HOW WE CAN HELP YOU GET THE BEST LOAN!!!
FIVE WAYS WE CAN GIVE YOU VALUABLE HELP IN COMPARING LOANS
WE CAN HELP YOU COMPARE GOOD FAITH ESTIMATES FROM EACH LENDER.
We can point out the differences or shortcomings in the Good Faith Estimates you get.
We will be persistent in getting an accurate comparison.
We will show you the advantages and disadvantages of the lender and lending program you’re considering. It’s then your decision to make the choice.
FINANCING TIP #1: Don’t assume it’s a great loan because the lender’s a friend of yours. Sometimes people’s “friends” in the business treat them the worst!
WE HAVE THE KNOWLEDGE TO POINT OUT FALSE SAVINGS ON GOOD FAITH ESTIMATES.
You need to understand (1) which costs the lender controls and (2) what tricks/techniques look innocent enough but are costing you money? (3) What omissions or ignorance on the part of the lender make his loan look better than it is?
FINANCING TIP #2: BE ALERT TO THESE TRUTHS
On a Good Faith Estimate, the lender ONLY controls every item in the 800s.
The items most likely to be off are taxes, HOA/CDD fees, insurance, title charges and survey; ALL OF WHICH THE LENDER DOES NOT CONTROL!
Out-of-state lenders ALMOST ALWAYS omit Florida costs (i.e. state stamps on mtg.; intangible tax on note).
WE CAN BE YOUR “MORTGAGE LIBRARY”
Does this mean we know every program and its underwriting guidelines and if you can qualify for it?
NO! NO! NO!
What does this mean? We can be your reference source for getting the mortgage product you need! JUST ASK US...
1. Where can you get a second mortgage/equity line on an 80/20 loan for prime-1/2? (what is criteria)
2. Who generally has the best rates for lot loans?
3. How much do you have to put down on a lot loan?
4. Who generally has the best rates for second mortgages/equity lines?
5. Where can a borrower get that needs a co-signer get a loan?
6. Who has special programs for nurses, teachers, police, and firefighters? What are they?
7. Can a borrower shop lenders against each other for a loan? How? What type of loan/lender will it have to be?
8. What is the history of prime?
9. What % of the total loans are 100% ARMS?
10. What is desktop underwriting?
11. Is DU approval the same as underwriting?
12. Is a conventional loan with a co-signer always owner occupied if one of the co-signers will live in the property?
13. Can you use any lender for any condo or condo conversion?
FINANCING TIP #3: Get the loan best suited for your personal situation!
WE KNOW AND UNDERSTAND HOW TO DO A BUYERS’ NET SHEET, FIGURE THE NEW PROPERTY TAXES AND CALCULATE THE PRORATIONS OF BOTH TAXES AND CDDS.
FINANCING TIP #4: KNOW YOUR NUMBERS BEFORE YOU GO INTO CONTRACT!
You will be able to negotiate more comfortably and avoid awful surprises like needing more money than you have at closings.
WE COACH YOU TO ASK THE RIGHT QUESTIONS
Does the loan have a prepayment penalty? If so, how does it work?
If the loan is an ARM, what is it tied to? How often does it adjust?
Can you make a loan on a condo conversion property?