We were lucky to catch up with Lazaro Toledo recently and have shared our conversation below.
Lazaro, thanks for joining us, excited to have you contributing your stories and insights. We’d love to hear from you about what you think Corporate America gets wrong in your industry and why it matters.
The direct lenders, we call them retail lenders, overcharge on their loans a majority of time, especially on the government loans. Government loans are USDA, FHA, and VA loans. Retail lenders do the loan themselves, such as banks, credit unions, etc. On average, we as brokers can save a borrower about $9000 compared to a direct lender. Brokers are able to shop multiple lenders at wholesale rates, which gives us a huge competitive advantage.
I will give you 2 perfect examples that happened about 2 months ago. I was recruiting somebody from a retail lender, and to compare our pricing model, we priced out two scenarios. We priced out an FHA loan and we were about $8000 less expensive for the same interest rate than them. Than we looked at a VA loan (veteran loan), and we were about $11000 less expensive than them for the same rate. Think about how ludicrous that is. Our veterans were getting taken advantage of
Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.
I was born in Cuba, immigrated to the US when I was three during Thanksgiving week with my mom. My dad came closer to Christmas as he was detained in Puerto Rico. My parents have been hard workers their whole lives and instill that in me. During the recession of 2007-2009 we lost everything, our house, and four business locations. They have never recovered since this.
As a mortgage broker, I help educate clients that are looking to acquire a mortgage. Buying a house for mot people will be the biggest investment in their lives. We want to make sure that when they purchase that home, they are able to be okay financially if something bad and unexpected happens.
Our brokerage is different than others because we tend to have more options, quality service and value. We were voted broker of the year for the Nation in 2022. We lead with education. Educating borrowers is the most important thing
Any stories or insights that might help us understand how you’ve built such a strong reputation?
I am honest, work hard, and keep my word. What I say I am going to get done for my referral partners and clients I get done. Mistakes are bound to happen, I am only human after all. However, I will do everything in my power to fix the mistake and take responsibility for it.
Can you talk to us about your experience with selling businesses?
Yes I had a small business for 2 years. I had an insurance agency that I sold my part in it. I owned 49%, but being a small business owner was just not for me. I work about the same amount of time now that I did than, 12-14 hour days. However, I feel more free to do what I want now compared to then. I was depressed by my second year of owning the business. Now I am happy, even though I am an employee, but I still get to operate with as much freedom as a business owner
My advice would be to consider why are you selling your business? If you sell your business, what are your plans for after? Things are not always greener on the other side. In my case it was, but it was because I knew I had a better opportunity as a mortgage broker, than at my own business
Contact Info:
- Website: https://edgehomefinance.com/team-member/lazaro-toledo/
- Instagram: https://www.instagram.com/laztoledo/
- Facebook: https://www.facebook.com/lazmortgagebroker
- Linkedin: https://www.linkedin.com/in/lazaro-toledo-04a305175/
- Youtube: https://www.youtube.com/channel/UCYnAh_FeV8JOmsOlf1-FG6g
- Tiktok: https://www.tiktok.com/@lazthemortgagebroker