How are your rates & pricing better than other Lenders?

This is the most common question we get. The short answer is that we have a more efficient, tech-driven business model that carries less overhead than our competition. The long answer is 3-fold, all of which reduce the costs & fees; those savings are passed on to you, the borrower. Number 1, we have a flat corporate structure that isn’t bloated with upper & middle management salaries, bonuses & benefits. Number 2, we utilize proprietary technology to drive the business and create efficiencies that require less man-power to operate. Number 3, we don’t gouge our clients with excessive processing fees or commissions.

How does the mortgage pricing tool work?

We call it the “Pricing Engine” and it empowers our clients to not only be given keys to the car, but we let you drive. The pricing tool allows you to see today’s live interest rates and fully price out your loan options. This isn’t some ambiguous mortgage calculator working off of estimates. These are real, live, lockable rates with full transparency. You are able to calculate your “cash due at closing” down to the dollar without ever speaking to anyone.

Can I really get a "no-cost loan"?

Yes. A no-cost loan is when the lender credits are equal to or greater than the costs to close. Instead of you “buying down” your interest rate (paying money to get a lower rate), you are receiving a lender credit for taking an interest rate that is a little higher. When the lender credit covers your costs to close, you are receiving a loan for zero dollars out of pocket; aka, a no-cost loan. When comparing rates, the no-cost loan is the fastest way to contrast one lenders fees from another. You might find that one lender’s no-cost loan is at 3.5% while the next lender has a no-cost loan at 3.25%. The only difference is the 3.25% lender has less margin built into their pricing and you can therefore get a better rate.

When should I lock my rate?

Ideally you want to lock when interest rates are the lowest they’ve ever been. Unfortunately, neither you or I have a crystal ball to know the future, but we do know the past. Each day, our pricing engine indexes every interest rate for every credit score and every product. So while we can’t tell you where rates will be tomorrow, we can use the “Rate History” tool to look at where rates have been. The Rate History tool will show you a span of 1 week to 6 months for any interest rate. So, if you’re considering locking in a rate for a total cost of $1,000 and you can see that the same interest rate would have cost you $5,000 just two weeks ago, it might be a decent time to consider a lock. You also want to consider your closing date on a purchase loan. It’s usually advisable to wait until you’re within 30-45 days of closing before locking a purchase loan. On a refinance loan, you don’t have to be so concerned with timing because there aren’t contract deadlines to meet.

How do I shop & compare rates

First rule here is you must compare quotes from the same day. Interest rates and the pricing of rates changes daily, so if you receive a quote on Monday and you price match it with another quote on Wednesday, they’re both fruit but ones an apple and the other is…you get the idea. Second rule to shopping around is to look at “total loan costs”. If you’re not seeing all the numbers, you can sometimes be deceived by a quote that leaves out vital information. You’re looking for a quote that includes “total cash to/from borrower” at closing.

Why do other lenders hide their rates & pricing

If you hide something, it’s rarely in the best interest of the person you’re hiding it from. It’s no different with mortgage pricing. Hidden rates and fees put the borrower at a significant disadvantage and you’re left wondering whether or not the wizard of oz gave you the best price. Bottom line is, they hide their rates because they have pricing that’s worth hiding. Always get a 2nd opinion and if you somehow found better pricing than you see here, you should consider taking it.

Why is privacy important?

Privacy puts you in control. If you give up your personal information you feel beholden to the loan officer that quoted you a price and you’ll likely be subjected to some unnecessary and unwanted texts, phone calls & emails. