1. Capital
Mortgage Partners is your cheapest source for Mortgage
Money. Local Banks and On-line Lenders (E-loan,
Countrywide, Suntrust,
Washington Mutual, Bank of America, etc) can only quote you their
RETAIL RATES. These retail rates are set everyday by their Branch Manager. No
Loan officer, who works for that branch, has the authority to go below them….but
they can go above them. (This where the Loan officer for that Bank, makes their
commission). Moreover, local banks are lending on a base rate set by their
portfolio manager; For
this reason, that retail bank on the
corner will NOT have the lowest base rate in the Country.
2. Capital Mortgage Partners has existing relationships with the Top Wholesale
Lenders. These Lenders have
discovered, the cheapest way to distribute Mortgage Money, is not
by setting up a brick and mortar operation in every town (this is very
expensive). The most cost effective way to distribute Mortgage
Money is through brokers who already specialize in Mortgage Lending.
This allows the wholesalers to package billions dollar loan portfolios
and sell them to investment houses. This process enables Mortgage Bankers to
pass on cost savings to
the consumer.
3. What about costs?
It
cost no more to use the services of a Mortgage Professional than your local
bank. In some cases, in an effort to gain market share and reduce fixed salary
costs, many financial institutions are paying Capital Mortgage Partners who refer
business to them. This allows the Capital Mortgage Partners, in most cases, to provide you
with their valuable service at no cost to you. 70%
of all Mortgages were originated by Mortgage Professionals.
4. Compare Apples to Apples.
When shopping Lenders & Brokers, learn what to look for. When calling around
to get rate quotes, the average consumer is confused because they
are being quoted a rate and or payment
that may not include closing costs.
Consumers often think
they are able to shop by using the APR RATE to comparison shop BUT…MANY
LENDERS will give a false APR (either because they don’t know how to compute
it, or they choose to lie). The best way to determine who has the Best DEAL is
by using the…
BOTTOM - LINE
APPROACH:
A) What is the
loan amount I am going for? (When
refinancing, make sure your payment quote includes your closing cost).
B) What are your
total closing costs? (excluding government and title fees)
Government and
most Title fees are promulgated and are generally the same across the board.
It doesn’t matter whether you use a competitive lender or the loan shark on
the street, Government and Title fees are required when you get a mortgage.
If
you receive a good faith estimate that shows little or unusually low title and government costs,
get
ready for a surprise at the closing table. You can select your own title
company if you feel confident in their service.
C) What is my
monthly payment?
This is the one of the bottom line components. Obviously the lower the payment,
the better the deal.
