SPEAKER_00: 0:30

My name is Matt Bubotch. I am with People's Mortgage. Our branch is in Fredericksburg, Virginia. And the type of people I serve, I mean, that really goes across the gamut. I've got first-time home buyers that I work with. I've got people that have bought 10 homes, investors that have bought 20 homes and continue to buy and sell homes, people that have been in the business, people that have not been in the business, people that know a lot about the process, people that don't know anything about the process, people that are numbers people, people that like to have more of a conversation about things. So it really, there's not one type of people that I work with. It's the people that honestly just want to buy a house and they want the best process to accomplish that goal.

SPEAKER_01: 1:20

Absolutely. I can't wait to learn more about just everything you do. So, you know, to get us started, you've been in the mortgage, mortgage industry industry for quite some time. How long have you been in the industry? How did you get started? And what keeps you motivated year after year?

SPEAKER_00: 1:37

I've been in the business now for gosh, over over 25 years. And what really motivates me is the people because each and every one of them are individual, and they all have their own goals, they all have their own reasons that they want to purchase. Some of them it's an opportunity that they thought they'd never have. So it's just it's for me, I enjoy the story. I love to hear why people are looking to buy a home. And I like to help them find their home, not just a house. You know, because that's what it is for people. You know, this is not just a piece of real estate for the people I'm helping. This is where they're gonna potentially raise their kids. This is where they're gonna spend the next 10, 20 plus years of their lives. So I love finding out that why. We always hear that, you know, what's what's your why? And I love hearing that from people like, okay, what's your why as to why you're looking to purchase this home? Because again, for some people it's it's different. I work with investors who just are looking at this as an investment and I want to get it for the best price I can, get the best program I can to make the most money on it. And some people are looking at which which house is going to be in the in the best school district and has the the best yard for my kids and has a pool or has multiple bathrooms because we've got multiple kids and we want to try to avoid arguments in the bed, you know, in the in the mornings for school. Sure. So it for me it's it's the excitement of each and every case and each and every client that I work with because it's it's always different.

SPEAKER_01: 3:41

It truly is kind of a personalized experience meeting everyone where they're at.

SPEAKER_00: 3:46

100%. And that's one of the things that I really try to put emphasis on is listening. You know, if you've if you've ever been, I know that I have, if you've ever been to the doctor and you you start talking to them about what's bothering you, and before you even finish, they're saying, well, here's what this is. You got this, you got that, take this medicine, take that. And it's like, wait a second, I'm not even done talking to you about what else is going on. And so I think one of the, honestly, one of the biggest things that I try to make a point of emphasis is to listen to people when they initially had that conversation with me about their goals. Um, because the the process in and of itself is gonna be the same regardless of what lender you use. You know, you're gonna have an application, you're gonna have underwriting, you're gonna have approval, and you know, it's it's a it's a process. But I think what I try to do for people is help them understand that it's not just a process for me. They're not just a number for me, they're not just a transaction for me, that I want to understand truly what their goals are, what they want to accomplish, because there are a ton of different financing options that are available. There are grants available for home buyers, there's 100% financing, there's more down payment, there's no down payments, but there's not a one size fits all for everybody. And so by listening up front to people as to what they want to get accomplished, it helps us all be on the same page, which truly makes the process very smooth. Now, I can't say it's not going to be stressful at all because you're making a pretty big purchase, but we minimize any type of stress involved through communication, making sure everyone understands the process. They understand where we are as we go along. And so for me, helping somebody get from gosh, I didn't know that I could even qualify to here's your keys for your house is it just makes it feel good, keeps you motivated every time that happens because you know every the next person you talk to is gonna be a whole new story.

SPEAKER_01: 6:10

Absolutely. I'm sure that's such a full circle moment to see them from the beginning and then seeing them get their keys in the end, and it was all worth it.

