Speaker 1: 0:30

Well, I'm Mary Krieger. I'm a residential mortgage loan officer, Been in the business over 30 years and as a loan officer for 24 years. It's hard to believe, but whether if somebody is looking to purchase or refinance or build or renovate investors, owner occupied second homes, all kinds of mortgage programs out there to meet everybody's needs, so there's definitely a loan for everyone.

Speaker 2: 0:59

Yeah, I love that. Now, before we get into all the nitty gritty stuff, I'd like to know a little bit of a background about yourself and how you got started in this industry and what's led you to where you are today.

Speaker 1: 1:06

Well, it wasn't what I grew up necessarily envisioning. I had doctors in the family my grandfather and for whatever reason, I was thinking I would be in pre-med. But when I practically failed out of biology in college, that changed my trajectory to a standard business. But I did focus on real estate and finance and coming out of college I thought I wanted to be a real estate agent. I was in Texas, even though I grew up here in the Virginia area, did go to school in Texas at Southern Methodist University and all the billboards and everything were big with the real estate agents and I thought that would be exciting. But I didn't know. It was 100% commission and when you go out interviewing for those jobs it was like well, I got to get a job and help pay off these student loans. So I was fortunate to get into the mortgage banking space right then, with a premier lender at the time and a great training program, and I've never looked back. It's been exciting.

Speaker 2: 2:00

No, I love that. Were they able to help you with, I guess, that transition into that role? Or did you have a coach or mentor, or were they those people for you?

Speaker 1: 2:08

They were really those people. For me Again, I was fortunate to get into a. It was a central funding department that was more like a telemarketing for big clients like USAA, pentagon, federal, all the military, and I love serving our veterans in general with mortgage programs. They've got great products there. But having that initial step into the basics and the foundation, it was a lot of processing and learning how to be a loan officer, but with a lot of the decline in the industry at the time. Back in the 90s, early 90s, the savings and loan and oil crises had changed the dynamics of the lending space the company I was with ended up folding and even though they were the premier lender at the time this has happened with numerous companies now that I've been with over time. But ultimately I did get into coaching when I did make the transition into the sales side.

Speaker 2: 3:05

Gotcha Okay, I love that. And then what would you say are some of the common misconceptions people have about the mortgage application process?

Speaker 1: 3:14

conceptions people have about the mortgage application process. Gosh, it's changed a lot, right. When I first started in the business, I had to hand type an application in and of itself with carbon paper that you know. We didn't have computers even at the time and it's crazy to think back to that with and fax machines. Just you know these roles. We would have to mail out verifications for employment and our loans and such.

Speaker 1: 3:39

Today we have credit reporting right and credit scoring, which is a big financial report card of one's background. So some of the misconceptions are people want to fix their credit or do things on their own. But you really want to consult with a mortgage expert to know if you're looking at the journey of buying a home and what are the best paths to do your credit fixes or improving or even knowing what your credit score is compared to what we have out there in the consumer world of credit karma and some of our banking services provide like a free credit alert. It's different than the actual mortgage score, so people don't really understand the development of a true mortgage credit report and score.

Speaker 2: 4:24

Yeah, and that's why you should look out for a loan officer to help you, because sometimes it's very confusing.

Speaker 1: 4:29

Yes, yeah.

Speaker 2: 4:30

Love that. And now for marketing. Since you're your own boss, I'd like to know how you are marketing the type of services that you provide. How are you getting the word out there about what you do? Are you an avid social media user? Do you use Facebook, Instagram, or are you more of like in person, getting out there talking to people?

Speaker 1: 4:49

Well, I think it's a combination. So I definitely love to get out and talk to people, whether I am educating the consumer and my first-time homebuyer education classes or educating the real estate agent. I'm certified with the VREB and able to provide continuing ed credits for real estate agents, so the educational piece of what I do. Every person is different. Every transaction is unique and that's what I love. It's not the same nine to five job and you're putting a puzzle together and meeting the four criteria of credit capacity, cash and ultimately, the collateral, which is the value in the property that they're buying.

