andy decided to switch gears and pursue a new and exciting path in the mortgage industry. That was back in 1999 and since then, Andy has built a covetable roster of talent in his team, along with a business founded squarely on the principle of serving others to the fullest.

Licensed in the states of California, Arizona, and Nevada, Andy and his team focus on the Southwest, with much of their work stemming from the Southern California and Las Vegas areas. Andy has forged an experienced, knowledgeable team that delivers concierge-level service. Ron Berg serves as Senior Team Loan Officer, Tammy Richardson as Customer Relations Manager, with Robin Smith as Production Manager, and Dulce O’Neal taking lead as Processor from start to finish. Together, Andy and his intrepid team execute their responsibilities from a considered outlook, prioritizing their clients’ needs, forthright communication, and empowering education above all. “When I decided to open this branch, I wanted to focus on creating a concierge-style experience for our clients,” Andy explains. “That meant surrounding myself with industry experts living by the same principles: a focus on education, transparency, and respect. All of our team members are here to make the process as simple as possible for clients going through the biggest purchase of their lives. Together, we have over 90 years of experience and we work by referral only — which means we’re driven to 12

provide a five-star experience, knowing that our business depends on it.”

This five-star experience takes the mystery out of what can be an overwhelming process for homebuyers and their families. To accomplish this, Andy and his team begin by creating visual displays for each client and highlighting just how policy and guidelines affect each buyer’s unique circumstance.

“Visual displays make the numbers come alive,” says Andy. “We also educate our buyers on guidelines, loan programs, their options, and any restrictions they may have — along with how those will impact what they’re trying to achieve. We look at this process as a holistic experience, accounting for clients’ long and short-term goals to be sure it’s the right fit for them.”

What’s more, steadfast communication with clients ensures that no questions are left unanswered.

“Communication is everything,” Andy says. “The bottom line is that people want to be and should be treated like individuals, connecting with a real person.

Our motto is to treat all of our customers like they’re family. The mortgage industry can be intimidating and sometimes complicated, but we go above and beyond using a blend of technology and old school face-to-face communication to educate others on the how and why of the process.”

What else sets Andy and the team from Peoples Mortgage apart from others in the industry? Their speed. Along with access to every product on the market, the team’s high caliber service and experience allows them to execute applications and clear contingencies within 10 -14 days and close soon after that. This serves as a tremendous value-add to agents and their clients on the house hunt in an

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Pictured from left to right: Robin Smith, Ron Berg, Andy Wilt, Tammy Richardson, and Dulce O’Neal

“All of our team members are here to make the process as simple as possible for clients going through the biggest purchase of their lives. Together, we have over 90 years of experience and we work by referral only — which means we’re driven to provide a five-star experience, knowing that our business depends on it.” exceptionally competitive market. To Andy, this proven ability to simplify and facilitate the homeownership process is the most rewarding aspect of his career. “I’m passionate about real estate and helping people. In my view, homeownership is the Copyright Featured Agent Magazine

key to the American Dream and wealth building,” he says. “Plus, no two days are alike and every client is different. Putting together all of those components in the right way is very rewarding. There’s never a dull moment.”

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“I’m passionate about real estate and helping people. In my view, homeownership is the key to the American Dream and wealth building.”

To give back to the local community, Andy and his team are actively involved in a variety of charities including Habitat for Humanity and Operation Gratitude. Andy is also a member and major sponsor of San Diego Downtown Breakfast Rotary’s largest fundraiser, Holes for Heroes, an annual golf tournament that has raised over $1 million to support San Diego’s local veteran community. In Andy’s free hours, he most enjoys spending time in the scenic outdoors of Southern California and spending time alongside his family and loved ones.

Looking ahead, Andy has plans to continue fostering his team and ever-growing network of clients, adding a personal touch to every professional relationship he nurtures. His hope is to keep the team open to continual growth, while trailblazing a new high standard for the mortgage world. Now, with a 19-year track record of success and a mindful eye toward raising the industry bar, the future is boundless for Andy Wilt and his team at Peoples Mortgage.

Andy Wilt Peoples Mortgage Company 750 B Street, Suite 2640, San Diego, CA 92101 619.717.7300 | thewiltgroup@peoplesmortgage.com | www.thewiltgroup.loans.peoplesmortgage.com NMLS# 168690 | Company NMLS# 6274 | Equal Housing Lender 14

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Priceless— Why professional photography is invaluable

Home buyers turn to their phones, tablets and computers when thinking about purchasing their next home. Study after study clearly shows that the days of waiting to look in the newspaper, or for a For Sale sign to pop up are long gone. With nearly everyone beginning their home search online, one thing is clear — they are looking to be wowed online before finding a buyer’s agent or even getting their financing in place.

That means that the photos of your listing need to capture the true beauty of the property, whether it’s a one-bedroom condo in the city center, or a sprawling ranch situated on acres of gorgeous landscaping. After all, you’ve only got a screen in which to showcase all the home has to offer, and all of the potential it may boast. That’s no job for an amateur.

