The largest and most important investment most people will ever make in their lives is buying real estate. Ask the right questions, do your homework, and prepare for success.
Four Pillars of Mortgage Loans. Ask these questions!
- How much will you charge me? What are the points and fees? Fees can be disguised as many things; orientation fees, admin fees, etc.
- Who gets the back end money (YSP)? The YSP (yield spread premium) is the back end money that not all lenders tell you about. Ask! If it’s not going to you, its going to someone else’s pocket.
- How can the mortgage broker assure the buyer they can close the loan? Does the mortgage company have multiple lenders to fit the specific qualifying needs of the borrower? Do they have a team working on your loan or just a single loan officer?
- How are your rates competitive? Do they shop the mortgage to multiple lenders and make them compete for the client’s business? Any lender can raise or lower the interest rate depending on the desired closing costs and long term benefits of lower rates. Details matter. Ask about rates vs. costs.
Excel Financial Group LLC – NMLS # 389894
We’d love a chance to earn your business and guide you through the most important purchase of your life. Ask us these innovative mortgage and refinancing solutions serving clients throughout Colorado questions and compare answers. We’re confident we’ll earn your business.