Jim Owens

I am both a Loan Officer and a Mortgage Broker. We are a bank that lends our own money, but we also have the ability to broker loans to other lenders locally and throughout the country. I specialize in loans to borrowers with good credit, but difficulty documenting income. These are often self-employed borrowers. I specialize in Jumbo, Conforming, Alt-A, and Government loans. Our bank also does reverse mortgages, and I can refer borrowers to our in-house expert.

CFSB lends in all 50 states. We are a federally chartered savings bank.

Borrowers should look for a loan officer with the ability to determine the borrower's motivation, willingness to be up front and honest about the options available, and the experience to help them find the program that best suits their needs.

Open, one who is willing to fully disclose their motivation and financial situation (it all comes out in the underwriting process). The more I know, the more accurately I can determine the appropriate financing options. Responsive borrowers are great, the faster they can get me the required documentation, the quicker we can do the loan. Experienced or inexperienced borrowers are equally fun to work with.

There can be several reasons to refinance. For example, if the new loan helps their cash flow (reduces the monthly payment), saves them money in the long run (by reducing the interest rate or loan term), adds security (moving from an ARM to a Fixed rate) or if it provides them additional cash to be used for a productive purpose (not just to buy a flashy car or to go on vacation).

The biggest mistake a borrower can make is not understanding the terms of the loan that they are entering into. A good loan officer should be able to explain the nuances of the loan product, its benefits and potential pitfalls, while matching those to the borrower's needs.

Full disclosure and open conversation are the key to helping your lender understand your needs and resources. Be completely honest about how income, employment and assets can be documented. Once the lender can understand your motivation and full financial picture, they can then begin to find you the right loan. The process may sound scary, but it can really be very simple and painless. Homeownership is a great thing!

It is an exciting process, it is ok to be curious and ask questions. That is the best way to determine how knowledgeable and responsive your loan officer is.

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