Q & A with SunTrust’s Wellborn Price: Our Friendly Neighborhood Mortgage Broker
“I met Wellborn through some clients of mine several years ago and immediately liked him. He is great with customer service – very responsive to me and also to my clients. I think SunTrust is reputable and has good products, especially for doctors! Wellborn always gets a deal done on time!” - Erin Yabroudy
We don’t speak mortgage rates, and we don’t try to act like we do. We’ve got good people on all sides of our team. We know what questions to ask and who will have the best answers. So for this post, we went straight to the experts. We asked SunTrust’s Wellborn Price, to let us pick his brain for this blog post. Here’s the interview:
What are five things you think first-time home buyers should know?
- Know their max purchase price and stick with it
- Make sure you are comfortable with your lender and agent
- Make sure your down-payment is put away and don’t dip into it
- Factor in the taxes and insurance
- Set a home inspection
This is probably the question we get most often. People who don’t do much home buying, and by not much, we mean the ones who have never bought a home are most afraid to take the plunge and do it. It’s a big commitment, but it doesn’t have to be as scary as it seems if you know the facts. Take his advice. Don’t bite off more than you can chew and trust the people who are helping you.
What’s happening with Interest Rates?
They are the lowest they have ever been. I think they will stay in this range through the end of year and will start trending up sometime next year.
Moral of the story: NOW is the time to buy!!!!
What is significant about the current changes in the real estate market and where do you see residential real estate going/how do you see it changing in the future?
I think we have several more years before we fully recover. I think once the economy is strong and more people are employed, we will see A LOT more buying and selling in the real estate market. I think most people are hunkering down and waiting for the market to turn before listing homes.
How long should buyers expect the turnaround time to be to attain financing?
From the date of the executed contract I tell people we need 30 days. It used to be 21 days and now, it is 28.
Is there a reason for this?
99% of the loans that are originated are sold on the secondary market. These loans have to be absolutely perfect or the investor will make the lender buy back the loan which is un-profitable for banks. This means every aspect of the loan is scrutinized by more than one person and it just takes more time as there are more check points
Why use SunTrust?
SunTrust is the largest Residential Mortgage Company in Atlanta. I have been in the business for 10 years and 8 have been with SunTrust. I know how to get the hard deals done.
The best part is Wellborn is here to help us. If you have questions, please ask them in our comments section below.
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Happy Hunting!