Speaker 1: 5:28

But I am trying to do the social media piece right. And it's Facebook, it's the personal, it's the stories and getting you know, trying to become get more consistent with Instagram and things like that. And it's just, I don't know, it's amazing the people that are doing that so well. I aspire to get there. I think you'll get there. Yeah, that is a big goal. If it's not going to be by the end of this year, it definitely has to be in 2025, because I do feel it makes a big difference.

Speaker 2: 5:57

But, you know, get your followers and get the word out for whatever it is you're doing and like there's like a big community online there and like it's kind of word of mouth, but online too. So you want to make sure you're in that bubble too, in that space with everybody else Like hey.

Speaker 1: 6:11

Right.

Speaker 2: 6:11

Even if it's just talking through a keyboard. That's how our world is now and I love hearing all these journeys and stories that entrepreneurs are going through, like where they've been through a different, I guess the other side of the coin of marketing, where it's not social media, and then the other side where it's just all social media. I love seeing people find their journey of what's working for them or what their goals are to improve on that. So it's always I love hearing that that's why I love asking that question.

Speaker 1: 6:39

Well, it's all about connection, at the end of the day, and getting people to know, like and trust you. But your past clients, those are the folks we have to not forget right and stay in touch with, because there's more opportunities. One of the reasons I've always loved working with first-time homebuyers even though it might be a lower price point in the beginning, that's your livelihood, you know. Those are the folks that really appreciate it the most when they're buying their first home and walking them through that and they are so appreciative. And then there are the folks that get married, have a family. They need bigger housing and it's definitely, you know, the longer you know, livelihood with staying in touch with your sphere, your immediate context, Absolutely.

Speaker 2: 7:18

What are some of your favorite memories that you've had helping one of your first time or many of your first time home buyers that you can recall that you're like, wow, like I love my job. This is incredible.

Speaker 1: 7:29

Yeah, well, a lot of times it's finding like being with a lender that doesn't have overlays as far as the credit and overall underwriting.

Speaker 1: 7:39

So we have what's called a rescue deal. Right, you're talking to one of your real estate agents. The client ended up being with another lender that came in with their own you know bank or what have you, and then they end up getting denied. And then, when we have the opportunity to talk about it, I find that somebody else was looking at a guideline that that bank might've had as a higher layer and we could easily do that loan. And so you take somebody out of this position of thinking they'll never get to own a home to being there with this wasn't really that hard and it's like you go for second opinions whether it's a doctor, whatever the case is and so it's really being out there so that people do know that the real estate agents know that you have a certain book of business or the types of business or not having the overlays. That's probably one of the most rewarding is when you can really save the day for somebody that thought that they were all of a sudden going down a different path.

Speaker 2: 8:38

Yeah, no, that's like a big change in trajectory for them where they're thinking no, that's not happening for me, and then suddenly it's like, wait a minute.

Speaker 1: 8:44

what Going from that disappointment and despair to juviation? Oh yeah.

Speaker 2: 8:49

Yeah. Oh my gosh, that is pretty cool. Yeah. What advice do you have for first-time homebuyers who are new to the mortgage process? Is there anything that they could be doing that's going to make the process easier?

Speaker 1: 9:02

First step is probably working with you, right, right, right, yes, I mean I think it is just really getting a good understanding and meeting with a lender to have that consultation. Usually there's no, you know, costs up front just to get even pre-approved, but knowing you want to get fully approved and be vetted, having your credit pulled early in the process is so critical and we do what's called a soft pull, so it's not something that is going to ding their credit, because a lot of consumers are concerned about having their credit pulled too many times and the impact that that inquiry is ultimately going to have. So when we do a soft pull with their credit, it doesn't change anything, but it gives us a clear picture of their financial resume and the likelihood that they're going to be set up for success and being able to uncover any skeletons that there might be. You don't always know if there's a collection out there. Maybe you've moved and you've missed the mail, which is why something went into collection.

