Faces Of Lending
- Read the full article here: http://www.dailyastorian.com/CRBJ/20160805/faces-of-lending
- Published in Coast River Business Journal, August 2016
- Photo by Luke Whittaker
McKenzie Wilson, Loan officer, Wauna Credit Union, Warrenton:
“I’ve been here since 2012. In August of 2015, I started doing the real estate financing.”
Monica Lauber, Assistant vice president of mortgage, Wauna Credit Union:
“I started at Wauna 12 years ago in the Warrenton branch and then moved into the loan department over in Astoria. Then made my way up to Saint Helens. Right now I’m the assistant vice president of the mortgage department. I oversee the staff at all the branches.”
What misconceptions exist about financing for a first home?
“A lot of younger people coming in think that the process — that they can’t do it. That it’s a super hard process to buy a house. I think that’s the misconception — that people think it’s impossible to buy a house sometimes. It’s really not, especially working with the credit union. We’re giving the guidance to get to that point, we’re not just saying ‘no’ and sending you back.”
How has lending evolved?
“I’ve definitely seen a change. I’ve been doing it since 2004, I went through the crisis, people rebuilding their credit. The best thing right now is we’re seeing people starting to regain equity in their homes, which is allowing them to improve their current housing situation.”
What advice would give a first-time borrower?
“Come prepared with a budget. And not more so a “this is a house I want to buy.” Think more toward, is that monthly payment going to fit into your budget. If fixes come about, am I going to be able to afford these fixes? I think that’s the biggest thing, just having all that in mind.”
What’s the typical down payment?
“We can do as little as little as three percent. Typically it’s about three to five percent. With more first-time homebuyers we don’t see a lot in the way of down payment money because there are programs that offer 100 percent financing. But we encourage it, the more they put down the better their rate is going to be.”
On best preparation, what do you take into account?
“We want to make sure that they’re credit worthy. We want to make sure that they’re aware of monthly costs and closing costs.”
What’s the sales frequency compared to last year?
“Our borrowers definitely have to be more on their game. They have to have a pre-approval in hand. Since homes are selling so quickly, those borrowers that have worked hard to prepare themselves with us are the ones making the offer, and it’s accepted because they know they have all their ducks in a row.”
Typical time a house is on the market?
“They’re definitely selling faster. Being prepared is huge.”
How does it compare to 10 years ago?
“Rates are extremely low right now.”
“Oh gosh, we were around 6-7 percent.”
Is there a typical mortgage rate?
“It varies depending on the program they’re doing. You have government program in the low 3-percent range, then you’ve got your conventionals that are higher 3’s — still great compared to what it’s been in years’ past.”
What’s the sales frequency compared to last year?
“Our borrowers definitely have to be more on their game. They have to have a pre-approval in hand. Since homes are selling so quickly, those borrowers that have worked hard to prepare themselves with us are the ones making the offer, and it’s accepted because they know they have all their ducks in a row.”
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