Stephanie Welter is not only a Real Estate Broker, but she is also a licensed Loan Originator. On this episode, Stephanie sits down with her boss and mentor, Michael Chance, partner and senior mortgage consultant at ClearPath mortgage.
Jumping right into the conversation, the two begin discussing numbers and the factors around what could affect a change in current loan rates. Despite the unpredictability of the market, Michael shares some insight on what he thinks the near future holds.
“As far as what's going happen in the future, that's really one of those things that's impossible to predict. I'm not going make any assumptions as to what's going to happen, but I've been hearing that rates are going to stay somewhat about where they're at.”
Beyond just interest rates, the two go on to discuss ways to help yourself when applying for a loan. Stephanie shares ways she helps her clients through the tools and resources available to her.
“One of my favorite tools to use when running a loan is the credit simulator app. You can basically look at someone's credit report, pull up what's called a simulator and say ‘ if I put $35 towards my best buy card, my Equifax is gonna go up by 30 points...’”
Doing so not only can improve a borrower’s score, but it can also make the difference between the type of loan one would qualify for. As Stephanie explains, simply paying the right creditors could qualify a borrower for a conventional loan versus FHA.
Despite the experience and wisdom Stephanie has gained in the field, as she opens about the beginning of her career, she reveals that it didn’t come without it’s bumps in the road.
‘I embraced a lot of sleepless nights when I first started, my husband has a story where he remembers my second loan ever, where I was laying on the floor, the kitchen floor, just crying because it was the one where they reported like 50 grand or 60 grand. Then we got the taxes and it was 20 grand. We were like, oh shoot, but we saved the deal.
There are a lot of emotions in it, but I think the longer you're in the game the more creative you can get with the solution.”
Tune in to hear more on other ways these two help their customers achieve their home ownership and some of the lessons they’ve learned along the way.
Stephanie Welter is a Chicago girl through and through. Growing up in Jefferson Park with her siblings and neighborhood friends, everything about her upbringing, according to Stephanie, was pleasant. Her mom had a saying that always seemed to bring everything into perspective: “I know a bad day and this ain’t one.”
“She completely formed my mindset, which I call the deathbed theory. It's everyday I picture if I was on my deathbed, I would look back on today and, I’d just want one more normal day. One more day of my toddler crying and getting syrup on my good couch, you know?”
Stephanie has taken this positive approach she’s learned from her mom and applies it to all aspects of her life. Everyone has challenges, but for Stephanie it’s about maintaining empathy but not letting emotion control her and always coming up with a plan.
She also shares the beautiful story of how her and her husband came together. From growing up together as kids in the Northwestern side of Chicago never thinking they’d ever end up dating, to getting married, having kids and creating a beautiful life together.
As a person who has dealt with anxiety and panic attacks, Stephanie shares her own personal journey of how she’s been able to constantly remind herself in those moments to take a step back and shift her mindset in that moment. She calls her process identifying her three gorillas: black, blue, and pink or as she translates it: worry, guilt, and dopamine.
“If you give it a name, it takes away its power, but I gave it more than a name. I made them into gorillas.”
Tune in on this episode of The Face of Chicago Business podcast to hear more about Stephanie’s story from family, to her career journey, to her advice on how to manage the tough things in life.
Topics: Real Estate Broker, Investor