Speaker 1: 9:58

So, getting that initial consultation and understanding what I call the four C's of the overall process credit, capacity, cash and collateral the top three are those that you're personally responsible for. Capacity is your income and your ability to repay. Does the income align with the future mortgage payment that you're looking at? How does that compare to the current rent payment that you're paying today? And then the cash do you have cash People? This is another misconception thinking you have to have 20% when you there's loans out there for 0% down as little as 3% to 3.5% it can be. So it's so much less than you would anticipate and knowing what all those options are for those cash resources. So it's three simple things really that you zero in on and become familiar with, and that's why I think doing some of these online webinars and actual live, first-time homebuyer events brings people into a safe space to educate them on those parameters so that they can identify themselves what they might be eligible for or qualified for.

Speaker 2: 11:07

Absolutely, and talk to me about those events. I'd like to hear more about that and how you can participate in that or when they happen Right.

Speaker 1: 11:13

So we are setting some up. I don't have specific dates and times yet, but I am looking to kick some off in November and December. It tends to be a little bit of a slower time in our industry. There's not as many homes on the market or buyers out looking with the holidays upon us. Some people, though, want to get in before Thanksgiving or want to get in before Christmas or whatever the holiday is, and it's really nice to know that getting somebody set up early, prepared early, can get them into a home and close from contract to close in two weeks. So we will be publishing through our link tree and our websites, future dates for these events and certainly through social media.

Speaker 2: 11:52

So I'll update you there as well. Yeah, I love that. And what about for the webinars? What are those like and what do they entail?

Speaker 1: 11:58

So, on the Zoom webinars, a lot of people just ever since COVID, right, We've gotten a little more adjusted to being in the comfort of our home, in our pajamas, whatever the case is, whether you're on or off camera. So much more business is being done that way and it's being able to. You know people, sometimes it could snow, it could ice, and you set up all this time and space for an event to then have it to cancel at the last minute because of weather.

Speaker 1: 12:25

So having that Zoom type webinar allows people just to from the comfort of their home and they're not having to travel or park or deal with the traffic and such that we do find in the DMV, but being able to again just doing that, whether it's evenings and weekends, it's outside of their work. Yeah, the work time.

Speaker 2: 12:45

No, that's so convenient too Like. Especially now that it's getting cold, you like want to stay in your comfy clothes and just get stuff done from the comfort of your home. Yes, I love it. I love that. I love that you offer that option. Yeah, and then can you walk us through the different types of loans available and how borrowers can decide which one is best for them?

Speaker 1: 13:02

Yeah, that's a great question. So typically you know a VA loan is 100% financing, but it's a lot of people get confused when we put VA out there that it stands for Virginia. Yes, it's the acronym, but VA is for veterans, anybody that is served. Most people that have served in the military are eligible for 100% financing and that's part of their benefit. And we don't have any lender fees for the VA loan. That's one of the ways we want to give back to our servicemen and so that's one of the first steps of eligibility, right?

Speaker 1: 13:33

Not everybody's going to be able to get a VA loan for 100%. Then we have FHA for the Federal Housing Administration. That's usually as low as 3.5% as little as 3.5% down payment. That's going to be more likely for a first-time homebuyer and it has more leniencies in the credit scores and overall qualifying factors. And then even with a conventional loan, those are backed by Fannie Mae and Freddie Mac and you can have as little as 3% down if you're a first-time home buyer or 5% down even if you're a subsequent buyer. So really looking at the difference between the FHA and a conventional loan for some folks is just laying out what those differences are and what those rates are Right now. The government rates are about 1% lower than the conventional conforming rates. And then, as we get into the higher price points, it's called high balance or jumbo loans and we have private investors for some of our super jumbos up to three and $5 million.

Speaker 1: 14:33

You know it's, it's crazy to see so many of the houses for sale. It's, it's 1 million. I'm constantly seeing 1 million, 1 million. It's like how are my children going to be able to afford a home? You know, today people are making good money when they get out of college, but it's still it's. It's.

