Eric Rothberg - Mortgage questions asked & answered by 28 yr veteran lender at Northpointe Mortgage

Summary: In this episode of The Perfect Property, Juli talks with Eric Rothberg from Northpointe Bank. Eric, a lender in the Atlanta area, has 28 years of lending experience. Plus, he started as an underwriter so he also has a lot of technical knowledge to bring to his clients.

In this episode, Juli and Eric talk all about mortgages. You’ll hear about the best practices when it comes to shopping for a mortgage, common mistakes that buyers make, and what “locking in a rate” really means. Eric also goes over how to handle cash deposits, buying a mortgage point, and why you should use a local lender. Finally, he goes over what you can expect if you choose to work with Northpointe Mortgage.
 

What You’ll Learn: 

·         What are the best practices for mortgage shopping? (0:18)

·         Three common mistakes buyers make (2:06)

·         How long do you have to have cash deposits in the bank to count them? (4:45)

·         How and why rates change (6:00)

·         What does it mean to lock in a rate? (8:49)

·         The best advice for someone purchasing in the next 30, 60, or 90 days (10:47)

·         Stories from 28 years as a lender (12:53)

·         Buying a mortgage point (14:15)

·         Using a local lender (18:16)

·         Surprise fees (21:06)

·         Eric’s quickest close on a loan (23:00)

·         What can you expect from Northpointe Mortgage? (23:22)

 Key Points:
 
 “The most important thing when you do your mortgage shopping is to start the preapproval process as quickly as possible.”

 “Cash deposits are hard to trail and source, so we always try to tell our buyers not to do cash deposits.”

“Rates can change more than once a day if the market does shift. The market is tied to the bond market, so as the bond market does change, if it’s a drastic change whether it’s positive or negative, the rates will improve or worsen depending on how that market is going and that can happen a few times a day.”

“When you lock in the rate that does mean your rate is locked and typically if rates improve you don’t typically get a better interest rate, but there are some lenders like us that will renegotiate the rate to assist with the fact that the market changes.”

“Mortgage points is tied in with the rate and also that’s the commission or income for the lender or the mortgage company or bank. There are mortgage companies that automatically will charge a 1% origination fee as their cost and that is their cost to do the loan.”

“A lot of companies like us will do a zero origination fee loan where you don’t have to pay that point and that way you’re enabled to save in your closing costs and keep your costs down.”

“The midsize lender which is where I work, we do have the ability to close loans a little quicker.”

“The local lender also tends to be a little more available to the realtor and the client when they do have the need for a preapproval letter or an estimate.”

Links: 

Juli’s Email: juli@theperfectproperty.com

Juli’s Phone Number: 404-668-8975 (call or text)

The Perfect Property Website. www.theperfectproperty.com 

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