S3 Episode 6 - Luis Sanchez-Santana
Welcome to season three of the Dr. B show sponsored by one 11 spa and aesthetic. Get More Clicks Media and Transforming Your Way to Success. Online course, powered by Borja Consulting Group. And this episode of the Dr. B show, I interviewed Luis Sanchez and Tana VP of lending, uh, for a guaranteed rate. I really wanted to interview him for a long time.
I'm happy to have him on the show as we discuss the state of real estate and where we're looking for the rest of 2020 to hopefully enjoy that.
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This is Dr. B another edition of the Dr. B shows season three. I'm here with my boy Louis Sanchez, Santana. How are you? Good. Good. How are you? Great, great. Happy to be here, recorded early March. Uh, so that if he says something out of, you know, he gets released later on full, full disclaimer. Right. Good, good, good.
Any time? Any anytime. Thank you for being on the show today. So let's jump right into it. So I'll tell, tell the world, uh, about yourself. Yeah. So I'm Louis Sanchez Santana, right though. Sorry with that a lot of sanctions are out there, so how to throw the Santana, but, um, I'm a mortgage loan originator, and current sales manager and guaranteed rate.
Um, and aside from that, I'm also in the army national guard and then for about 17 years and, um, yeah, that's, that's, uh, that's me in a nutshell. I love it. I love it. How'd you get into the mortgage business? So a funny story. So it was actually trying to help other people out here, particularly soldiers.
So, uh, where I used to work, uh, there was a job fair. And so I decided to go downstairs to try to grab some stuff for my, uh, for my soul. And so I came across a mortgage company, um, that had a table set up. It was HomeBridge at the time. I think, their name is still HomeBridge. Um, and the gentleman at the table to talk to me about some of it, and it kind of piqued my interest.
Um, next thing you know, I studied for the status to dissatisfy passed it and then I want to hang that license. So that was back in 2014. Wow. Wow. Eight years ago the, see me, I got married. Ironically. Good, good, good, good, man. I appreciate that. That's a great, interesting story, right? It always starts with trying to help someone small, and then you say, you know what, maybe I can monetize off this or help out more people.
Right. So that's great. Great man. So you are currently with a guaranteed rate, right? So you've had other roles, whether it's, you know, other stops I'm lending home loans, freedom, mortgage, mortgage, right? What has all that? Taught you today for this role now at guaranteed. Um, so, you know, it's, it's funny, right? That, that I moved so much and, you know, things happen for a reason.
I'll put it that way. But the biggest takeaways that I, that I took away from those different, uh, companies was how to really. Uh, set a foundation for me, right? And build me out as a loan officer. Um, so I was able to see how different organizations and different banks did things and build out different CRMs, um, supplier relationship management programs.
Uh, so, so that's actually helped me a lot that, all that experience, uh, and especially seeing how different things could be done. Uh, has put me in a position of leadership, right? As a sales manager, to where I can share that experience and actually build out systems, uh, internally here at the branch, um, to, to help the overall growth and progression of the branch.
So, uh, thankful for every, every single one of those organizations and everything that I learned while I was there. But, um, that's, those are the biggest things that helped me put off. No, I love it. Love it. Uh, you mentioned how you were a training officer currently with the New York, New Jersey army national guard.
So thank you for your service. I really appreciate that. But what is, um, you've been, you said you've been doing this 17 years. How has the? Helped you professionally, professionally, whether personally and professionally, I meant to say, uh, whether it's what you're doing now, or even personally, how does that, how has that caper kept you grounded or how, how has that helped you?
Uh, whether it's leadership traits, whether it's, you know, you name it, how does it, how has, uh, being in the army. Yeah. I mean that's 17 years, 17 years. Right. You know, my current position is actually just its officer within the national guard. Uh, but how has it helped me? I mean, Uh, pretty much my entire life.
Right. I joined at 17 years old. So, um, that's all I knew, but the biggest, the biggest things that I've taken away from it, um, is the leadership trait, um, you know, Coming up from, you know, I'm not sure if everyone is aware of the structure, but coming up as a private and then eventually down further into my career transitioned to, as an officer, um, I was able to be on the ground level, you know, doing, doing the work and going through the pains.
Um, And seeing how different leaders, uh, interacted with soldiers and stuff like that. Uh, and then eventually being led up to, to want to be at the leadership level. Right? So I went through different stages of leadership, but every stage taught me something new. Um, it taught me to be adaptable and, and understand that no matter where you go is always about.
It's all about people, right? Um, regardless of what business organization or anything that you're in, you always got to treat people as people first, before anything else. Right. And, and understand that not everyone is a one size fits all type of approach. Um, so different people have different motives, different, you know, target, uh, target points or, or pain points you just say.