Speaker 1: 14:52

It's interesting to see the overall housing prices but, coupled with some of the eligibility for first-time homebuyers, there could be grants. The state of Virginia has grants. Certain areas that you live in today could be eligible for grants. So it's really knowing some of those questions to ask as you are seeking and what your needs are the counties I work a lot with Loudoun County, for instance, fairfax County so each county has their own programs as well. It can be income-based and so some of the lower income folks are going to have more access to available free money versus borrowed money, but even then to be able to get in with borrowed money as a second kind of a second trust. Still, starting that appreciation sooner than later is going to be a great segue into, you know, building wealth, generational wealth.

Speaker 2: 15:41

Yes, absolutely, and I love how knowledgeable you are. It's almost as if you know you're an expert at this. 30 plus years that is incredible. I'd like to ask in those 30 years that you have been in this industry as a woman, have you seen things change throughout time, Like, was it more male dominated, and how did you go about like being like making yourself, I guess, assertive, but taken seriously, but also being like, hey, yeah, I'm a woman, but I can get this done as much as you can Like?

Speaker 1: 16:09

do you?

Speaker 2: 16:09

have to prove yourself.

Speaker 1: 16:11

Well, I think in many ways. Yes, I mean it was a very male-dominated space and given even so I mentioned when I first got out of college, I was afraid of this 100% commission position. However, once I got into the business and being in the business six years I felt strong enough to be able to make that leap. So going about in 2000, when I did Cut the umbilical cord from the salary positions that I wore a lot of hats up through processing and processing supervisory positions into even into the training space. I think that's where I really got confident in my ability to educate, where I was normally would have been afraid to speak about something, but when I knew it so well, that confidence is there and so you start to break the barriers. Though when I took that step into the commission 100% commission I've been since the year 2000,. Which is scary because of the cycle, the industry in and of itself. You're not guaranteed anything. You have to work hard for what you're making. But you found that there's many, many successful women. It's great to see the top of the charts.

Speaker 1: 17:23

Not that I had roadblocks, but I had about five to eight years of my last time in the business dealing with elderly parents and having to take care of them.

Speaker 1: 17:34

I'm the middle of five kids, but the oldest daughter locally, and it was something very much I look back. I look back at it. You know I wouldn't have changed it for the world, but it also took away from the ability to be out and doing the networking and the things you really need to do to stay on course, to stay consistent, to be building the relationships to get that business right. And having to take that step back and care for my parents was a tremendous reward because of the time I was able to spend with them. They both have passed the last couple of years 22 and 23, and great memories. But I feel like now is a time that I can even come out of that and I still have a lot of life to live and give in this industry. Absolutely so, even though I'm approaching the age of 60 next year it's hard to and you look beautiful and great.

Speaker 1: 18:31

Thank you so much. It's hard I can't even believe that, but to think that when people talk about retiring, it's like I wouldn't retire. I can do what I do from wherever I am, and that's one of the beauties of it too. I'm licensed in many states but because we are so technologically able to complete these transactions and be able to do the Zoom webinars, I do the Zoom consultations. After. You know, you used to have to schedule the appointments and meet with the clients to take the applications, and now so much is done online and then followed up with a Zoom, so it's almost like we're face-to-face in the same room and, you know, able to screen share and do those consultations. So I'm excited about what the next five to 10 years have and, you know, feel like you know. I think it'll help keep my brain going.

Speaker 2: 19:21

Yeah, I love that, and that's absolutely right about the technology changing things. Sometimes I know some people are like, oh technology, but sometimes it's for the better too. It makes things more possible where you couldn't do before. You could reach way more people than you could in the past. So I think that it's great and I love that you're using that to your advantage.

Speaker 1: 19:37

Yes, yeah, for sure, go you girl.