SPEAKER_00: 6:18

It is, it is, and then and again, there are some people that whether it's through media or their parents or their neighbor, said, Oh, well, you can't you can't buy a house unless you have you know 20% down, or you can't there's no there's no grants available, or you can't do this unless you have that. That's the biggest thing that I think can get in the way sometimes is people's misconception about the process. And so, again, by listening to them and finding out, okay, what do you really want to accomplish? Of course, everyone wants to buy a house, everyone wants the lowest rate, everyone wants the lowest payment. But okay, when we get beyond the what everybody wants, what's what's their motivation? What's going to make the most sense for them? Because we want ultimately to meet their goals as a home buyer so that one, they're happy at the end, and then two, they're comfortable with what they've just taken on. You know, great, it's nice you have an amazing house, but you don't want to be sitting in your living room on folding chairs because you pay too much and you can't afford your mortgage payment. So that's where we really try to help, and I try to help people stay focused on what payment they're going to be comfortable with. Because I think just innately, and again, through just what people hear on the news or the media, there are certain, and you realize he's doing these this for 25 plus years. There are certain questions that people are just like trained to ask, like, well, what's the rate today? Or how much do I qualify for? Well, in all honesty, it it doesn't matter what people qualify for, because 99.9% of the people that qualify for a mortgage are going to qualify for more than what they want. So what I like to do is say, okay, let's not focus on what you qualify for. Let's focus on what's important, which is where do you want your payment to be so you're comfortable for your budget.

SPEAKER_01: 8:22

For sure.

SPEAKER_00: 8:23

And then we work backwards, say, okay, if you want your payment to be here, then we should probably stick around a purchase price of this because we know because of you know the down payment you're planning on doing, that's going to get your loan amount to where it needs to be to meet that payment goal.

SPEAKER_01: 8:37

Kind of just looking at the whole picture, you know.

SPEAKER_00: 8:40

It's important. Yeah. You know, because there's some people, I mean, everyone's payment conscious, but there are some people that are more concerned about the monthly payment than others. And there's some people that are more concerned about how much money do I have to bring into closing than others. Some people have a good amount of savings for one reason or another, but their month-to-month income is tighter. So they're they're more concerned about what's my monthly payment going to be. And then there's other people that make a ton of money for whatever reason or another. They don't have a whole lot of savings, so they're more concerned about minimizing that money to close than about the monthly payment. And that's where you, again, it sounds simple, but in having four kids and a wife that I think all like me, you learn to listen because that's such an important part of understanding where people are coming from and really letting them tell you what they want. Because I'm just like I tell people all the time, this is your loan, this is your ship. You're you're steering it. You're gonna go whatever direction you want to go, as far as how much down payment you want to do, you know, this and that. I'm just here to help you navigate those those trails or those seas, however you want to say it, to get to that final point of meet meeting your goals.

SPEAKER_01: 10:01

Absolutely. I like the way you put that. You're kind of just guiding them through the process to make sure they they get to through their game plan where they want to be.

SPEAKER_00: 10:08

Sure. Yeah, I tell people all the time, I said, listen, if I mention something to you, please don't think that I'm trying to steer you in that direction. It's just my job to let you know what your options are. Like there are certain loan types that allow for someone to have a co-borrower or get a gift from family to help with a down payment or closing costs. And so I will always let people know what their options are, just so they know. I don't want them, the last thing I want to have happen is for them to get to closing or even in the middle of a process and say, Oh, I heard about this thing. Why didn't you mention that? I could have done that. You know, my wife's my wife's an attorney, and she always tells me, you know, you can't use that assume word because we know why. And so I don't like to do that. So I just tell people, listen, I don't know if this is going to be an option for you or if this is feasible for you, but I want to let you know that this could be an option to help you get there, or this could be an option to help you get there. And if you say, no, that's not that's not realistic, or I can't do that, fine. But at least I know that you knew that that was there.

SPEAKER_01: 11:11

For sure. Just kind of keeping them informed and realistic goals.

SPEAKER_00: 11:15

Absolutely.

SPEAKER_01: 11:16

And to kind of go off of that, who is People's Mortgage Company and what makes your branch stand out in the Fredericksburg market?

