July 25th, 2014 | What does your Mortgage Professional REALLY do for you?
Are you REALLY getting the A+ treatment from your Mortgage Professional: Are you kept abreast of changes in the industry? Do you offer the best rate for your clients? Are you kept informed every few days of the status during the loan process? Are you dealt with honestly or just told what you want to hear? Are there a variety of loan products including niche products to get your loans closed? Isn't it time to see what else is available? DIVERSIFIED MORTGAGE BROKERS WILL make a difference! Not just talkbut FACT! Give us a call and see. Tel: 434-237-3143, Email: email@example.com, Web: www.diversifiedmortbrokers.com BTW, the Fed is to meet soon and the bond buying program ends in Oct...so be on the lookout as they feel the economy is strong enough to support higher rates. ACT NOW and lock.
July 11th, 2014 | Borrower paid OR Lender paid compensation loans
Do you know the difference between Borrower paid or Lender paid compensation for mortgage loans? The Dodd Frank Act 4/6/2011 states that a Mortgage Broker must give the borrowers the option of these two ways to proceed with their loan: Borrower paid means that the Borrower will pay the Mortgage Broker fees, and Lender paid means that the Lender will pay the Broker fees. If Borrower paid, the Mortgage Broker and Borrower can negotiate what will be charged and if any other processing, application, etc. fees will be added.If this is a purchase and the Seller is paying closing costs, these costs can be used to help pay these fees. This type of compensation can effectively get the Borrower a lower % rate IF they are willing to pay the Broker, although many Borrowers do not wish to have to shell out this money ( this $ can be added into the loan if a refinance). If the Lender is paying the Broker, only the % compensation plan $, set up in advance with the Lender will be allowed with NO other ancillary costs, such as processing or application fees. This "Comp Plan" is set up w/ each Lender that the Broker uses for 90 days at a time and can not change during that time period, no matter the size of the loan. The rate the Borrower gets from the Lender depends on the comp. plan set up, as these broker fees are adsorbed into the Lender's rate. The Broker CAN have different % comp. plans set with the various Lenders. In THEORY, this helps the borrower to be able to shop to get the best deal ( the lower the comp. plan should equal the lower rate). Great THEORY, but ONLY IF the Borrower knows all this and will shop Mortgage Brokers for the best deal. This is why if a Realtor MUST direct a client to a Mortgage Broker, at least 3 should be offered so the client can shop and not just be led to the Realtor's buddy. If a Mortgage Broker quotes a rate to the client he/she is supposed to inform the Borrower what comp. plan they are quoting with the rate offered. Again, great theory IF the Mortgage Broker obeys the rules and discloses this info.........For UP FRONT AND FAIR REPRESENTAION AND EDUCATION please call Diversified Mortgage Brokers, Tel: 434-237-3143, Email: firstname.lastname@example.org, Web: www.diversifiedmortbrokers.com. LET US BEAT YOUR BEST DEAL!!!!!!!!!!!!!!!!!!!!!!!!
June 10th, 2014 | Get your credit report before your loan
I have seen so much frustration over the years when a credit report reveals some items that hold up the loan. IF a borrower would pull their own mortgage credit report from a reliable site BEFORE they start their home purchase or refinance, a lot could be determined ahead of time.When the client pulls their own report it does NOT lower their scores BUT it could enable the Mortgage Broker to give a little advice that might save their loan needs with a little work. Suppose the Mortgage Broker pulls the client's scores and it knocks their scores down, just enough to put them under the needed scores for loan approval? Then the Realtor, Borrower and Mortgage Broker all lose the deal. If the client would be a little pro-active, then the loan may be put off for a month or two as corrections or changes are made, BUT not lost for good. I would also advise Realtors to see if their clients could pull their own reports prior to the Bank / Mortgage Broker pulling a report which might delay the loan for a month or two but ultimately culminate in a saved deal.
May 29th, 2014 | Mortgage rates continue to fall
Mortgage rates continue to fall this week as well and the time for purchase $ seems ideal. And for those considering refinancing to lower rates, home improvements and or debt consolidations,the timing could not be better. It is unbelievable. Give me a call and lets discuss what can be done for you. Call 434-237-3143 or email: email@example.com or check out the web site www.diversifiedmortbrokers.com . IF YOU ARE ANYWHERE IN VIRGINIA I CAN HELP YOU !
May 23rd, 2014 | Mortgage rates are going down
ALERT!!!!!! Mortgage rates have DROPPED again and again over the last 2 weeks and NOW is the time to lock in a great rate before the rates rebound. Call Diversified Mortgage Brokers and let us educate you on what determines a rate and how we can beat your best offer. It is NOT rocket science BUT it is very important to get the best doggone rate you can-it is not that complicated but you have to know how it works. Let us help.Call 434-237-3143or email firstname.lastname@example.org or try our web: www.diversifiedmortbrokers.com
100 Copley Place, Suite D Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: email@example.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)