FAQ - Carlos Scarpero, VA Mortgage Specialist, NMLS #1674385


Why should we go through you for our mortgage?

Service, service, service! I believe in wowing my clients so they will refer me lots of business. I work strictly on commission and referrals are the name of the game. Look, rates and terms are pretty much the same no matter who you use. Find the company that will close it on time and correctly.

Why is licensing important?

The SAFE Act, which was passed in 2008 created a system of licensing for mortgage loan officers. Loan officers that work for mortgage companies and mortgage brokers have to take classes and pass an extensive test. The big banks had expensive lobbyists that persuaded the politicians that the loan officers that work at a traditional bank do not need the testing, just a background check.

This actually created a two tier system. In order to compete, the mortgage companies and brokers increased their pay structure and technology to make the licensing worthwhile. These days, most experienced, competent loan officers take the time and effort to take the test in order to earn a higher pay rate.

Why shouldn't I go through my local bank for my mortgage needs?

In general, banks pay the lowest commissions to the loan officers, but don't require the licensing. Additionally, many banks feed leads to their staff. This has created a situation where the least experienced loan officers work at banks.

Additionally, most bankers are not as focused on referrals as the loan officers who work at mortgage companies.  Since the rates and guidelines are pretty much the same, why not go through someone who is going to do it correctly and competently.

XYZ Mortgage Company turned me down. Can you approve me?

It depends on the situation. Because most mortgages are based on federal guidelines, most of our guidelines are the same as the other place's are. But sometimes, special situations occur where I'm able to explain something to our underwriter that the other guy's underwriter missed. Feel free to reach out and explain your situation and I will see what I can do.

What's the difference between using you and an internet lender like Quicken, Ditech, Rocket, etc?

The big internet players were really hot when they first came out in the early 2000's. However, in recent years there's been a bit of a backlash against them. First of all, in spite of what certain companies tell you, "instant" mortgages just aren't a thing. It's simply clever marketing.

Additionally, the loan officers in these places are just phone app takers. They get paid less because the company is doing all the prospecting and thinking for them. Again, like above, it creates a situation where the least competent people typically decide to originate there.

Third, real estate is very difficult to systemize nationwide. Each state, even each county, has its own little quirks that need to be navigated. This makes it impossible for real estate agents, title companies and online lenders to have any sort of real relationship and coordination.

Finally, the perceived savings just haven't materialized since the big internet players put all their money into TV and online ads.

Save yourself the frustration and headache and go through a licensed mortgage company.

How much money will I need to put down?

It depends on the program and your situation. If you or your spouse are a veteran, you may qualify for a VA loan with zero money down. If you aren't a veteran, we can look at FHA or Conventional programs which start at 3% down payment.

Can I finance closing costs?

You can finance some of your closing costs, but it needs to be written into your contract as a seller credit. Essentially, you add a little extra money to your offer and then make the seller pay the closing costs. Be sure to discuss this with your real estate agent and me before you make your offer, if you want to do that.

How quickly can you close?

We typically close approximately 30 days after your contract is written and agreed upon. To close more quickly, we highly recommend that you send us your pay stubs and other documentation after your preapproval but before you put in your offer on a house. 

Where are you licensed to do business?

I currently hold Ohio, Kentucky, Indiana, Florida and Texas Loan Officer licenses. My NMLS number is 1674385.

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