This month, we got some insight from Kathy Peterson with Waterstone Mortgage about all things mortgage and home insurance. We love working with Kathy, as she is a great referral partner of ours, and would refer her to any of our clients! Read below to find out some more info on Kathy and how mortgages and home-buying can correlate with homeowner's insurance.
1. Who are you and what do you do?
I am a licensed Mortgage Loan Originator who assists new and repeat home buyers as well as people refinancing residential (1 to 4 unit properties).
2. What is a typical day for you?
I am generally meeting customers at one of my many conveniently located office in Hudson, Woodbury and throughout the Twin Cities - or attending one of my closings (I show up at all of my purchase closings!)
3. Who is your ideal client?
I work with everyone, from first time home buyers to someone purchasing their dream vacation or lake property to a new home build. My customers will tell you that they receive much more personalized service from me in contrast to your typical lender. I take care to ensure everyone always has the answers they need before, during and after the home buying/financing process and always make myself accessible.
4. What is something that most clients forget about during the home-buying process?
To try and relax and have fun, it can be a very stressful time especially if it is a first home, however it's an exciting time too - there is such a pride in home ownership and so many benefits to being a homeowner!
5. What is your most frequently asked question?
What is my interest rate?
6. And the answer?
It becomes somewhat of an education process because there are many factors involved that some people don't realize, such as FICO/Credit score, down payment, and property type.
7. How does homeowners insurance affect your business?
It is directly correlated with home mortgages because it is a requirement to have insurance on a "mortgaged" home in our industry.
8. When do you recommend home-buyers to start looking for insurance for their home?
We encourage our borrowers to start contacting their agent early in the process to get quotes so there are no "unpleasant surprises" later in the process. We are required to have proof of binder at underwriting submission at Waterstone since it directly affects the borrower's debt to income ratio and qualification.
9. Do you have any online resources that can help home-buyers?
Getting Started - Close-on Time Calendar
My website has a wealth of info too!
Looking for more information on homeowner's insurance? Click here.
Need a homeowner's quote? Click here.
Written by: Kaitlyn Shea
Eagle Point Insurance, Inc