Interested in purchasing your dream home? You'll certainly want a mortgage lender who knows the area and can work with you and your realtor. CBC Mortgage Loan Officer and Assistant Vice President Rex Dorsey and Marketing Coordinator Haley Barnes discuss what you need to know about getting a Mortgage loan. From where to start, to how to work with Rex and your realtor, the process does not have to be as overwhelming as it may seem. Watch below.
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Haley Barnes: Rex, so let's start by telling everyone a little bit about you. What's your title and position at CBC, what's your background, and what made you get started in banking? I know that's a lot of questions in one.
Rex Dorsey: Thank you, Haley. My name is Rex Dorsey, I'm the Mortgage Loan Officer at CBC and Assistant Vice President. I have been in banking for the last six years. I was in SBA lending originally, in government programs, which actually translated very well into mortgage, so that's kind of my background in banking so far. I was at the Regional Commission for years as the director of lending programs down there before coming to CBC.
Haley Barnes: So, tell us Rex, what exactly does a mortgage lender do?
What exactly does a mortgage lender do?
Rex Dorsey: A mortgage lender is going to kind of walk you through the whole mortgage process, from step one. We will be there to help get you pre-qualified if you're starting to shop for a home or if you're thinking about building a home, what you could be eligible for at that loan amount. So, we meet with you to learn more about what your goals are, what you're trying to accomplish, whether it's refinancing, or like I said, purchasing a home or building a home. So that way we can find the best program that we have available that fits those needs.
Whether you have a large down payment and can go conventional, whether you need a little less of a down payment potentially and go FHA, or if you're a VA or you're possibly buying a property in a USDA eligible area. So, we like to talk with you and understand what your goals are so that we can help you through that process all the way from getting pre-qualified to getting that application done and approved.
Haley Barnes: What local housing trends are you seeing right now? And what would be your advice to buyers during this time? It's a little bit of a different environment than it was, a year ago or two years ago.
What local housing trends are you seeing right now? And what would be your advice to buyers during this time?
Rex Dorsey: It's been a hot market for the last year so there's a little bit of a, it's a bit of a seller's market. Now there's lower, or a little less inventory than there once was. So you've seen, and we've seen, some of the prices go up and buyers are really out there having to look and are making some decisions on whether some of these properties are valued at what they are showing.
Haley Barnes: If someone is considering buying or refinancing a house, what's the first step that they would need to take and how can CBC help them do that?
What's the first step if someone is considering buying or refinancing a house and how can CBC help them?
Rex Dorsey: So the first step I would say would be to get in touch with us, give me a call here at the office, or email me and I'll pick up the phone and call you, and kind of discuss what your goals are.
As I said before, that's the way that first conversation goes. I like for us to see what we're trying to to accomplish so that we can, you know, determine the best product that we have to offer that'll fit those needs, determine whether it's even appropriate to refinance at this time if you are thinking about that, or whether the home you're looking at purchasing is what you should be doing at this time, whether it's something that you have the financial capacity to do right now. We just like to have those conversations in the beginning.
Haley Barnes: What advice do you give to first time home buyers?
What advice do you give to first time home buyers?
Rex Dorsey: So, I would say for first time home buyers, number one - be sure you're ready for that commitment. You are going to be getting into a mortgage for a long time commitment and you want to make sure you're ready for that.
I would say a lot of times there's some sticker shock on closing costs and how overwhelming it can be, it's overwhelming just shopping for a home. So, kind of just take a step back and, again, meet with your mortgage lender. I would suggest even meeting with a realtor. We all could work together to kind of help you understand what your goals are, where you want to be, and what you can afford to do.
Haley Barnes: How can a realtor work directly with you Rex?
How can a realtor work directly with you Rex?
Rex Dorsey: So, of course, with a lot of realtors, there will be some referrals back and forth. We can work with a realtor that has a potential borrower. If they're looking to get pre-qualified, I'm accessible to the realtors to bring that borrower to me to get them a turnaround of a pre-qualification very quickly and the same is back and forth.
