>> FAQ's

Isn’t my loan officer/lender obligated to give me the best rate I qualify for?
NO. They are under no obligation to work in your best interest or provide you with the best loan that you qualify for. Often, even ‘if’ they put you in the best loan for your needs there could be hidden rate increases and/or fees that affect how much you pay.

What is YSP?
YSP is Yield Spread Premium. YSP is a payment made by the lender to the originator of your loan based on the interest rate charged to you. The higher the interest rate that you are paying, the more YSP to the originator.

Doesn’t the Good Faith Estimate I receive show me what my costs are?
No. The Good Faith Estimate is just that…an estimate, and not a very good one. Currently there is much talk of legislation changes to improve this. Many loan providers simply put a ‘range’ of costs on several lines of the GFE. For example, the range for an origination fee can be something like “0 to 4%”. Clearly, 4 percent of a 200,000 loan is a lot more than 0 and most end up paying much closer to the high end of the range. I close on my new purchase in just a few days, is it too late to save money?
No, in fact we have even helped people save money or negotiate fees who were closing the same day. If you haven’t gone to closing yet chances are we can help you save a substantial amount of money. We can also answer any questions you may have about your documents that perhaps haven’t been fully explained or answered yet.

My interest rate keeps adjusting upward and I can no longer make my payments. What can I do?
There are a couple of options when your mortgage rate is adjusting upwards. Many banks are willing to work out a solution. Two of these solutions are a loan modification or a short sale. The Borrowers Advocate, LLC can work on your behalf to contact the right people at the bank in order to help you. Loan Modification, Rate Freeze, and Short Sales are just a few of the ways we can help you protect your home and your credit.

How does your Foreclosure prevention service differ from others?
First, The Borrowers Advocate, LLC will NEVER attempt to purchase or take control of your home. There are many scams today that simply want to get your house. Also, we work on a flat fee (other than for short sales). Some similar companies claim to offer loan modification or rate freeze services but charge based on loan amounts, number of months behind or other percentage fees. Often this can add up to thousands of dollars. We work on you behalf for a small flat fee and we have the experience to help keep you. Our goal is to help you keep your home, not to get your loan.

What is a Short Sale?
A Short Sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the borrower. The home owner then sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the mortgage debt. In such instances, the lender would have the right to approve or disapprove the proposed sale. The Borrowers Advocate, LLC can help you decide if a Short Sale is right for you. If it is, we can help you get the Short Sale approved by the bank very quickly.

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