Whether you're buying your first home or refinancing, having an experienced team to guide you is essential. Megan De Tore McDermott, originating branch manager at CrossCountry Mortgage in Denville, has spent 22 years helping people succeed in homeownership. She shared her expertise to help simplify the mortgage process.
What inspired you to become a mortgage lender?
After a year as a sales assistant and learning the components of the mortgage industry, I realized I had the ability to be an advocate for homeowners in an efficient and honest way. I am straightforward and my integrity means everything. I am here to educate, advocate, and advise clients to make the best financial decisions [for them].
What’s the biggest misconception about mortgages?
Everyone asks: ‘What’s your rate?’ It’s not what my rate is— it’s the rate that you qualify for. The misconception is that any lender can throw out a rate. The person must qualify. There’s many different loan programs, so it goes way deeper than setting an interest rate.
What are some external factors that determine when to buy and when to wait?
You’re buying a home for one of two reasons, or a combination of both. Life circumstances, [meaning] you’re going to have to accept the terms of the market at that point…or you want to move because you have the money to move. If it makes sense for you to purchase a home and you can afford it, the market conditions are going to be the market conditions. The market is a roller coaster—sometimes it’s up, sometimes it's down, but it’s never standing still. There’s always an opportunity for refinancing.
How can someone improve their eligibility to get a mortgage?
One factor in qualifying to get a mortgage is your credit score. Being in the business for 22 years, I’m a credit expert. If someone doesn’t qualify initially, I’ll give them suggestions on what they can do—maybe in three months they can get to a place where they do qualify. Your income is going to dictate what you can afford monthly, which will dictate your purchase price in conjunction with a downpayment.
How much money should someone save for a downpayment?
Because of the competitiveness of the market, homes are selling well over asking and there are multiple offers. Sellers tend to accept offers with terms that are the least risky—having a larger downpayment can help, but there is no golden number. New Jersey’s Grant Program can provide an extra $22,000 for eligible buyers.
What’s the most rewarding part about helping people secure a home loan?
When a person was turned down at another lender or doesn’t think they’re in [the right] financial position and we figure out ways to get them qualified. At the end of the day, my job is to win. I want to win, I want my buyers to win, and I want the agents to win. When you are all working toward the same goal and you’re changing people’s lives by putting families into homes, it is the most rewarding thing ever.
For more information, contact Megan De Tore McDermott at behappywithyourmortgage.com.
"When you have an agent and lender who are in sync and working strategically with a buyer, that’s when you execute the best results."