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Bak Financial

Erica Bak Shares Her Mission to Make Home Loans Accessible and Understandable

As a mortgage broker, Bak Financial LLC founder Erica Bak’s mission and philosophy is to make home loans accessible and understandable. What sets Bak Financial apart is the straightforward communication, knowledge, and support she provides at every step of the mortgage process. “It feels good to know I am creating reassurance and calm for that homebuyer in what can be an exciting but often very stressful time,” she says.

Erica started Bak Financial last year and has grown quickly in metro Detroit, working with realtors all over the area to help get their buyers into houses quickly. Realtors often call for help after the client has been given conflicting information about their approval or passed from one underwriting department to the next without a straight answer, which can be frustrating. “They just want a straight answer from someone,” she says. Knowing the underwriting rules around income, debt, and assets makes her a valuable resource.

After moving back home from New York City to settle in West Bloomfield with her then-husband and 3 kids, she left the workforce to be a stay-at-home mom. Eventually getting divorced, says Erica, “I realized that because I had let my husband handle the mortgage, I knew very little about my house finances and felt very unprepared. My credit score dropped after my divorce, and I pledged to help educate people so they won’t get into that same situation.”

Eventually, Erica began a second career working as an account executive at UWM, where she learned the entire mortgage business. Erica realized she loved the combination of helping people, working with financials, and real estate. “After I left UWM, I became licensed as a loan officer and I loved it,” she says. “I knew it was what I was meant to do. I knew that starting my own mortgage brokerage was the best way to ensure quality service and low rates.”

Now, one of her favorite tasks is educating people about their finances and the loan process, such as how to improve their credit scores, how to prepare to buy real estate, and how to understand all the fees and paperwork in a mortgage transaction.

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