Yo! In case you’ve been sleeping under a rock and not at a home of your very own, interest rates are hovering at all time lows. This means if you’re looking to buy or sell a home, or refinance your existing loan, there’s no time like the present.
Except the part where as soon as you go to a website and make the mistake of inputting your contact information into a random loan portal you get deluged with solicitations from the most unsavory of folks. I made this mistake and was sent ‘official’ looking paperwork from rando companies attempting to compel me to contact them.
When it comes to these types of decisions, I’ve found it best to work with someone I know and/or someone who is referred to me by someone I trust. In this case, Eric Vaca from Finest City Home and Loans, serviced our initial home loan and works closely with my cousin, real estate agent Vincent Ramos, to help his buyers get into their homes. Eric helped us get into an incredible re-fi that puts us on course to pay off our home sooner and more cheaply.
I recently sat down with Eric to learn more about how his business operates and why someone would consider working with Finest City when there are so many damned options.
1. Explain your job like you were talking to your daughter’s 5th grade class.
Finest City Homes and Loans services our clients with buying, selling and financing residential real estate.
We help first time home buyers purchase their first home, families purchase their move-up homes & investors alike purchase multiple properties to build their real estate portfolio. We sell entry level condos to multi million dollar estates.
FCHL is truly a one stop shop so home buyers can handle the financing in house which streamlines and simplifies the process for our clients.
2. What role does your company play in the home buying process?
Finest City Homes and Loans is one of the very few brokerages that offer both home and loan services to our clients. Having knowledge of both of the major moving parts of a transaction gives our clients the edge they need to successfully close transactions with ease and simplicity.
3. Tell us about your company. How many years has it been around? How many employees? What makes you most proud?
Established in 2005.
Boutique RE company with personalized service.
Seasoned Real Estate and Loan Officers all 10+ years of experience
We have about 15 RE agents , 10 loans officers and 6 employees as a support staff
I’m most proud that we have built a business off integrity. All my agents/Lo’s are relationship based. Meaning we put the clients best interest first and the rest is easy. We ALL do not do any marketing other than “by referral only method”
Most of my agents ( including myself) have grown with our clients. Being in the biz 20 years I have sold first homes to some of my first clients, we are now on their 3-5th+ property. Have treated our clients like family over the years.
Additionally most of my staff/collegues have all worked together for 10+ years.
4. Define a few terms. What’s a lender? What’s a broker? A loan officer? How do they all work together?
Lender funds/finances the loan on the property
Loan Officer consults with clients to help them determine which loan product best suits their needs.
Loan Officer works on behalf of the client to package their file up and put the client in the best position to get the client the best loan product.
5. If I’m buying a home, what are 2 things I should look for in a lender?
Best service and ability to close as promised.
6. If I’m refinancing, what are 2 things I should look for in a lender?
Product knowledge and confidence the company / LO has my best interest.
7. What’s one sign that you might want to consider another broker/loan officer?
Inconsistency , not delivering as promised whether it be interest rate, costs and/or meeting time frames.
8. What’s one common mistake you’ve seen people make when borrowing money for a home?
Not consulting with a wholesale mortgage broker. Wholesale mortgage brokers do the shopping for the consumer. Big Banks (Chase, Wells Fargo , Us Bank ETC) put their interest first. We are Brokers , We are Better.
9. When there is so much competition in your industry, how do you continue to grow?
FCHL grows organically. Growth is not our concern. Servicing our long history of trusted clientele is our number one priority. The growth happens organically.
10. What’s the market like in the final quarter of 2021? Who should consider borrowing or refinancing?
Market is HOT. Inventory is at an all time low while rates are historically low. Despite the pandemic RE is booming. Its important to be teamed up with an excellent Real Estate and Loan Agent in order to successfully navigate a closing in this market. Product knowledge in the loan world is crucial. This is the time to set up the best loan rate in our lifetime.
If you’re in the market, reach out to Eric and his team at Finest City. They’ll treat you as friends.