SPEAKER_00: 11:25

Well, I I personally think people's mortgages is me. It's it's the people I work with. You know, and that's why I honestly it's it's gonna sound cheesy, but I think the name is is perfect. You know, when I when I met the owner, when I met the executives of People's Mortgage, that was the impression I got from them, even before they said that. You know, you know, we're all about the people. But I I got that as soon as I met them. You know, we're we're based out of Arizona, but the owner of the company typically flies into Freddie's, or not to Freddie, but you know, into our area at least twice a year just to kind of see how things are going. The COO of the company flies in a couple times a year to check in and just to touch base and make sure we're we're getting the support we need. So if I was to say who is people's mortgage, it's it's the people. It's me, it's my assistant, it's my processor, it's my underwriter, it's it's the owner, it's my team, it's honestly whoever you're working with. Because we all feel that our goal is to serve and provide support to who we're working with. And so whoever along the process our clients are working with, that's who people's mortgage is. Because we're all focused on the end goal of providing excellent service, excellent communication to help people feel comfortable as they go through the the either the purchase process or the refinance process, whatever they're doing, we want them to think that man, that was so much easier than I thought it was going to be. Because people get worked up about stuff, they get all anxious about buying a house because they've heard horror stories about this or this or that. And some of the best reviews and comments that I get from people at the end is like Matt made the process so much easier and smoother than I could have ever imagined. I had one person tell me that well, maybe he's got an issue with shoes, but he told me that buying a house for him was easier than buying a pair of shoes and smoother than buying a pair of shoes. So it's when you get those comments at the end and those reviews, it makes you feel good because there can be so much anxiety for people that are thinking about buying a house like they don't know what to expect. People don't buy a house every day. So it's just for a lot of people the first time they're doing it. And so to help them understand the process, and that's honestly one of the biggest things I do, and I know one of the biggest things that my team does is we communicate. You know, I send updates every single week to my clients, let them know, hey, listen, this is where we're at. This is what the next step is. We're on track for closing because a lot of people get nervous about that. Are we are we good for closing? Or, you know, is this back? Is the appraisal back? So I'm always updating them, letting them know listen, everything's on track. We're good, enjoy your weekend. I got this.

SPEAKER_01: 14:44

Good communication is such key in a field like this. I think that that's awesome. And I think it's also so reassuring to have such an amazing team of people behind you to help move the process along. There's nothing better than that.

SPEAKER_00: 14:57

There's not. And you're right. I mean, every lender has rates. Every lender has every lender has, you know, an application. But I will tell you that I get more positive feedback from my clients, from the referral partners I work with, whether it's a realtor, whether it's, you know, I have an amazing builder client that I work with out of Richmond Main Street homes, the feedback I get from them, it's typically the first thing that comes from their mouth is the communication. Thank you so much for helping me through the process of always staying in touch, letting me know where we were. People rely on it, especially for something that's unknown to them. You know, if you're, like I said, if you're going to buy a pair of shoes, you don't need the shoe salesperson to come out and say, I'm gonna go look for a pair of nines, I'll be right back. And you know, but when you're buying a house, it's it's good to know where things are, you know, and I try to what I try to do is kind of put myself in their shoes. Not to keep on going back at shoes, but to put myself, you know, in their perspective of because it sometimes I've seen other lenders and because I get people that come to me from other lenders and they say, Oh my gosh, I had no idea what was going on, they didn't tell me this or they didn't tell me that. And so it can, especially when you've been doing this for a long time, sometimes you get in the habit of thinking you know what they want, which I try to, you know, do that the the listening part, but then also not realizing that even though you do this 10, 12, 13 times a day, this is their first time doing this, or it's even it's not their first time, it's this is their time of doing this. So even though something seems standard to you, it's not to them. So it's important to think about things from their perspective, like uh you know it's on track, or you know the appraisal is gonna be fine, or you know this is fine, but it comes into understanding, and and I I do take a lot of pride in being able, I don't know if I want to say read people, or just maybe it goes back to listening, get a feel for okay, this person, they need more you know they need a little more communication, a little more contact. Some people I work with, all they care about is numbers. You know, tell me the numbers, great, I'm good. If anything changes with the numbers, let me know. Other than that, do your thing. Some people just want to feel like more warm and fuzzy. Like, hey, listen, we're good, we're on track. You touch base with them a couple times a week, even if it's just to do that. Like, listen, there's not a whole lot of change that's happened in the last couple days, but I just want to touch base, let you know that we're still on track, everything's fine, and it puts them at ease because I tell people all the time, you know, I would rather have them reach out to me and ask questions, because that's what I'm here for, rather than sit at home and be worried about something that isn't a big problem or isn't a big deal.

