Beyond Interest Rates: Cristen Carver on Helping People Start Over

Transcript note: This transcript was lightly formatted for readability. Speakers are Jet Bunditwong and Cristen Carver.

Jet Bunditwong: Hi, and welcome to The Personal Side of Business where every business has a story. I'm Jet Bunditwong. Today my guest is Cristen Carver. She's a powerhouse mortgage expert who's built her career on trust, transparency, and getting deals done when others say it's impossible. Welcome to the podcast, Cristen.

Cristen Carver: Thank you. I'm so excited to be here.

Jet Bunditwong: Yeah, I'm excited to have you. So tell us, how did we get here?

Cristen Carver: How did I get here? So when I went to college, it was the mid 80s and computers were super — that was the thing. Everything was going on computers. So I got a degree in computer programming. I'm really good at math, it's my thing, so it felt like a perfect fit.

Cristen Carver: After college I transitioned to a mortgage company that was putting everything on computer systems. They needed help setting that up. Once I got the job, I was curious, so I started working in different departments — processing, loan documents, ordering appraisals — everything.

Cristen Carver: About five years later I was still in the mortgage industry doing all these different roles. Then I got my real estate license and went into sales in 1991. I've been doing it ever since.

Jet Bunditwong: Wow, so you've been in this for a long time.

Cristen Carver: Since 1986. Almost 40 years.

Jet Bunditwong: How has the industry changed since you started?

Cristen Carver: The biggest change was credit scoring. When I started, we didn’t have FICO scores like we do now. Lenders evaluated borrowers based on their credit history — whether they were an A, B, C, or D borrower. Interest rates were based on that rather than a score.

Cristen Carver: Interest rates were also much higher back then — around 14–15%. So rates today are dramatically lower compared to the 80s.

Jet Bunditwong: Has technology made the job easier or harder?

Cristen Carver: Both. The scoring systems help standardize things, but they can also create challenges. Someone can have perfect payment history but still have a low score because of high debt levels. That doesn’t necessarily mean they’re irresponsible borrowers.

Jet Bunditwong: Looking at today's market, we're starting to see more foreclosures again. What are some things buyers should do to prevent that?

Cristen Carver: The biggest issue is people buying homes they can’t really afford. They fall in love with a house at the very top of their price range. Sometimes real estate agents show buyers the nicest houses possible, and people get emotionally attached.

Cristen Carver: But they’re not always thinking about their monthly budget or long-term financial stability.

Jet Bunditwong: Do you think the market will adjust?

Cristen Carver: The housing market is cyclical. About every 10 years there's a big adjustment. Home prices right now are extremely high. Interest rates are actually historically normal in the six percent range, but people remember the pandemic rates in the twos and threes.

Cristen Carver: If rates come down a little and more homeowners start selling, we could see more homes on the market which could stabilize prices.

Jet Bunditwong: What about first-time buyers in San Diego?

Cristen Carver: San Diego is the most expensive housing market in the United States. Many first-time buyer programs are designed for homes in the $300k–$500k range, but there just aren't many homes available in that price range here.

Cristen Carver: Banks have stepped in with programs offering 100% financing to help people get into homes.

Jet Bunditwong: How do you determine what someone can afford?

Cristen Carver: A simple rule is about 45% of your gross income can go toward your mortgage payment. Total debt usually shouldn’t exceed 50–55% of your income.

Cristen Carver: For example, if someone earns $10,000 a month, their mortgage payment ideally shouldn't exceed about $4,500.

Jet Bunditwong: And if someone can’t afford the house they want?

Cristen Carver: Then we have a reality conversation. We look at co-signers, adjusting expectations, or waiting until income increases.

Jet Bunditwong: What kinds of loan programs are easiest for buyers?

Cristen Carver: Government loans. VA loans for veterans are the easiest because the guidelines are very flexible. FHA loans are also very forgiving and allow lower credit scores and higher debt ratios.

Jet Bunditwong: What helped you build such a successful career?

Cristen Carver: Networking is huge. The more people you know in the industry, the better. Education also helped — being licensed in multiple states makes you more marketable.

Cristen Carver: And most importantly, take care of your clients and your referral partners. If you're reliable and responsive, people will keep recommending you.

Jet Bunditwong: What advice would you give someone entering the mortgage industry today?

Cristen Carver: Build strong relationships with real estate agents. Show up for them, answer calls quickly, help at open houses — do whatever it takes to support them.

Cristen Carver: If you're a great partner, they'll talk about you in their offices and refer you to clients.

Jet Bunditwong: If you could fix one thing about the mortgage industry, what would it be?

Cristen Carver: Honesty. Some loan officers promise unrealistic rates or confuse clients just to win business. That creates major problems later.

Cristen Carver: I prefer being very clear and straightforward with clients so they fully understand what they’re getting into.

Jet Bunditwong: Where can people find you?

Cristen Carver: If you Google my name, Cristen Carver, you'll find me everywhere. My website is with Barrett Financial. My email is ccarver@barrettfinancial.com.

Jet Bunditwong: Awesome. Thank you so much for being on the podcast.

Cristen Carver: Thank you, Jet.