Frequently Asked Questions
Whether you're exploring for the first time or comparing options, these are the questions buyers ask most often.
UNDERSTANDING THE BASICS
1. What is a mortgage loan officer?
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A mortgage loan officer helps you understand what you may qualify for, evaluate loan options, prepare your application, get you pre-approved so you can make a competitive offer on the home you want, then move the loan through approval and closing. I also will help you discern the best approach for you, help you meet your financial and budget goals, and work with real estate investors to maximize Return On Investment (ROI).
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A loan officer at a bank or direct lender can generally offer only that lender’s limited products, at higher retail interest rates. Because I work through Loan Factory, which has relationships with more than 230+ lenders, I can not only get you lower wholesale interest rates, but also have many more programs to offer, covering virtually every loan scenario including many that traditional banks and lenders can't offer.
2. Why do I need a loan officer?
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A good loan officer helps turn your financial information and homebuying goals into a competitive offer, so that the listing agent feels confident in recommending to the seller that you should be the successful buyer when compared to other prospective buyers they are evaluating.
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That includes helping you understand your budget, compare realistic options, assemble a complete and consistent loan file, anticipate underwriting questions, address potential problems with your documentation, and coordinate with the lender, real estate agents, title company, insurance provider, and other parties through closing.
3. What are the advantages of working with Mark?
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I combine extensive mortgage and financial experience with practical experience as a property owner, real estate investor, Airbnb superhost, and building homes from scratch. I also bring an accomplished corporate career holding financial positions, which allows me to really sharpen the pencil to ensure you are selecting the best option for you.
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That perspective helps me identify tradeoffs well, explain how different loans fit your priorities, and how to manage the financing needed to buy the home or investment property you want.
4. What kinds of loans does Mark work with?
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I work across both traditional and specialized loan types, including conventional, FHA, USDA, jumbo, first-time homebuyer, DSCR, investment-property, non-warrantable condo, bank-statement, non-QM, refinance, home-equity, veterans, and reverse mortgage options.
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If you don't see what you're looking for in our menu, ask me! Our thriving marketplace means we can bring many programs to you, at wholesale rates, and there's virtually no type of loan we can't structure for you. Program availability depends on the borrower, property, state and lender. Read my client stories to see some detailed examples of satisfied clients and scenarios I have worked on.
5. What is Loan Factory, and how is Mark associated with it?
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I am a licensed mortgage loan officer and employee of Loan Factory, currently licensed in Illinois, Minnesota, Wisconsin. If you'd like to work with me in another state, ask! I can usually obtain regulatory approval to proceed in 24-48 days, in most states. My NMLS license # is 2679443.
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Loan Factory is a leading mortgage brokerage licensed in 48 states, and works with over 230+ wholesale lenders, and more than 100 additional specialty program lenders. Through Loan Factory, lenders compete for your business in our thriving marketplace, and I can compare options across their entire lender list instead of being limited to one bank’s mortgage menu (and their retail rates!). We are the ONLY company offering a $2,000 Best Price Guarantee, meaning if you can find a better rate elsewhere, we'll pay you $2,000! [Terms apply, in all states except WA.]
Learn more about Loan Factory here
6. Does working with Mark make me eligible for Loan Factory’s $2,000 Best Price Guarantee?
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Yes, working with me gives eligible borrowers access to the same Loan Factory Best Price Guarantee.
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For qualifying loans, Loan Factory offers a $2,000 guarantee subject to price guarantee terms. Loan Factory's low cost way of doing business sets them apart from other lenders. Terms apply, see the link below. Available in all states except for WA.
WORKING TOGETHER
7. When should I contact Mark?
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You can contact me before beginning your home search, after finding a property, or when considering a refinance. The earlier you contact me, the sooner we can tee you up for success. Even if you are waiting for lower interest rates, or just kicking the tires trying to find the best property or loan type, I can provide a no-cost, no-obligation consultation that will help you down the best path towards your goals.
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Starting early gives you more time to understand your budget, explore options and prepare for pre-approval. You can also ask your real estate agent about working with me, or have them contact me so we can coordinate from the beginning.
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Below are my contact details:
Direct: (224) 456-4454
Office: (847) 859-9990
Corporate: (660) 333-3333
2195 Tully Road, San Jose, CA 95122
NMLS: #2679443; CO-NMLS: #320841
8. What happens after I contact Mark?
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I begin by understanding what you want to accomplish, your timing, the type of property involved, and your financial priorities. I then identify the most relevant financing paths and explains the tradeoffs. Many of my clients describe me as easy to talk to, attentive, and proactive as your advocate.
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If you decide to proceed, I help expedite you application and pre-approval, comparing available lender options, getting you the best terms possible, preparing the loan for submission, managing lender questions and conditions, and coordinating the financing through closing.
9. How do Mark and my real estate agent work together?
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Your agent and I coordinate on your pre-approval, price range, financing terms, offer deadlines and closing schedule.
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When helpful, I can also speak with the seller or seller’s agent to answer financing questions and support the strength of your offer.
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If needed, I can also help identify properties working with the agent, getting involved only as much as you find useful, and without stepping on the agent's toes. For example, properties that meet your budget, that are USDA-eligible for 0% down, are solid investments for rentals and AirBNB's, etc.
10. My real estate agent recommended another loan officer. Do I need to use them?
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While a referral from your agent is definitely worth considering, you are free to go with one of your own preference. You can compare loan options, costs, responsiveness, communication and how comfortable you feel working with each person.
