Brandon, FL -- Andrew Alfonso is a mortgage professional who currently works with Cash Cow Funding and has over sixteen years of industry experience. Andrew is the #1 Lender in the state of Florida as ranked by Lender411 as of Feb. 1st of this year. This fact can be verified by visiting http://www.lender411.com/id/CASHCOW.
In this interview, Alfonso offers valuable insights into the past and present of the mortgage market.
L411: How long have you been a lender and why did you decide to go into the mortgage industry?
AA: I've been in the mortgage industry now for 16 years. In my teenage years, I worked as a telemarketer and then a manager for a local newspaper company. I knew that I was good over the phone. By chance, I took my first job as a loan officer back in 1997 with a company called ABC Mtg. From there, I focused on finding people with mortgages and helping them pay back whatever they already owed in the best way possible. I love it!
L411: What were the last few years like for Florida with the collapse of the mortgage market?
AA: Truthfully, the last few years have been quite a challenge. With the collapse of the mortgage industry came a room full of Federal regulations that still are in question today. I've become more of a marketing expert, putting myself in front of people more often and making sure that every client feels compelled to call me and thank me after everything is signed in done. I live by own company motto which is: "It’s not what you’re quoted going in, but what you pay going out". A lot of companies out there will say whatever it takes to entice a borrower to commit to them, only to 'bait and switch,' ultimately increasing the interest rate.
L411: What are the most popular loans these days?
AA: Today we are in a seller’s market. Inventories are high and purchases currently dominate the market. The Obama administration has opened up programs to refinance people whom owe more on their property than what it’s currently worth --- that has helped. Also popular are the 1st Time Home Buyer Loans, as these loans come with significant incentives. On that level also are the FHA AND VA Streamline refinances which we can basically do with no income, no appraisal -- just a clean payment history.
L411: What mortgage trends do you see happening in the future?
AA: My personal opinion is that our government has no choice, due to our national debt, to keep the housing industry strong. This means low rates for at least 3 more years. I expect that the Obama Administration will come out with several more refinancing programs to help broaden the range of people that deserve a refinance but cannot get one for numerous red tape reasons. The mortgage trend that everybody should keep in mind is this: For as long as any of us have been alive, both rates to buy a home and the cost of living pertaining to housing have never been lower.
L411: Do you see government helping in the future to revitalize the mortgage market?
AA: I think the Government may help but one thing is for sure -- we cannot sit around and hope for that. One of the creative types of financing that I have been involved with is using attorneys to take non-assumable mortgages and legally make them assumable. By doing this, we bypass realtors, banks, underwriting and credit histories. We are taking what could be a non-performing loan and transferring it to a buyer that can afford it but can’t get a bank loan.
L411: What advice do you have for first time home buyers?
AA: To all first-time home buyers I would definitely say the first step is to check your credit. Do not use one of the nationally advertised credit sites simply because they don’t have authorization for pulling TRI-MERGE bank reports which is exactly what we use to make our decisions. You can quickly submit your information to this site here -www.sumbuddyhome.com and they will pull your credit free of charge and email it to you within minutes. In addition to that, the guys running this site have lots of loopholes they can use to raise your credit score overnight by 50 points or more!
L411: What advice do you have for a homeowner who is looking to refinance?
AA: Good news! The Obama Administration has just released a brand new HARP 3 Program. You have heard of HARP 1 AND 2. HARP 3 is sure to cause a refinancing boom nationally. The reason why is because under the new HARP 3 rules, people can now refinance no matter who owns the mortgage servicing rights (i.e. Fannie, Freddie). What the government is doing is simply expanding the right to all mortgage holders who have paid their mortgages on time to refinance no questions asked.
L411: What has your experience been like at Lender411?
AA: You know…I'm going to be very candid and upfront about this question. The truth is - I could kick myself for not partnering with such a good group of savvy tech professionals that constantly have their eye on the ball. Unfortunately, I put off partnering with Lender 411 for years just because I have a hard head. Now they play a very sustaining piece to the business we do and the consumer we educate. I say this humbly, but I am currently the number 1 lender in Florida ranked by Lender 411 and I don’t want to stop just there. I am constantly trying to figure out how to utilize and intertwine my business with the brand Lender411. Here's the bottom line: Every business is nothing but a reflection of the owner’s character, personality and integrity. I know for sure that I am on equal ground using Lender411 as a platform to take care of all the folks I deal with.
Cash Cow Funding services the entire State of Florida. The company can pre-qualify a new home buyer for a new home within 15 minutes and email a copy of the credit report. The approval comes with no further obligation to work with Cash Cow Funding. Throughout the lending process Cash Cow Funding provides regular updates. No rate lock fee. No application fee. For more information, call Cash Cow Funding at 1-800-813-3291.