Speaker 2: 19:40

And then there was a good question I had for you what are some red flags that can negatively impact a loan application and how can applicants avoid them? And I guess that goes back to the soft. The credit, the soft pull credit yes, the soft pull credit yes.

Speaker 1: 19:55

So not being aware again. I mean, people have the ability to get a free credit report annually and I always say to go to each of the bureaus there's TransUnion, equifax and Experian so every four months you could pull a credit report. It's not going to be a credit score, but at least it gives you an idea of what is out there so that you don't go in blindly. And it's really sad to think that there's a lot of fraud out there, a lot of people trying to skirt the issues of there's different pricing for an owner-occupant versus an investor, right, and some people might come in trying to pretend they're going to be buying something with as little as 5% down, get the better interest rate for owner-occupied, but they really just took advantage of that to then ultimately turn it into an investment property.

Speaker 1: 20:41

Now it's not to say you can't do that, but the intent to occupy is very clear that first year.

Speaker 1: 20:48

But we also want to help you build generational wealth. So it's kind of like the housing hack of hey, buy your first home as an owner-occupant, live in it for one year and then convert that to an investment property, rent that out, have somebody else pay your mortgage, go on to buy your next home. So that is, you can stack housing accumulation in that way. But being fair and honest, upfront is so important and really you know, when it comes to a lot of people, the red flags is if you're changing jobs a lot or you have multiple jobs and you're going out and getting a new job or having a third job just see if you can have more income to qualify. But a lot of the rules are we have to have a two-year history of employment. Yes, it doesn't have to be the same employer. But if you have second jobs, we need to see to your history of maintaining two jobs and not that you just went out to get a second job to be able to qualify for something.

Speaker 1: 21:47

So, we do have to really look at with a magnifying glass. We scour the bank statements, large deposits, venmo or things going in and out. The underwriters look at that very closely to know that there are acceptable sources of funds that are coming in or that you didn't go and borrow money that we then have to count as a debt against you for qualifying.

Speaker 2: 22:10

You just reminded me of something really funny. Thank you for that information by the way.

Speaker 2: 22:14

That is brilliant, and the fact that you said that it's a magnifying glass, which is what I was going to say that it brings you back to something funny that I saw online that they were like some people joke with Venmo and they send like the most crazy descriptions of like. And someone was like you know that people like look at this when you're buying a home and it's going to look ridiculous, like they'll say like the most crazy like here's for the drugs that you bought me. This time.

Speaker 1: 22:39

And it's not even drugs, right, it's not even true.

Speaker 2: 22:40

But they're saying that stuff Is that true, like you can-.

Speaker 1: 22:42

I don't know that we would see that detail because that's going to be more in the transaction. Especially, I stopped. I don't like I started to make my things more private when I send money because I might put emojis or whatever. It is funny. But I have seen those because all of a sudden in I'll see all these random people that I'm in contact with.

Speaker 2: 23:02

It's funny to say They'll say the most crazy things ever. I'm just like that's funny. I've never done that personally. That's kind of scary. I saw someone say that and I was just like, oh my gosh.

Speaker 1: 23:13

It's usually just if you're transferring the Venmo cash into your bank account, you're only going to see the bank account deposit. We don't often have to go back and look at the actual transcripts in Venmo.

Speaker 2: 23:24

Okay, Y'all are safe then. Yeah Right, Cool Love that. Is there anything that I have not touched on that maybe you would like to share with our audience about your business yourself?

Speaker 1: 23:34

anything? I don't know. Well, I think there's two things that I'm also involved with from a nonprofit right. It's one thing to be doing a for-profit business and doing what I love. I mean, I'm so thankful and blessed that this is the path that my career has taken. I didn't know, you know, what this was all about when I got into it. But I also give back in. I work with Habitat, with the Loudoun organization, on the Home Services Committee, so going through those applications and really being able to help serve folks that just wouldn't otherwise be able to be a homeowner right, and it is the true American dream and it's something you want for everybody. So there's two nonprofits between Habitat that I'm very much involved in locally. But also I've gotten involved in a nonprofit called First Home IQ, which is more nationwide and it's really trying to bring financial literacy to the younger generation, and going into whether it's high schools, colleges or communities in our businesses.