SPEAKER_01: 18:06

Absolutely. That makes perfect sense. And, you know, with that, what is one of the most important things you focus on when meeting with a client for the very first time?

SPEAKER_00: 18:19

Really, it goes back to the listening, you know, listening to what their goals are, not because most people, especially this day and age where everything's electronic, most people will have an application done. Um, I might, you know, usually have an initial conversation with them, but then they're usually ready to get the application done, which then I'll review. And it can be easy sometimes to think, okay, well, here's the you know, here's how many assets they have, and here's the credit score, and here's this, and here's that. So this should be the type of loan they want to do. You can't do that, you know. And I will tell you when I first started, that was something I would do. You know, I'm not gonna lie. You you think, well, I'm the I'm the expert, I'm the one that you should listen to what I tell you to do. No, it's not how it works. You know, the longer I've been in the business, you realize that no matter what it is, honestly, whether it's mortgages, you know, life, relationships, if you're not listening to the other person that you're trying to have a partnership with or a relationship with, it's not gonna work out.

SPEAKER_01: 19:23

Absolutely.

SPEAKER_00: 19:24

So for me, it it really comes back to listening to what they say because people will tell you what their concerns are, and again, with with the home buying process, there's a lot of anxiety that people start with. So by listening, that initial you know, meeting we have, it helps one that they know that you're willing to listen and you're not gonna just tell them what to do. And two, it you can, and I've seen it, people sitting in my office, you know, across the desk from me, and you can see in their face when we've after a you know half hour, four or five minutes, three hours, whatever it is, it's like a weight of the world got taken off their shoulders because they know that you're listening to them and they know that you've got your their best interest in mind.

SPEAKER_01: 20:16

Absolutely. And, you know, going off of that as well, you know, talking about communication, many clients highlight your excellent communication and guidance throughout the process. What other things do you do to ensure buyers feel informed, supported, and confident every step of the way?

SPEAKER_00: 20:35

Education. I I truly feel that it's important that people understand the process. You know, there's a million types of financing loans out there. There's different ways of qualifying for things, ways to use different types of income, different types of assets, you know, different types of loans, you know. So I think explaining things to people and helping them understand the process, you know, and again, to go back to the kids, it's not one of those. Well, you do it because I said so. It doesn't you don't do that. You know, you say, listen, you know, here's what our options are. You know, this is these are the benefits of option A, these are the benefits of option B and option C or however many it is. What I always tell people is, listen, we're gonna get the application done, and then we're gonna say, okay, there's these maybe five or six financing options that you qualify for. But as we talk about what your goals are, we're gonna narrow those down and say, okay, well, after I, now that I know what your goals are, what your plans are for the house, whether it's gonna be a long-term home for you or short-term home because you're gonna be getting new orders. I do a lot of veterans loans. So a lot of people will say, listen, I'm gonna be getting new orders in three years, I'm gonna be out of here. So that that impacts people's those goals for their home buying process. What's most important is the lowest rate most important, or maybe a you know, a little bit higher rate that allows for a lender credit to cover some of the closing costs because you're not gonna have that loan as long. So the rate isn't as impactful. But overall, it's just really helping people understand what each of their decisions means and how it impacts them. You know, okay, if you choose this type of loan, this is what that means for your payment for your long term. How much interest are you gonna pay over the next five? Years, you know, if you plan on leaving in five years. So it's I'm a big believer in the education and knowledge. I'm always trying to help my realtor partners and my and my builder partner understand a little bit about the finance process. Not that they're going to get into a deep conversation with the clients, but it's good for them to have a little bit of a knowledge to understand where the market is right now. You know, are we trending in a good direction for us as far as the rates go? Is the market trending in maybe a not so good direction right now? You know, how are the programs? Are there any new programs that come out? We used to recently we had one of our investors released a new grant for heroes, you know, police, fire, teacher, education, healthcare, all that good stuff. And it was a very broad reaching grant that included a lot more people than what the typical grants do. So when I hear those new things come out, I try to let my referral partners know about those and their clients so that we can see if they qualify for them. Because we want to try to get every advantage that we can to help people keep as much money in their pocket and ultimately reach their purchase goals.

