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Purchasing a Home
Purchasing a home is an exciting time. Whether you are a first time home buyer or purchasing your dream home for retirement, it is one of the biggest decisions you will ever make.
In this ever changing mortgage meltdown environment the thought of trying to determine your best choice in a mortgage can seem daunting. There are so many different fees and different mortgages that it may be tempting to just accept whatever is easiest. After all, that first meeting with your mortgage lender was in the very beginning of the home buying process. Many things happen and change between that meeting and the actual closing. When the end of the process arrives and you are at the closing table you may question what type of loan you really have and what fees you have agreed to. You many wonder if the loan you thought you were getting is really the loan that is somewhere in that mound of documents that you are asked to sign.
The Borrowers Advocate, LLC will work with you at the beginning of the process so that you know what to expect in the end. We will help you identify a customary and ordinary charge for each mortgage fee on your good faith estimate. If you are unfamiliar with a fee, we will explain the purpose of that fee. We work on your behalf only, so that you are protected and educated in the purchase of your home. At The Borrowers Advocate, LLC we work for you -- not the lender nor for a commission.
A 200,000 dollar mortgage at 6% over 30 years costs $231,676.38 in interest. The same 200,000 dollar loan @ 6.25% costs an additional 13,456 dollars.
A loan originator can receive compensation in a couple of different ways for the services provided to originate a loan. Yield Spread Premium (YSP) is a fee paid by the lender to the mortgage company. The amount of the YSP is determined by your mortgage rate. The higher the mortgage rate is that you accept, the higher the YSP to the originator. There are also origination fees. Origination fees are a percentage of the loan amount and are easily distinguished on the good faith estimate and the HUD1 Statement.
Often the homebuyer is not aware of rate or fee changes. We have seen hundreds of people who didn’t find out about such changes until they were at the closing. Of course by then it was usually too late to negotiate or have it corrected because the moving van was already loaded up, they had already moved out of their previous residence and the people they are buying the house from are sitting across from them at the table. In the end, the borrower signs almost every time.
The agents at The Borrowers Advocate, LLC are industry experts with years of experience. We have worked for some of the largest mortgage lenders and brokers in the country. We know every trick and we know every fee. We identify and explain every fee, including the hidden costs, so that the best possible terms can be negotiated. If you would like, we can even negotiate for you while keeping you involved and informed every step of the way.
Our typical purchase client saves over $1,700.00 dollars in loan fees and closing costs and typically in addition to thousands more in interest savings over the life of the loan.
At The Borrowers Advocate, LLC we are so confident that we can help you achieve substantial savings that we promise to never charge you more than the savings achieved. Our maximum fee is $400.00 or the amount saved, whichever is less. Even if that means we charge you nothing. You will have complete peace of mind knowing that an advocate on your side reviewed and discussed every detail of your transaction and that you received the best possible terms.
The Borrowers Advocate will make your purchase transaction smoother and much less expensive at no risk to you. Our maximum fee of $400.00 dollars will not go up for any reason. It is a small price to save hundreds even thousands of dollars on your mortgage transaction.
Call or contact us today. Keep more of your money and balance the scale!
Refinancing your home?
Refinancing your home is often confusing and sometimes a very difficult process. There are many reasons for wanting or needing to refinance. It could be access to cash for your child to go to college. It could be for a lower rate. Or like many, you need to get out of an adjustable rate loan that is or will soon be adjusting upward. Regardless of the reason, having been through the process before, you probably already have some idea of how things can change before you close. Or worse, you may experience a surprise change when you get to closing.The professionals at The Borrowers Advocate, LLC work on ‘your behalf’ to ensure that there are no surprises at closing and that you are able to negotiate the best possible terms for your mortgage transaction.
Refinance transactions often contain hidden or overcharged fees and prepayment penalties. Promises of no closing costs, great low rates or no application fee are all ways of making you think you are being treated fairly. Your agent at the Borrowers Advocate, LLC works exclusively for you in your refinance transaction.
Our refinance customers are saving over $2,000.00 in lender fees, origination and closing costs. In long term interest savings, many of our customers save twenty to thirty thousand or more. These are real savings. They are not fees simply moved to another part of your loan. We point out every fee and every cost to you. We look for inflated or unnecessary fees that should be reduced or completely eliminated. Your agent at the Borrowers Advocate, LLC will give you the tools to negotiate the best possible mortgage terms. If you would like, we can even negotiate for you while keeping you involved and informed every step of the way.
Contact us today and make your refinance transaction smooth and much less expensive. There is no risk to you. Our maximum fee of $300.00 dollars will not go up for any reason and is a small price to save hundreds or thousands of dollars on your mortgage.
The Borrowers Advocate, LLC is confident that we can help you achieve substantial savings. If we can’t save you at least as much as our fee, your charge will be the lesser of the two. Even if that means we charge you nothing. You will have complete peace of mind knowing that an advocate on your side reviewed and discussed every detail of your transaction and that you received the best possible terms.
Call or contact us today. Balance the scale and keep more of your money!
Call or contact us today. Balance the scale and keep more of your money!
Loan Modification
Loan Modification Many homeowners previously agreed to adjustable rate mortgages for a year or two with the intention of refinancing that mortgage before it adjusted. Many of those refinances are not obtainable in today’s credit crunch. Several factors have come into play which may cause a homeowner to fail at an attempt to refinance a current mortgage. Some of those factors are that several exotic mortgage products have been taken away from the market, home values have fallen or that many homeowners owe more on their current mortgage than the current value of the home.Most lenders will consider a loan modification. A loan modification happens when a lender agrees to make adjustments to a current mortgage which is more suitable to the borrower’s financial situation. One of several reasons that a lender may be willing to work a loan modification is that the mortgage will adjust to a payment that the homeowner will not be able to afford. It is costly for a lender to proceed with the foreclosure process. Most lenders would prefer to have a payment that the current homeowner can continue to pay rather than have to incur the expense of foreclosure and marketing the home for sale. Although rate adjustments are the most predominant reason for a lender to accept a loan modification request, there are other situations specific to individual borrowers that may also warrant a loan modification request to be submitted to the lender.
Loan modifications require contact with the lender and disclosure of the borrower’s financial situation. Most lenders require specific information in specific packages to negotiate a loan modification. If you feel that your new adjusted payment is or will be more than you can pay, let the professionals at The Borrower’s Advocate, LLC help you submit a loan modification request. We have a process that will allow us to efficiently gather and submit your information to your lender. We continuously monitor your file with the lender and provide timed status reports to you until an answer is received from your lender. The loan modification process is time consuming and involves heavy paperwork. Let the Borrowers Advocate, LLC navigate through this process for you.