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Even with the best of ideas and intentions about lighting and angles, trying to cut corners and photograph listings on your own just isn’t a smart plan. Consider that in the same way buyers and sellers turn to professional real estate agents to best advocate for their needs, it’s in your best interest to turn to a professional photographer to make sure you’re giving your clients the best opportunity for success in their sale.

Here’s a look at four reasons that professional photography is worth every penny when it comes to securing the best price for your listings.

The Pros Have the Proper Equipment — Professional photographers have invested a great deal into their career, which requires top of the line cameras, 15

lighting and lenses. Moreover, they’re experienced in editing and perfecting the shots, so you receive photos that pack a punch when viewed online.

The Pros Save You Time — Instead of one more hat to wear as a professional real estate agent, and more hours to a day which may already feel too short; allowing the professionals to take this responsibility off your plate saves you valuable time. From shooting the home, to editing and touching up the results, getting the shots that will grab attention online will take time that you likely don’t have to spare.

The Pros Take Care of the Technology — Professional real estate photographers know the formats and file types that various websites and publications require. They understand how to convert, size and curate the photos needed for the sites where you’ll be marketing the home. Many professional real estate photographers will take care of uploading the images for you as well. In addition, they are often skilled at turning images into simulated virtual tours to make your listing even more appealing to potential buyers.

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The Pros Deliver a Premium Product — Professional photographers are in the business of taking and creating beautiful visuals. As such, they are adept at creatively finding the best angles and lighting to make even small, or potentially crowded spaces look spectacular. Some studies have shown that eye-catching photos result in upwards of 130% more clicks when compared to similar listings lacking professional photographs.

With buyer expectations high, coupled with the convenience, efficiency and talent that professional real estate photographers bring to the table, there simply isn’t a good reason to try to cut corners when it comes to photography. It’s important to remember that the final result for your client can be the difference of thousands of dollars when it comes to the sales price. Since it’s your job to secure top-dollar for your client, professional photography is no longer a luxury, but a necessity. Fortunately, the investment in professional photography can help you to earn your clients’ loyalty, repeat and referral business for years to come.

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featuredagent Megan Higgs magazine

Megan Higgs got her start in the mortgage industry much earlier than average. Fresh out of high school and working in computer sales, she was approached by a family friend in home lending who asked to interview her for a processor position.

Intrigued, Megan agreed — soon discovering that the mortgage world made for a natural fit, considering her people skills and affinity for detail work. Seventeen years later, Megan has crafted an impressive career and today serves as an originator in command of an esteemed reputation for thoroughness, steady communication, and abiding commitment to her clients’ financial health.

From her office in Gig Harbor, Washington, Megan primarily serves the regions of Pierce and Kitsap Counties, though she is also licensed in the states of California, Oregon, and Arizona. She works with an array of clients and loan types — from first-time homebuyers and military veterans, to those purchasing vacation property or relocating to the Southwest. Megan is also a member of the Veterans Association of Real Estate Professionals and has a particular knack for sourcing Washington State Housing Commission’s down payment assistance loans. Her years in the industry, working her way steadily up the ladder, have given her first-hand experience with files, guidelines, and products of all kinds. Because of her extensive history as a processor, Megan is also exceptionally well-versed in the complexities of the industry and the fine print details of contracts and terms — an indispensable value-add for her clients. “I’ve always enjoyed the detail-oriented paperwork component of my work as much as I enjoy working with people,” Megan explains. “Having been a processor and an originator is a unique combination, and it keeps me up-to-date on all the changes in the industry guidelines, and new programs.”

Megan cites consistency, organization, and communication as the leading drivers of her success to date. She ensures that all parties are kept informed throughout each step of the transactional process, quelling any fears or concerns through responsive and proactive communication. “Communication is key. I keep the clients and agents on both the

buying and listing sides informed of where we are in the process,” she explains. “I don’t ever want them wondering what’s going on or what’s next. Everyone deserves to be in the loop, and communication keeps everything running smoothly and sets realistic expectations. This way, I’m always able to meet or exceed those expectations. I pride myself on being available and quick to respond to any questions or needs.” Considering 100 percent of her business is based on repeat and referral clientele, Megan’s working style has staying power. She’s even served multiple generations of the same family — one of the highest compliments a mortgage professional can receive.

While Megan’s experience, ability, and follow-through are well-proven by her track record, she’s also motivated by service. There’s a good reason she’s remained in the industry for 17 years, despite its challenges and various ups and downs: she’s passionate about her daily work and the way it can positively impact the lives of aspiring buyers.

“I have a genuine love for this industry and have since I started,” she remembers. “I’ve stuck with it even through the rough times because I can’t imagine doing anything else.