SPEAKER_01: 23:39

There's always options, right?

SPEAKER_00: 23:41

There is. There is, and there's a lot of options out there. And honestly, not every lender has every option. You know, I've talked to people before that said, well, I've already, you know, I've already talked with so-and-so lender or this a lender, and this is the program that seemed to be the best fit. I mean, I can tell even in the last year to year and a half, I've had over a handful of clients that I've talked with that had talked with a lender already. But then when we talked and we kind of got into what their goals were, I said, Well, you know, it seems like this option may be a better option for you. Whoa, that they didn't mention that. I said, Well, they may not be approved for it. Because not every lender is approved for every type of loan or every type of grant. So that's why I always tell people, listen, it never hurts to get a second opinion, you know. Even if I was the first one and they want to, fine, you know, I may not have something that somebody else has. I mean, that's not typically the case, but it can hurt to check, you know, because the ultimate thing we want is for people to feel that you have their best interest in mind. And I think one of the best ways to do that is to help them understand the process and not just tell them, hey, listen, I got this, you can go do what you're doing. Educate them, help them understand what's going on because for most people, this is gonna be the biggest investment they make in their life, you know, until they buy another house or something. So the more we can educate them and provide them knowledge about the process, first of all, that's gonna again release some of that anxiety and concern they have, but they're gonna appreciate that. Just like as if you were, again, at a doctor's office. And instead of the doctor's saying, hey, listen, just take this medicine and you'll be fine. Well, well, why? Can you explain to me why I need this medicine or what's it gonna do to me? What are the side effects? So I think the more information we can provide to people, the better the process is, and not to be afraid of providing knowledge. I've ran across some people that said, Well, you know, you don't want to tell people too much. Well, that doesn't make sense. Why not? Why would you not want to tell somebody something? You know, this is important. They need to know all the aspects of buying a house, you know, and what that entails and you know what their financing means. And is it if this is an adjustable loan they're doing, what does that mean? You know, so it's important to provide that knowledge to people.

SPEAKER_01: 25:59

Absolutely. It's a big milestone for a lot of people. So to make sure that, you know, everyone does their homework and it's done right, that's great. And I think this question is self-explanatory, but why should someone choose to work with you for their purchase or refinance instead of another lender?

SPEAKER_00: 26:20

I think you know, it'd be easy to say, oh, I have the best rates, or but in all in all honesty, all lenders are working in the same market. We're all gonna have pretty similar rates. There's, you know, in the early 2000s when things were like the wild, wild west and you know, there was some crazy programs, which unfortunately led to you know the big crash we had. I think overall you're gonna get my 100% attention during the process. It's I don't put people into boxes like, oh, you're this type of buyer, or you're this type of buyer. It's every single person I work with is is a new start for me, and they get my full attention to make sure that we're finding the best fit for them. You know, they're gonna get uh unbelievable communication from me, they're gonna get unbelievable service from my team and I. I mean, the rate is is what it is, it's gonna get that's gonna shake out. But I promise, and I tell people this all the time, to be perfectly honest, I say, listen, if you look online long enough, you're gonna find some lender that's got a lower rate than me. It's gonna happen. Someone's gonna have a quarter percent lower rate or an 8% lower rate. But I can I'm willing to put my reputation on it that you're not gonna get the same type of service, the same type of communication, the same type of education from another place that you're gonna get from me.

