Podcast: One-On-One With Elizabeth Washburn Of New Threshold Mortgage Corporation
The president and owner of New Threshold Mortgage Corporation in Atlanta says she gets personal gratification when she sees clients achieve the “American Dream.”
Elizabeth Washburn founded her mortgage broker firm in 2004 with over 10 years of experience as a mortgage consultant. She has helped buyers navigate the homebuying journey through difficult markets and extraordinary conditions.
“When people come to me, sometimes they’re just like, ‘I don’t even know if this is possible.’ I love being able to say, ‘Okay, it is possible, but it’s possible in six months, and this is what I need you to do.’ When they follow through on taking those steps, it’s just incredible to see how excited they are at the closing. They’re realizing all of this is going to change their future completely,” Washburn said.
Washburn recently sat down with The Mortgage Note’s Scott Kimbler to share her insights and talk about the advantages of working with a mortgage broker.
Like many people who work in the mortgage industry, Washburn discovered that a career in the field was possible by chance.
“I like to tell the story that when I first got finished with college back in 1992, I was searching for a job. I went back to Agnes Scott College. It is located in in Decatur, and they had a fifth-year free program so I could go back and just take classes. Because the economy was pretty bad at the time, and a lot of people couldn’t find a great job, I decided to do that and got a second major in economics,” she said.
When Washburn’s sister decided to buy a home, she went to look at it. The real estate agent suggested that she meet the loan officer and after that meeting, Washburn was hooked.
Washburn said that independent lenders and brokers differ greatly from larger corporate lenders and many times proves to be a better option for someone who is buying a home.
The first advantage for homebuyers is the fact that they can compare different types of loan products while working with just one person.
“By using a mortgage broker, you actually have several different options with what kind of lender you need. A corporation would have just their rate sheets, and they have their products, but I can shop. For example, if you needed an FHA loan, I have three different lenders that offer FHA so I can go to each lender,” Washburn said. “So, you’re not having to go and shop it out yourself.”
Brokers with experience can help homebuyers piece together all the pieces of the puzzle so it’s not just about getting the best mortgage rates. It’s about finding the right fit for their mortgage needs.
“For example, you may think you need an FHA loan, but once I look at it, it may be that the scenario is such that you just need this conventional lender that offers this product,” Washburn said.
Washburn suggests that buyers get financing squared away before shopping for a home.
A letter of pre-approval shows sellers that if their offer is accepted, the buyer can close the deal.
To find the right broker for them, buyers can use online reviews, suggestions from people they know, or their realtor. The most important thing is they find someone who they can trust.
“I think when you choose your team for purchasing a property, you need to choose people you can definitely mesh with and know you can trust them. It’s important that they’re looking out for your interest, because you are paying them,” Washburn said.
Washburn added she can operate anywhere in Georgia or Florida and is not bound by a metro area.
“I’ve gone down to Key West I’ve gone up to North Georgia. So, as a mortgage broker, it doesn’t really matter where the property is, I can help. Most people know about me and DeKalb County (GA), but that does not mean that’s the only place I’ve been,” Washburn said. “I don’t have to show up to the house. We’ll assign an appraiser to go to the property. Then everything is done through email and phone calls and everything like that. So doing business anywhere is possible.”