I love working with people and I consider myself 100 percent client-focused and genuine. I get what it’s like to be on the borrower’s side of the table. I’ve gone through the home purchase and building processes, and I know it can be highly stressful. That’s why I try to stay focused on alleviating those stresses for my clients and keeping the process as simple and enjoyable as it can be. Being a friend in finance is what I like to be known for.”

Guided by the Golden Rule, Megan also makes it a point to give back to her community through office sponsorships of Relay for Life events. In her remaining free time, she most enjoys getaways to the lake with her family and loved ones, and cheering on her kids at their various sporting events.

Looking ahead, Megan has plans to continue growing her business steadily, with no signs of slowing anytime soon.

“I’m in this for the long haul,” she says. Now, with almost two decades of experience, and a strong commitment to the path ahead, Megan considers the aspect of her career she most enjoys: the people. “I try to approach everything with honesty and integrity,” she says. “Genuine relationships are created, and I learn about my clients’ families, their jobs, and their goals. There’s nothing more exciting than seeing them happy with the result. It’s always my goal to have more than just a satisfied client, but a thrilled client.”

Megan Higgs

NMLS# 77202

American Pacific Mortgage | Gig Harbor, WA 253.649.4051 | Megan.Higgs@apmortgage.com AZ Corp BK 0906702 | NMLS# 1850 | Equal Housing Opportunity

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.

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Don’t believe this

bad mortgage advice

When friends, family and co-workers find out you’re thinking about or are already in the process of purchasing a home, there’s a good chance you’ll run across at least one mortgage “expert” offering unsolicited advice.

Of course they mean well, but that doesn’t mean the information they’re offering is current, accurate or tailored to your situation. That’s the thing about personal finance decisions; they’re personal. What worked for your cousin or your neighbor or your office mate, may not work for you since everyone makes these decisions based on their own unique circumstances.

Here is some the most common bad mortgage advice that you should let go in one ear and out the other.

There’s no need to read the fine print. All mortgages are basically the same. This is 18

terrible advice for a number of reasons. First, there are no one-size-fits-all mortgages. Each one is unique and the terms and conditions can vary widely. Beyond that, though, entering into a contract as significant as a mortgage is not something to be taken lightly. You should read it through carefully at least once, and preferably a second time to catch anything you might have missed. Carefully reviewing your mortgage documents will reveal any mistakes or inconsistencies that differ from what you and lender discussed. Plus, you will know exactly what you are agreeing to; often the fine print contains fees and other costs that may not have been addressed previously. If there are parts of the mortgage you don’t understand, don’t be afraid to ask questions for clarification. If the lender is hesitant to provide more information or gives vague, generalized Copyright Featured Agent Magazine

home-buying process that can make the whole transaction a smoother, more enjoyable experience.

Just choose the lowest interest rate. At first blush, this seems like sound advice. A lower interest rate will keep your monthly payment affordable and leave money in the budget for other things. But, a low interest rate on an interest-only adjustable rate mortgage (ARM) can end up backfiring on you later if rates increase and your payment suddenly shoots past an amount you can afford. If you foresee receiving routine, significant income increases, that may not concern you. But many people are more comfortable with the security and predictability of a fixed rate mortgage, which will eliminate surprises and help you budget consistently.

Get your mortgage from your bank — they’ll take care of you. From the standpoint of convenience and familiarity, this makes sense. But, customer loyalty is no longer rewarded the way it once was and chances are, your bank won’t offer you anything significantly better or different than they would offer anyone else. Just like you probably won’t buy the first house you look at, you shouldn’t necessarily go with the first lender you talk to. As with most significant financial decisions, it can save you a lot in the long run if you take the time to do your research and shop around for a lender who’s willing to offer you the best terms.

answers, it might be wise to consider getting your mortgage elsewhere.

You don’t need to get pre-approved; just start looking at houses.While it’s true that being pre-approved for a mortgage is not a guarantee you will ultimately get the loan, there are many benefits to being pre-approved. Having an idea of how much you will be able to borrow will set you on the right path to looking at homes that are in your price range.

Additionally, many REALTORS® are hesitant to take on clients unless they’re pre-approved, and if you should find yourself in a multiple-offer situation, sellers almost always look more favorably on offers from pre-approved buyers. Remember, pre-approval isn’t a guarantee, but it’s a necessary early step in the Copyright Featured Agent Magazine

Borrow as much as the lender is willing to give you. Plenty of people have gotten themselves in over their heads by following this advice. While it’s true the lender may be willing to offer you more than you can even really afford, you’ll be wise to borrow only as much as you need. Remember, there’s more to the expense of owning a home than just the borrowed amount, including property taxes, homeowner’s insurance and routine maintenance. Taking on a mortgage payment that stretches your budget to the breaking point will leave you house poor and unable to experience the true joy and pride of owning your own home.

If someone tries to offer you any (or all) of this bad mortgage advice, your best bet is to smile, nod and move on with the conversation. If you have questions about the mortgage lending process, talk with your lender or your REALTOR® and spend some time doing your own research.

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