Adam Torres and Farzad MansoorBakht discuss Mega Mix Expo.
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Show Notes:
Listen to Mega Mix Expo coverage. In this episode, Adam Torres and Farzad MansoorBakht, Mortgage Loan Officer at Equity Smart Loans, explore Equity Smart Loans and the upcoming Mega Mix Expo event.
About Farzad MansoorBakht
He possess in-depth knowledge of loan programs, underwriting guidelines, and industry regulations. Given the ever-changing market conditions and mortgage programs, it is crucial to work with a top professional who can provide quick and accurate financial advice.
About Equity Smart Home Loans
Equity Smart Home Loans was founded on the simple but radical idea that every person should have the opportunity to own a home. They believe life is all about the journey and buying a home should be a super-exciting, fulfilling, and financially rewarding step along your path. It is their mission to give everyone – from every walk of life, from every background, and from every financial situation- the ability to create equity in themselves and relish in the benefits of home ownership.
Full Unedited Transcript
Hey, I’d like to welcome you to another episode of mission matters. My name is Adam Torres. And if you’d like to apply to be a guest in the show, just head on over to missionmatters. com and click on, be our guest to apply. All right. So today on the show, I have Farzad Mansur Bakht and he is a mortgage loan officer over at equity smart loans.
Mansur Farzad, welcome to the show.
Hey, thank you so much, Adam. So we got a lot to talk about today. I want to get into definitely what you’re doing over at equity smart loans. Talk a little bit about maybe what’s going on in the market right now. And also just to get us kicked off. I understand you were introduced to us by the mega mix expo and Tony and his team, and you’re going to be out at the expo.
So, man, tell me about that to get us kicked off, right? Is this your first time going or have you been in the past?
No, no, this is you know, I went, I attended a couple of times in the Megamex, but I, this is the first time we’re going to have a booth there, so I’m excited, yeah, you know, it’s going to be in Arcadia, I think it’s March 12th and 13th.
Yeah, you got it, March 12th, 13th at the Fana, I need racetrack, so yeah, yeah, it’s going to be, it’s going to be great, I’m excited, it’s going to be our first time. We have a booth, so it’s awesome. So you said you’ve been before. This will be my first time attending.
I went and I toured the grounds and they’re beautiful. It’s amazing. It’s big. And there’s this, we’re going to be at hundreds of booths there, so it’s going to be amazing. But how many years have you been going just an attendee. As an attendee, it is twice.
I, one time I went to the I think it was called the Meridian, , the hotel. They had that over there in Arcadia. And then I attended the one in Ontario another time. And after that, then, this time we said, okay, we’re going to go ahead and You know, have a boot. Yes. That’s great. That’s great.
I love it. I love to hear the stories behind it all because I’m told and again, this is my first time going, but I’m told every year he’s getting bigger and bigger. And I know I talked to Tony. He says, next year, we’re going to take over this part over here too. And this part, I’m like, man, what do you.
They got a lot of room there. I’m like, man, Tony’s vision is big for the event. But I think to me, at least for what I know of it, the cool part is, it seems to me like it’s just a great gathering for the business community and people to get together, right? And do business with each other and network, right?
Yeah. Yeah, definitely. A lot of small businesses and stuff like that. And that’s where everybody gets to network and, talk and get ideas from each other and stuff like that. it’s a great event, especially for small businesses, yeah. So, yeah. Talk to me a little bit more about Equity Smart Loans and how do you get into the mortgage business?
Like, where’d that start for you?
Well, let me tell you a little bit about background for myself, I’m a first time like an immigrant, you know, I came here from Iran. I’m Persian and I speak Farsi and that’s why my name Farzad comes from Farsi. So I came out right after the Iran revolution and there was a war
so , I came here to United States to Los Angeles in 1984 and I came with my mom after that, my mom had to go back because I had a small sister and brother and I ended up being here by myself , so I know, and I went to high school here by myself and I didn’t have any. Parents or anything like that.
Of course, my parents, helped me with the rent and all that stuff overseas. But that kind of, you know, got me going as far as being like self motivated and getting to business. And, I finished college, I went to Casper, Long Beach, and then I started my own business, small business marketing and mail and printing stuff like that.
And then I got married so I had a lot of like, things going through a lot of stuff. And then after a while I also did some investing, as far as like purchasing like real estate and stuff like that. So then from there, you know, I kind of liked it.
business part of it. And also like the real estate and then I decided to get into the loan. And one of the reasons I wanted to get the loan is I wanted to make sure that this is like a really big purchase for people and I wanted to make sure that, I kind of give him a really good transparent information, you know, give him a good like a deal basically, because when I tried was when I was on the other side, I noticed people like held back a lot of information, when it came to loans and stuff like that.
And I kind of didn’t like that. And I wanted somebody to be more open and, explain things to me and kind of like give me a lot of options and stuff like that. And. For some reason, the people that I dealt with, they didn’t do that. So that was one of the reasons I wanted to get into the business.