A lot of times, I'll have a borrower that comes in that wants to get pre-qualified but they don't have a realtor, and aren't sure where they're ready to look, and so we can go back-and-forth in referrals that way. But many times, I would work with the realtor hand-in-hand on a lot of purchase contracts and things of that nature.
When a customer does begin the mortgage application process, I would definitely work hand-in-hand with the realtor on many of the items that are required and tied to that purchase contract.
Haley Barnes: I know there are a lot of new neighborhoods being established in our area, specifically, I can think like the Hahira area has a lot of new neighborhoods coming up. What advice would you give to first time home buyers coming to this area, or really any buyers coming into this area whether they're just moving from one home to another, how would you be able to help them? And then what mortgage loans are available to them that could be beneficial in those areas?
How would you be able to help first time buyers to this area? And, what mortgage loans are available to them?
Rex Dorsey: Yeah, there are specifically in this the Lowndes County area, there are a lot of neighborhoods sort of popping up out in the county and as a first time home buyer, or anybody looking in those markets, I would just say, go into those neighborhoods and be sure that it is an area you want to be in, check the surrounding area in the neighborhood, and other items you think are important.
That's where a realtor can come in and help, and even a mortgage lender as myself since I am born and raised here. I know the area fairly well and a lot of these neighborhoods I'm familiar with as well.
So, definitely talk to someone that has a local knowledge of these neighborhoods coming up as far as price ranges or accessibility to what's in your budget, are you looking for specific schools, which districts are you looking for convenience, that kind of thing. I would just take all those into consideration.
Speaking to which mortgage loans are available, a lot of these neighborhoods that are out in the county they can be potentially eligible for USDA loans which have some advantages to borrowers including a 100% percent financing and things of that nature. So, you could also qualify for any FHA, VA they are all eligible for those in these neighborhoods as well.
What areas in South Georgia do you serve?
Haley Barnes: What areas in South Georgia do you serve?
Rex Dorsey: So, we serve Valdosta, Hahira, Tifton, Moultrie - those areas where we have branches obviously, other CBC branches, but really, we service the whole South Georgia area, so we can meet your needs anywhere and the surrounding counties.
Haley Barnes: Why should home buyers choose a local bank like CBC? What's the benefit of working with a community bank?
Why should home buyers choose a local bank like CBC? What's the benefit of working with a community bank?
Rex Dorsey: Being from here, born and raised in South Georgia. I know the whole South Georgia area very well particularly Lowndes County and as with everyone else here in the bank. I mean even the in house lenders, if you chose to go construction, that they're familiar with this area as well.
I think just being able to come to a community bank and work with your neighbor on the mortgage process is a lot more beneficial than clicking on rocket mortgage online, or the many available resources out there that offer, low rates, quick approval, one click and it's just, honestly, usually not the case. So, when you can go into a community bank and work with someone specifically that you know that's going to have your best interest in mind and can help help walk you through the process, especially if it is your first time or even if it's it's been a long time, that's important.
Haley Barnes: I know you mentioned that you're from South Georgia and you're from the Valdosta area. What do you like the most about being a part of the South Georgia community?
What do you like the most about being a part of the South Georgia community?
Rex Dorsey: I would say, just community.
I mean being from here and knowing the people – it's just a friendly place to live. People are coming here, it seems to be that people more and more coming from all over and it's just a friendly community, very neighborly. I feel like anywhere you go down here, you're welcomed by the people around.
So, really, it's the people and it's just, it's good old South Georgia. We all love the weather. When it's cold, it's cold. But, when it's hot, it's hot! We just, it's God's country. So, we like being down here and we welcome anybody. Everybody that comes has a hard time leaving.
Haley Barnes: Alright, thank you so much, Rex, for all of your insight into CBC's mortgage department. I appreciate it.