05/24/2022
I'm Reese the Realtor with EXP Realty, allow me to fight for your business. Today we're going to be talking to Kyle Wolcott with Academy Mortgage. He's a lender, loan officer and Kyle, tell me a little bit about yourself.
Yeah, thanks for having me, Reese. My name is Kyle Wolcott. I am the branch manager for Academy Mortgage South King County. I've been in the mortgage industry now for about 10 full years, serving clients throughout Washington, Oregon, and Arizona. And for the past two years, I've been ranked within the top 1% of loan originators in the country. So, thanks for having me. Reese. Give me the opportunity.
Reese: What are some of the main questions you hear either from buyers or sellers when you are dealing with that first phone call you get?
Kyle: Yeah, it's a great question. The number one question I'm getting right now is it even possible to win in this marketplace? And the answer I give to that question is absolutely right. If you have the right team behind you, if you stay persistent, and if you position yourself strategically with a fully underwritten approval and offer the seller the ability to close quickly. So, if you follow the right plan with the right team, you will absolutely find success in our marketplace still.
Reese: Well, I got to ask you, I have seen it and you probably have seen it as the years have ticked up, everybody's wanting to know about the rate. Where are the rates at? Should I have bought two years ago? Why should I buy now?
Kyle: Yeah, it's a fantastic question. Here's the thing. Rates are absolutely on a steep and steady increase. There's no doubt about it. But simultaneously, it's also true that with COVID restrictions easing, we're also seeing the return in development of products and programs that were put on hold or hiatus during the Kobe regime. And so, whether that's first-time home buyer programs offering 100% financing, whether that's Arm products making a resurgence or jumbo products offering new and attractive options, there's a lot of pieces there to consider. Another thing to keep in mind when it comes to rates is the historical perspective. Right. So, if you start looking at rates when Freddie Mac first started recording them back in like 1971, and if you follow that chart through today, you're going to see those rates historically outside of the past ten years, they've always been higher than they are right now. And at this moment, rates are basically comparable to where they were before the pandemic started. So, my advice to people on the rate question is to focus on what you can control. Right. We don't really have much control over rates, the economy, the government, et cetera, et cetera. But we do have control over our credit score. We do have control over our debt load or our asset savings plan or the number of hours you're working in the advancement of your career. So, my advice is just to continue to position yourself for success and with time, you will achieve your home ownership goals.
Reese: Another thing following up with that. So, you have probably seen, and I know you've had clients that have said, well, hey, we do want to sell. Are you licensed in another state? We want more bang for our buck. We got to sell now. We want to hop in this, make some money and let's say the significant other has a great job opportunity. How does relocation work when you've got buyers buying here or you got sellers selling and they want to get approved for down the road into a different state and it has nothing to do with they don't like their home, but they just maybe want more bang for their buck and they want so tell me more about relocation if you've got people more than you've seen in the last few years.
Kyle: Yeah, it's a fantastic question. Lots of people are relocating. Whether that's out of Washington to places like Arizona, whether that's from all over the country, people from California come into Washington. There's lots of people relocating right now. And my approach is always a proactive approach and here's why. Whether you're a VA buyer, a conventional buyer, an FHA homebuyer, you're looking at USDA programs. Each program is going to have unique dynamics surrounding guidelines, job contracts, right? Are we closing before the first pay stub? Are we closing after the first pay stub? Are we navigating simultaneously? Simultaneous closing where they're selling a house and they're buying a new one. So, my advice is always a proactive approach. Let's get your application in hand, let's get your approval taken care of. Let's navigate your job contract. Let's have a plan on closing date. Let's navigate all those options and pieces in advance. So that way an offer on a house and we have a contract in place. You've already prepared yourself for success, right?
Reese: Well, it's informational. It's great for buyers and sellers to hear that thing can still be done and things are still moving at a fast rate. If you guys want to find Kyle, Kyle Wolcott at Academy mortgage, you can search them online for all the regular apps and you find Kyle Wolcott with Academy mortgage. Thanks, Kyle. Furthermore, I hope that answered questions about rates, relocation, more about Kyle and the programs he's willing to work with. You guys. Thanks a lot for being here.
Kyle: Hey, thanks so much for having me, Reese. That was a lot of fun.
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