Um, so the leadership. Part of the military and the structure, part of it is what I'm most grateful for. Um, because it's led me to be what I am today. Um, and now only wanting to help people in different ways. The leadership is, uh, is probably the biggest, uh, learn a thing from the military that I took. Yeah.
Amazing. Right. Especially now being, uh, having to adapt like all of us. Right. Because of course there'll be being to be adaptable to our environment, to the individual, to the team. Right. So it's all aside. It's all about that. Adaptability right? So, I love it because good man. Thank you so much. Appreciate it.
All right. Let's get technical a little bit. So, um, I, um, I found something in real quick, as of, uh, as of today bank rate, the current rates in New Jersey, you know, obviously March 4th, uh, and this will be released later in the spring 4.12 for a 30 year fixed 3.42, um, for a 15 year. Uh, and 3.2, four, a five, and five over one adjustable rate mortgage.
Right. So would that be and said, do you think, and I, I remember right. Um, it was, it was as high as five and went down to below three and now it's jumping back up. Do you see it jumping back up after the feds kind of meet again and a few days or a few weeks from now? Where are you? What are your thoughts?
So I'm going to give you the crystal ball answer that nobody really knows. I mean, we can all put our opinions and things like that based on what the market is doing. I know we, we even have like a RateWatch, uh, software that kind of gives us, you know, the details of all the news coming out and kind of like.
You know, the suggestions as far as, you know, whether you should lock or with the flow and stuff like that. So, you know, it's been pretty volatile since the new year. Um, right. So right before 20 20, 2 of the rates were at, still hovering around, you know, three to 3.37, five or so. Um, and then as soon as the new Derrick came in, it was boom talks about inflation.
Um, you know, and then the reason stuff, when your crane, uh, they kind of. Kicked it up. So they've been kind of like this, you know, going up. So my answer is simple is w I, I personally can't even tell you if I know that, but they're probably gonna go up a little bit here. Um, but it might fluctuate back down.
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So, and it's been very competitive, right? Not much inventory. Uh, and then whenever whoever sells that the buyer's going to be asking for a lot more than the asking price. Do you see that kind of adjusting, you know, in a couple of months, once let's say, uh, Once folks get off forbearance? Once we all know who's in foreclosure, who's not.
Do you see that kind of a balance set out, balancing out as far as the housing market? What are you, what are you talking to? Yeah, I think it'll balance out eventually. I mean, if you look at 20, 20, and 21 COVID happened, right? The rates eventually started to drop down into the tombs. Um, and so what that created was a, uh, an abundance of buyers, right?
Because everybody caught on to the news after a while, right? The inventory started dying out the mess. So as the inventory started on out, people caught onto that supply and demand. The prices started going up. So it could be kind of the same thing, right? Just an opinion here, but it could be the same down on the opposite side.
Right? Not everybody's caught on to the news that the race are, you know, there's, they're not watching unless you're in a business. Um, so if the rates continue to go up, it's going to kind of, you know, The, the the pool buyers, just gonna start to dwindle. That's the inventory it's going to start to build out and then it becomes a buyer's market.
So that's my opinion. Um, but you know, we'll see what happens in the monster con, but it's a race to continue to go up or stay where they're at right now. Um, then that's probably going to attach up. I think it would be, I agree with you. And I think it'd be, it'll correct itself out at some point this year.
So it's a see-saw effect. Exactly. Exactly. Exactly. Well, speaking of the challenges of purchasing homes, right? So. Why do you think I'm gonna ask this question to another, to my other guests before you actually, so why do you think people struggled for the American dream to purchase a home? I mean, is it, you think it's a lack of knowledge of the programs that are out there for first-time, home buyers, et cetera, or even for the military?
Um, do you think it's a lack of credit or bad credit that you think it's a lack of capital? Not knowing. If it's three and a half, if it's conventional up to 2015 is a combination of all the above. Why do you think folks struggle for, to, to kind of a. Make that purchase down on me? I'm going to say all the above.
Right. So, I mean, it really starts with education. Right. Um, you know, I don't, I don't think this is something that's taught in high school. I mean, I'm down in high school for a little bit, but I don't have kids, so I'm not, I don't know. I think it starts with education. Right. Um, so we'll, we'll start with the lack of credit.
Um, you know, I think the biggest thing that keeps people from actually qualifying for a home is credit. Um, and that's just because people don't realize that they have to monitor their credit up until they're ready to buy, and then they realize that their credit isn't where it needs to be. So, um, just from personal experience, you know, I bought my house.
And in 2012 and I didn't go to monitor my credit. And so it was that time kind of, sort of, right. I kind of knew that I had to look at my credit. So eventually I did, um, I, I downloaded an app. I'm not gonna mention anything. So it doesn't sound like I'm selling, I wasn't getting endorsed for it. Right. So, so I personally use a specific app that I've used for over 10 years now.