Speaker 1: 24:38

This summer I started with a group of seniors that recently graduated and educating them before they went off to college. Just on that credit piece, right. And they don't teach you all of this in college. I don't even think it's part of the gen ed, right? And they don't teach us how to write checks anymore.

Speaker 1: 24:55

I remember doing that in elementary schools, but I'm really looking for those opportunities that, whether it's high schools again and what their seniors might you know what kind of curriculum is out there. I don't think it's as robust as it should be, even though they have instilled some of that financial aspect it's not true financial literacy, especially when it comes to buying a home and being set up for that success. So I'm reaching out to the local high schools and then businesses, even as they bring in interns or want to have as a regular ongoing curriculum as part of their business benefits. It's a free benefit to be able to offer this education throughout. So, again, it's just one of those things I like to share, is it? You know, it's whatever kind of community service that we can do and give back, you know, in that involvement.

Speaker 2: 25:46

That's so incredible because you have so much knowledge and the fact that you're just like you know what I could hold on to this knowledge for whoever is coming my way and asking for and help. But you're like going out of your way to help these people, these kids, and I think that that is so amazing of you to do because, like somebody like me doesn't really know that much information and in school they don't really teach you those types of things like how to do your taxes or things that you actually like will need to know in life.

Speaker 1: 26:09

Right.

Speaker 2: 26:10

So I think that is incredible that you're taking like extra steps to like be like no, I'm going to help these people. They don't know. Right, I want to spread the knowledge, well. Yes, yep, yep, thanks for doing that Are you a homeowner, I am not, so we need to talk.

Speaker 1: 26:24

I know right, let's do coffee, okay.

Speaker 2: 26:24

I would love to Ice coffee.

Speaker 1: 26:25

Well, now it's cold so warm, coffee Right yeah, lattes yeah.

Speaker 2: 26:28

Love that. And now my last final question is going to be do you have a saying or a mantra, maybe a song quote, that has inspired you in your life, and would you mind sharing that with us?

Speaker 1: 26:39

Wow, there's so many good things. Oh, you know this is the kind of one that draws a blank when it comes down to it. Initially, I thought my tagline is get your mortgage with Mary, but that wasn't the path that you were going to. I need to get a little jingle with that. Oh my gosh, I don't know.

Speaker 2: 27:04

I'm drawing a blank, I'm sorry. It's when somebody asks me what's your favorite song and I know what it is, but I'm like wait, I don't know, I can't know.

Speaker 1: 27:08

And it's going to hit me when I leave. I mean there's so many like just really good motivational songs. I mean things that have sunshine in it is what comes to mind. The.

Speaker 2: 27:17

Pharrell song is I'm Happy.

Speaker 1: 27:18

Yes, yeah, yeah, the clapping, the Rocky one. What's the Rocky? That one really gets me going I wish I knew. You're probably too young for the show. Do you know the show?

Speaker 2: 27:30

No.

Speaker 1: 27:31

Rocky, he's running up the stairs.

Speaker 2: 27:35

Rocky and Bowlingo.

Speaker 1: 27:36

I think so.

Speaker 2: 27:38

It's like the voice of the squirrel.

Speaker 1: 27:40

No, no, no, no, no oh darn, wrong one.

Speaker 2: 27:42

Oh, rocky the Fighter, yes.

Speaker 1: 27:44

Yeah, yeah, yeah, oh, I do know this movie Eye of the Tiger. Eye of the Tiger, that's Okay cool, love it. That's your pump-up song. Yes, yeah, yeah, yeah, I love it. It is. I mean again, people, just it's it's nice to be in a safe space and just having a casual conversation with folks and, um, until they're ready to make that step, it doesn't, you know, it doesn't need to be scary or traumatic, because sometimes it's like we ask for everything but the kitchen sink. So when