Jennifer Larson of Exeter recently joined The Washington Trust Co. as assistant vice president, mortgage lending. Larson has more than 11 years in the mortgage industry in both mortgage and equity loan products. She provides all types of mortgage lending, including primary, second home and investment property financing, as well as construction and land financing, bridge loans, and other flexible lending packages. Larson graduated from Northeastern University with a B.S. in counseling.
PBN: What are your duties as assistant vice president, mortgage lending for The Washington Trust Co.?
LARSON: My primary role is to originate residential mortgages, but it’s not just about originating the loan. My responsibilities include working one-on-one with borrowers, as well as realtors, appraisers, and attorneys to ensure that our clients are getting the loan that’s right for them.
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PBN: Is there something that clients seeking financing absolutely must know before approaching a lender for a mortgage?
LARSON: Yes, clients should always have a general idea of the amount that they can afford for their “total housing payment”, because the mortgage payment is only part of the expense. The “total housing payment” typically includes the monthly mortgage payments, as well as property taxes, homeowner’s insurance, and in some cases, mortgage insurance. That’s why its always a good idea for borrowers to prepare a general household budget to calculate their total monthly expenses.
PBN: From the borrower’s perspective, what are the minefields in the home loan industry today? What about from the lender’s perspective?
LARSON: From the borrower’s perspective, there are a lot of myths and misconceptions regarding the difficulties in obtaining a home mortgage. For example, you do not need a 20percent down payment or an 800 FICO score to buy a home. Home buying can be a rather simple process if you know what loan programs are available and meet with a trusted advisor to assist you. Some people may not even realize they have a great opportunity to buy a home right now, while others may need a little more time to get prepared for buying. In either case, it’s my just to help borrowers in both situations. From a lenders perspective, many of the minefields today are not created by the lenders. Many of the delays are issues with the condition of the property and the title to the property. All too often, it is title and property issues that can delay the purchases.
PBN: How did you go from graduating earning a B.S. in counseling to being a mortgage lending specialist?
LARSON: Since there is a lot of counseling involved in my position, it was a natural fit. Being a good mortgage professional involves listening to people and understanding their dreams, concerns and unique situations. I enjoy working with people and helping them realize their dreams. My biggest reward is sitting across the closing table when my clients either purchase or refinance their home knowing that they are completely satisfied with the decision they made.
PBN: What do you wish you had known when you were buying your first home?
LARSON: Unfortunately, my husband and I did not have a good experience when we bought our first home. So, when I got into the mortgage business, I vowed that that I would never let that happen to any of my clients. It is the reason that I educate my clients on the various loan options, help them set attainable expectations and realistic time frames, and provide accurate costs of their home loan. There should never be any surprises at the closing. Today, there are so many more programs available than when I first purchased a home, especially at Washington Trust.