So I got into the business and my goal is basically just to help out people , in this, moment where they’re like, , having to purchase a house and they’re going through a lot of stuff or, refinancing, I want to make sure that they are taken care of, a lot of different ways.
And so equity smart loans is this set up like a brokerage or they give us a little bit of a feel for the types of the setup of the overall company? Yeah, we are a brokerage company. We have about we’re able to shop around about like over a hundred wholesale lenders.
So maybe, maybe compare that by the way, cause not everybody may know what that means like to be able to shop around versus cause maybe they’ve just gone into their bank in the past. I don’t know. Yeah. So let’s say you go to the bank in the past and, you’re basically gonna get the rate that bank’s gonna offer you, at that moment, depending on your situation.
But when you come to us we can kind of shop around and see how we can get you a better rate it doesn’t mean it happens all the time, but at least it gives us ability to do that instead of just going to One location. And then that’s the rate they have, whatever it is, especially you go into like these big box, banks and these banks and stuff, all the rates and everything is set up and there is no room, their retail rates and stuff like that.
When it comes to us, we shop around, we shop around a lot of lenders and sometimes they have better rates for whatever reason, you know, they’re a little lower, about a half a point. Half a percent. And some of that, could add up a lot because, let’s say you have like a 5, 000.
Payment and we save you a hundred dollars. You’re like, well, it’s only a hundred dollars, but yeah, it’s a hundred dollars times 360. So that’s 36, 000. You saving. that’s a big chunk of money. So those are some of the things that we also.
The other thing is, when you go to a bank, And then when you have to go to, shop around, right? So then you have to go to another bank and then you have to fill out all your paperwork, everything all over again, pull your credit. That might hurt your credit because if you pull your credit multiple times, know, that might hurt your credit, but you come into us, you fill out application once and , you do a credit once with us.
And then we can use that and go to multiple banks and multiple wholesaler that do loan and then shop for you. And that way we were able to get you like the best rate. And what are you seeing in the market right now? Like give us a little bit for context for everybody that’s watching this.
Cause this will come out maybe in another week or so. And today we’re recording this on January 7th 2024. So if you’re watching this way into the future, well, Hey, let me know the date now. So what are you seeing right now in the market? can predict the future. Everybody knows that, you know, and if you try to do that, you’re going to get in trouble.
But right now, you know, the Fed dropped down the rates by three quarter of a percent almost in the past couple of months. But on the other side the rates for the mortgages have not come down. They’re actually gone up. And the reason for that is mortgages they go based on a 10 year treasury note.
And if you look at the 10 year treasury notes, you see that it has gone up. I don’t know what’s the rate today is probably 4. 6, seven, something like that, but it used to be like around three. And that’s the rate that kind of tells you what the mortgage is going to be. Okay. So it looks like , the market is kind of concerned about What’s going to happen with the new administration or with the new economy and how the transfer is and all that.
So there’s a little bit of like a scare in the market right now uh, for the bonds, the 10 year treasury bonds. So the prices are up. hopefully that will come down after this new administration that takes over. So hopefully everything we’ll start coming down.
So we’re hoping for rates to come down after January and that’s our hope, but you know, you never know. No, of course. Of course. Yeah. No, that’s it. That’s a given.
Talk a little bit about your approach to how you’d like to work with your clients. I like to work with them is first of all, I like to find out what is their need.
Okay. that’s the main thing. First, I need to talk to them. And find out, okay, if you’re trying to refinance or purchase a home, what are you doing it for? Or, you know, is this like trying to do it for like a primary resident or is it an investment? what their plan is, what their goal is.
So that’s where I start. I like to talk to them for a little bit, find out what they needed. Do they need money? Or what is the reason that they need a loan? And then from there, take it , and try to help them the best I can, guide them. And like I said also try to inform them about all the options they have.
I might not be the best option for that for what they need, you know. I like to let them know about that. that’s how I like to be treated and that’s how I treat people. Yeah. So that’s how I like to, yeah, approach my clients. And I like to, keep clients for life, basically.
That’s, one of my main goals, always. Well, Farzad, this has been great having you on the show today. I’m looking forward to meeting you in person at Megamix Expo. That’s going to be in March 12th and 13th, again, in Arcadia, California, megamixexpo. com to check it out and grab some tickets. That being said also Farzad, can people, learn more and how can they connect with you and your team?
the best place is if to go to my page is farzatloans. com. Just my first name, farzatloans. com. Also my telephone number is 310 707 8146. You’re more than welcome to call me, text me. With any question, you have, and I will go ahead and help you the best I
And for everybody listening, just so you know, we’ll definitely put those links in the show notes so that you can just click on the link and head right on over and speak into the audience.
If this is your first time with Mission Matters and you haven’t done it yet, hit that subscribe or follow button. This is a daily show. Each and every day, we’re bringing you new content, new ideas, new guests, and hopefully new inspirations. It’s just a little bit of inspiration to help you along the way in your journey as well.
So again, hit that subscribe or follow button, and Farzad, man, I’ll see you soon at Megamix Expo. I appreciate you coming on. Great, thanks Adam. See you.