1. How long have you been a lender?
I started as a receptionist at a mortgage company in 1990 and worked my way from the ground up. I have now been in the lending industry for over 20 years. Ouch, I'm aging myself here.
2. What made you get into this career?
My mother started in lending over 35 years ago and she encouraged me to learn and soak up as much as I could about lending. She felt it was a solid career for a woman. At the time she started in lending, it was very male-dominated. She worked her "you know what" off to prove herself and earn her stripes. I'm proud that I have been able to follow in her footsteps.
3. What do you love most about your job?
Nothing makes me happier in my job than calling my client and letting them know their loan has been approved. It's a good feeling, especially when working with first time homebuyers.
4. What do you dislike most about your job?
Regulations, regulations, regulations. The government has put so many road blocks into lending since 2007 and lenders find themselves chasing their own tail quite often.
5. What's the biggest mistake people make when getting a loan?
Not working with an experienced lender. Anyone can get a license and practice lending. You want a seasoned professional who has been in the business for years. Think about it: they weathered the storm during the housing crises and still came out standing. That is a testament to a fighter and someone who had the reputation and expertise to continue in lending even when there was very little lending going on at the time.
6. What's the biggest misconception people have about lenders?
That we are used car salesman. Thanks to many of the loan officers who are no longer in the industry (thank goodness), many people believe we were all out for a quick buck and have no conscience for the consumer. The "crooks" that were part of our industry several years ago are long gone and could not get a license because of their past history.
7. What's the difference between FHA loan and a conventional loan?
There are many differences, but in a nutshell, FHA only requires 3.5 percent down payment. It's a very flexible program with income and credit. Conventional financing is optimal for those that have a 20 percent down payment.
8. What should people keep in mind when picking a lender?
Not only should you choose someone with experience, but someone you click with. You are going to spend a lot of time communicating with your loan officer during the mortgage process, so find someone you are comfortable with.
9. How soon after a bankruptcy, foreclosure or short sale can people apply for a mortgage?
On average, its three years.
10. We tease you about being single on the show, are you really looking for a date?
Absolutely. I enjoy being single, but a date with a great man is always welcome.
Lisa the Lender joins Diane Brennan and Linda Williams on That Real Estate Show every Saturday at 3 p.m. on News/Talk 92.3 KTAR. For your free report on 27 valuable tips to sell your home, contact us and tell us you want your free report!