SPEAKER_01: 27:53

Definitely. And the quality of your work 100% shows in in the results that have that have came out so far. So sure.

SPEAKER_00: 28:00

Yeah, I again it's it's great to, you know, I think the you know, the company sends out an email after the closings and you know asks for you know comments and reviews. And I know, like I said, I know that the builder that I work with Main Street Homes, they send out a survey to clients, and it's great to get those five-star reviews or all tens, but what really hits home for me are the comments. Like again, this was simpler than I ever could have thought it was. You were so helpful all over along the way. You know, you answered your phone every time I called, or if you missed it, you called me back within an hour, you know, the emails were answered promptly. And it doesn't have to be something that's like a long drawn-out thing. It's just acknowledging people. You know, like I said, if I happen to be in a meeting, that happens, but a quick text, hey, listen, I saw that you called in a meeting, I'll get right back to you. Just touch base because again, when people are going through this process sometimes, they can get anxious about some of the steps because a lot of the things that are happening, they can be happening quick. They don't have a whole lot of control over them sometimes. You know, a lot of things are reliant upon an appraisal report or an inspection that they probably haven't done before. So helping them understand what that means, who's the appraisal for? How does that get factored into the process? You know, what's the difference between an inspection, a home inspection compared to a home appraisal? You know, it's they're they're totally different, two different things. So providing that guidance to people to help them feel comfortable from start to finish, you know, and from start, I mean, like the first word that comes out of my mouth when I talk to them, up until they get their keys and even beyond. One of the things I tell people all the time, like, listen, great, we're closed, congratulations, but I'm still here. You know, if you have questions afterwards, you know, one of the things I do for people is, you know, once we settle on their purchase, and after they get settled in a couple weeks later, we're gonna have a conversation, like, okay, listen, here's where we are right now. If the market gets better, here's where we need to get to as far as like maybe rates or to maybe make a refinance financially beneficial for you. Because one of the one of the unfortunate things about buying a house is that there are some things that are recorded, of course, public record, and so they're gonna get a bunch of marketing. I just had a client reach out this week saying, Oh, I got a thing in the mail saying that regarding this loan with people's mortgage, if I don't call them today, that my warranty is gonna this and that. And I'm like, sir, that's that's marketing. I said if you look at the very, very bottom of the page in the fine print, it's gonna tell you we're not associated with people's mortgage. Clump companies, they they hire people to go out to the courthouses and pull records and they do mass marketing, and they're hoping for that trigger words like urgent or last notice or final notice to catch them. So I want them to realize that even though we closed, I I'm still their resource to help them with that. He he he he blessed me like five times on the phone, thanked me so many times for helping him. He was so nervous that he had missed something because it said final notice and urgent, and he's like, I've been stressing about this for a couple of days. I said, Sir, this from now on, if you ever get anything like that, reach out. I can confirm it. Yes, that's from us, or no, it's not, because that's what companies do, and they they reach out to people once they get that public record to try to get the marketing calls to come in. So I want them to know that I'm their mortgage person for life. You know, I'm not going anywhere. This is my path, and I enjoy it. I love the people I work with, and I want them to feel like they can always reach out to me, whether it's you know during the process, whether it's the day of closing or two years after closing, you know, that my number hasn't changed in 25 years. It's not going to change, and I'm always here to help them.

SPEAKER_01: 31:55

That is super reassuring to know that they can reach out to you anytime afterwards, whether it's for just more information or just keeping up with you.

SPEAKER_00: 32:03

Sure. No, I we do. We keep in touch. We, you know, of course, the social media, you you see people and usually you're friends with them on Facebook after closing or even during the process, and you see their kids growing up or playing sports or going to college, or you know, maybe they had a special anniversary, or so it's great to keep in contact with them beyond just the loan process, because I find that a lot of the people I work with, and maybe the majority of people I work with, we end up developing a relationship that's beyond just that loan process, you know, it where it becomes more of a friendship because you learn so much more about them, their families and and what they're doing with their lives.

SPEAKER_01: 32:43

Absolutely. That's awesome.