The big, scary mortgage process is a little less big and scary with a loan officer you can count on. I know I can count on Alexis Heinz. She’s more transparent and creative than any other loan officer I’ve worked with in the past. Mortgage lending really is all about knowing every tool at your disposal to get you the best deal possible. As a homebuyer, you need someone who can put all that high level banking knowledge into simple terms with your best interest in mind. Let me introduce you to Alexis! My favorite Alexis-story is when interest rates were really volatile in fall of 2022, she stayed on top of the ineterest rate for my buyer clients and floated their interest rate down to the lowest rate during their lock period. It saved my clients a couple hundred dollars per month in mortgage payments. Let’s hear what Alexis has to share with us!
Tell us a bit about your personal and professional background. What inspired you to pursue your current career?
I was actually a teacher for 12 years before coming into the mortgage business in 2017. My dad, Larry Boyd, has been a Loan Officer for almost 40 years – so I grew up around it all, the highs and lows of the business. But in 2014, he started talking with me about coming into the business with him. I put him off for a couple of years, but then decided in 2016 to go for it. I figured if I didn’t like it, I could always come back to teaching. So I finished the school year, and then joined my dad at Patriot Bank Mortgage in July of 2017. I have never looked back.
What distinguishes you and your team from other mortgage lenders?
Honestly, there are so many things that we at Patriot Mortgage bring to the table. First and foremost, we are part of a bank – which gives us freedom to do equity lines, construction loans, ARMs, Bridge Loans, and other creative financing to get a deal closed.
Probably, the most important piece, though, especially to our agents, is that we have in-house underwriting. Our files do not get sent out; they aren’t shipped to a different location, different city, or outsourced. Our underwriter is with us in office. So, when we grant a pre-approval, it is done with the confidence that it has already gone through a preliminary underwriting. This also allows us to close a home loan in as little as 14 days.
Let’s say your client is overwhelmed by the mortgage process. How do you help the everyday person understand what to expect?
I used to teach. The mortgage process absolutely can be overwhelming. My teaching background has allowed me to be able to explain clearly and concisely to my borrowers what to expect and what the parts mean. More than anything, though, I stay in touch with them. I want them to be comfortable in asking me questions or advice throughout this process and even after.
What are some typical loan types that you offer? How do you determine what type of loan is best for each client?
This is a lengthy question! But I will summarize. We offer Conventional options with as little down as 3%; we do FHA, VA, and USDA loans. We have in-house down payment assistance. We are also approved through the City of Memphis and THDA to use their down payment assistance. And we are just about approved to use Mississippi Bond money to offer assistance in Mississippi as well.
We also have bank products – home equity lines of credit, bridge loans, construction loans, ARMs, and Balloons.
This is probably a ton of terminology and information so we encourage all buyers just to call and talk through their situation. That way, we can offer them the options that best suit their needs!
Is it true that a homebuyer must pay 20% of the purchase price as a down payment to buy a home?
Absolutely, not. We have 100% financing options – meaning 0% down payment; and we have 97% options – that allow for just a 3% down payment. The 20% down myth/rule is only necessary when not wanting to pay mortgage insurance; but it is not always wise to deplete your savings just to avoid paying mortgage insurance which can often be a nominal fee.
Is the down payment all the cash that factors in to closing on a home? Are there any other fees a homebuyer can expect to pay when taking out a home loan?
Down payment is the amount of money desired or required to put towards the actual loan. But there are other fees to be aware of in the homebuying process that are outside the loan itself including closing costs and prepaids.
Closing costs include items such as the appraisal, the attorney fees, credit report costs, flood certification, etc.
Prepaids include your homeowners insurance – paid upfront, as well as your escrow which includes homeowners insurance and property taxes.
A good estimate for these extra costs is around 3.5% of the purchase price.
How do you stay up-to-date on the latest trends and options in mortgage lending?
We read constantly. We see what others are doing in the industry. Sometimes we reinvent the wheel; sometimes we don’t. We have made it a point to stay up-to-date with the changes; but even more so, we try to stay ahead. We want to make the homebuying process as easy as possible for our buyers, and that means finding and creating programs to help them get into the home they want!
A big thanks to Alexis for her valuable time and expertise! As a realtor, I have a wealth of vendors and trusted experts in their respective fields. If you want to talk about how my team and I can best serve you in your real estate transaction, I would be more than happy to outline my work flow with you and see if we would be a good fit for each other.