And, um, It's just taught me everything that I need to know about credit, but I started out with a, you know, what, a 5 22 credit score. I got it up to where I needed to get it, to buy a house within a year. Um, so where I'm leading with this is that if you're planning to buy a house, um, you should probably start.
Looking at, you know, you're trying to add your income, your assets about two years out and figuring out the stuff that you need to do, uh, in order to, to buy a house. So don't, don't wait. And so the day that you're ready to buy a house fluid prior to, and be ready to buy a house when it's. Um, so, so lack of credit, the lack of knowledge is, is it's just part of all that.
It encompasses all the credit and the assets and the income and everything like that. Um, so if you, if you see an opportunity to attend a first-time home buyer seminar, I have one tomorrow, by the way. This is not going to publish time.
So if you see a first-time home buyer seminar or anything like that, don't wait until you're ready to buy a house to attend them, attend the seminars and kind of start, you know, getting your, your education right. In terms of buying a home. Um, and then I think you said like a P capital, I mean, that, that comes with.
Prepare two years ahead of time, you know? Um, so yeah, those, those are the biggest things that are the biggest hurdles is definitely credit. Right? And then after that, I would say it's probably, um, assets. Your income is what it is. You can, you can try to find better jobs or get more income, but the biggest part of income is also debt, right?
So you can make a hundred thousand dollars, but if you have, you know, 60, $70,000 in. You know, or your monthly expenses going towards that offsets your income, then you're in the same boat that no, of course, of course. And I know, um, me personally, I have issues with student loans because of, you know, all the schooling I did, but I know, I know that, uh, I know, I guess federal, uh, I thought at the federal level, right.
I guess they're being more leaned on that, correct? Cause I correct. Yeah. Yeah. So, uh, I could give you the breakdown really quick. Say FHA updated their, their student loan, um, requirements. So basically if it pulls in the credit, that's the third or you're paying zero, we can actually do 0.5% of your overall balance, um, for confer.
Liability con uh, calculations and Freddie Mac on the conventional size, the same thing. Um, Fannie is 1%. So those are, those are the biggest things. VA has its own calculations, which I'm not going to go into, but yeah, VA has its own type of nuisance for certain ones as well. That's great. Well, thanks.
Thanks for sharing that. How can your organization help? Um, With, with those challenges or just any challenge in the dental. So how can you know, I'm sorry, go ahead. How can guaranteed rate and how can the work you do kind of, uh, help these folks out get homes here in New Jersey? Yeah, so, I mean, I'm, I'm more like this year, especially, I'm more focused on providing education and that's how I treat all of my clients.
Right. I want to make sure that our mind is. Um, th that we answer any questions that they have based on their research or, or if they have any past experience, you know, word of mouth through friends or not. So I, I like to start with addressing questions. Um, as far as education goes, you know, Right down the processes and the things that we looked at just to see if they have any other questions based on that.
Um, but overall we're where he was before a mortgage company. You know, we do pretty much every product out there, plus some, some, uh, not qualifying mortgage products. So we're here to try to find the right product for the right customer. Because again, it's not a one-size-fits. Um, so we, we, where we evaluate apply, we evaluate their credit income and assets.
Um, and then we figure out what the best structure is for them because it's now always FHA is not always conventional. It just depends on the overall profile of the client. So what you get here is a full service. Um, you know, and if, if you know, that's a big, you know, qualify at the time, I'm not going to leave you out to dry.
I'll give you some pointers and things like that. Um, so that was. Maybe six months, a year, two years and come back and then you'll be ready to buy a house. So that's what we, that's what we offer here. Awesome. Great man. Greta, a great conversation with you. How can people find you? Oh, absolutely. So I'm going to, she, uh, pretty much across all the social platforms.
So, um, my line of my Instagram is on this and lender. You can find me on Facebook. Lowe's, you know, Sanchez, Santana guarantee rates. Um, and I'm also on LinkedIn. Um, you can always call me or text me at 2, 2 8 5 9 8 1. Or you can email me as well. I Louis dot Sanchez, Santana every.com Louis pleasure to have you on the show.
I'm wanting to get you for a couple of weeks. I'm glad I finally got you. And I'm happy we had these, uh, very informative and straightforward and awesome conversations that thank you, Louis, for being a Muslim. Thank you, man. I appreciate the opportunity and thank you so much. Thank you, Luis Sanchez, and Santana everybody.
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That wraps up our episode of we Sanchez Santana VP of lending for guaranteed rate. We had an amazing conversation about the state of real estate you learn something about real estate and MV is still struggling. When you that working still on that top of the funnel with leads, get the course, Transforming Your Way To Success at BorjaConsultinggroup.com
Dr. B.