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An initial conversation with me is free of both cost and commitment, and getting a no-obligation quote from us will help crystallize that you're going with the best option, regardless of whether it is us or someone else.
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You can share your contact details here and I am quick to reach out!
PRACTICAL DETAILS
11. Can Mark help me get pre-approved for a mortgage?
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Absolutely. I can review your situation, identify suitable loan programs and help you obtain a pre-approval when you meet the applicable requirements. We work very hard on your behalf up front, to ensure you are a competitive buyer.
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A pre-approval is more detailed than an initial pre-qualification, and final approval also depends on underwriting, updated financial information and the property.
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In some cases, our clients need to advance their credit scores in order to qualify for the type of mortgage or interest rate they would like. In that case, I provide targeted, free advice and solid planning to help you upgrade your credit score, a service that many other companies charge $700-1,500 or even more for.
12. How quickly can I receive a pre-approval letter?
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Most pre-approval letters can be issued within 24 hours after receiving a complete loan package, assuming your documentation is in order and credit score sufficient for the type of loan and interest rate you'd like.
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While every situation is different, you'd be surprised what we can do to get you over the finish line even with challenging circumstances. Complicated income, credit or property circumstances may require additional review. I will confirm the expected timing and work with you to obtain the pre-approval as quickly as possible.
13. How should I think about getting a good rate or a good loan?
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When the other terms are equal, a lower interest rate is better. A complete comparison should also consider the monthly payment, lender fees, discount points, mortgage insurance, cash required at closing, loan term, qualification requirements and ability to close on time.
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Many homebuyers ask if they should wait to purchase till interest rates come down. That is rarely the best strategy! Missing out on home appreciation almost always trumps waiting for lower interest rates - especially because you can refinance at any times if they do come down. And if they don't, or even go up, you'll really wish you had purchased...
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What matters most depends on your situation and priorities. Waiting for a rate that is another 0.5 % lower, for example, may not be worthwhile if it prevents you from closing before your lease renews or weakens your ability to purchase the right property.
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I can help you evaluate these tradeoffs and compare the available options against your priorities.
14. Is there a minimum down-payment percentage when working with Loan Factory?
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There is no single minimum percentage for every Loan Factory mortgage. Many programs allow as little as 3.5-5% down, subject to qualification and credit score, and eligible USDA loans may allow financing without a down payment. Ask us about Down Payment Assistance programs too!
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I can help compare the available programs and explain how the different program options and down payments affect your monthly cost, mortgage insurance, cash reserves and overall loan.
SPECIFIC SITUATIONS
15. Can Mark help with a DSCR or investment-property loans?
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Yes! I can compare traditional investment-property mortgages with Debt Service Coverage Ratio (DSCR) options, which evaluate the property’s qualifying rental income rather than relying primarily on the borrower’s employment income. This is a huge benefit, because it lets investors expand their property holdings - whether a single investment property or an entire portfolio - much faster than otherwise.
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I can help you understand how lenders will view property, rental income, down payment, reserves and cash flow. My own experience as a real estate investor and Airbnb superhost give me a practical view of the questions investors should prepare for.
16. Can Mark help finance a non-warrantable condo?
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A non-warrantable condo or property means that the property has been flagged by Fannie Mae as having conditions that need to be addressed, such as important maintenance, establishing sufficient reserves for future maintenance, and other issues.
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Importantly, many banks will not lend against a non-warrantable property, and many buyers/borrowers don't find that out until late in the game! This frustrates all parties, and is a colossal waste of time, energy and money.
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However, we bring non-warrantable financing to bear and can usually close financing for you despite non-warrantable conditions. Condos are a particular focus area for me, and I have worked on a number of these cases which require a building review and qualification in addition to qualifying the borrower's financials.
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Because the building, association and lender guidelines can make these loans especially complex, my expertise in the area can be particularly useful. Be sure to visit ChicagoNWC.com to learn more.
17. Can Mark help me get a USDA loan?
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Yes. I can help determine whether you and the property may qualify for a USDA mortgage and compare it with other available options.
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USDA loans are intended for eligible primary residences in qualifying rural or suburban areas. For borrowers and properties that meet the requirements, they may allow financing without a down payment.
18. What if another bank declined my loan or my income and credit are not straightforward?
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One lender’s decision does not necessarily determine what every other lender will do. Different lenders may treat self-employment, commission income, 1099 income, bank statements, assets, credit history and property issues differently.
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We can often close on financing that other lenders fail to do! We have a great team, and you'd be surprised what we can do to get you over the finish line and into the home or investment property you want.
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Through Loan Factory’s network of more than 230 wholesale and 100 specialty lenders, I can evaluate a broad range of traditional and specialized options and identify what may be possible for your situation.
19. How can Mark help me refinance?
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I can assess whether refinancing could lower your rate or payment, change your loan term, remove mortgage insurance, convert an adjustable rate, consolidate debt or provide "cash out" access to equity.
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I can compare the potential benefit with the closing costs, new loan terms and how long you expect to keep the loan.
20. How can Mark help me get a HELOC?
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I can help you evaluate home-equity line of credit options based on how much equity you have, how much you want to access, how you expect to use the funds and how quickly you expect to repay them.
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I can explain the available credit line, payment structure, interest-rate terms and costs before you decide whether a HELOC fits your plans.