What does it take to succeed in the mortgage industry? Brokers who are “All In” with United Wholesale Mortgage know better than anyone and want to share their knowledge with you in a new podcast called Good. Better. Broker., your go-to source for expert advice from the best in the industry.
In a Rising Rate Environment, Adjustable-Rate Mortgages Are an Underutilized Product for Mortgage Brokers
As more borrowers turn to adjustable-rate mortgages, loan originators need to familiarize themselves with the product. How can independent mortgage brokers determine which of their clients can benefit most from ARMs? Tune into Episode #17 of Good. Better. Broker. as we talk with a pair of brokers who are adamant about ARMs being part of a loan originator’s arsenal.
In this episode of the Good. Better. Broker. podcast, you’ll learn how to educate yourself and your clients on adjustable-rate mortgages and how to sell them.
In this episode, we discuss ...
- 1:34 – Brady’s perspective on the importance of ARMs
- 2:49 – How Brady determines which clients are a fit for an ARM
- 3:38 – How Brady sells ARMs
- 5:16 – How Brady addresses any concerns clients have about ARMs
- 7:38 – How Brady compares an ARM vs. a fixed-rate mortgage
- 9:24 – Why ARMs are an attractive product for financially savvy clients
- 11:22 – Which ARM products Brady focuses on for his clients
- 12:42 – Brady’s advice for other mortgage brokers on ARMs
- 15:07 – Lara’s view of the ARM product
- 16:22 – How Lara evaluates which of her clients could be a fit for an ARM
- 17:08 – How Lara explains ARMs to her clients
- 18:34 – How Lara sells ARMs to her clients
- 19:31 – Why ARMs are a good fit for Lara’s investor clients
- 22:31 – Lara’s advice for mortgage brokers looking to do more ARM loans
Resources Mentioned in This Episode:
Meet The Guests In This Episode
Brady Shimek is an independent mortgage broker at NEXA Mortgage, LLC in Scottsdale, Arizona. Brady spent 8 years in direct lending before switching to the broker channel in 2019. In his 10 years in the mortgage industry, Brady has directly impacted and funded over $1 billion in home loan volume. He specializes in making the complex simple and leading his clients to the right decision.
Lara Locke is an independent mortgage broker in Southern California with a passion for educating people on the homebuying process. In addition to her clients, Lara prides herself on educating and adding value to her real estate agents on how to run a successful and sustainable business. She has been in the broker world for 21 years in various capacities, opening her brokerage in 2017. In the 5 short years Locke Your Loan has been in business, Lara has built a highly efficient team that has funded over 300 loans in 2021 for more than $120 million in total loan production. Her passion for education and understanding the market has led to a sustainable pipeline of greater than 80% purchase business.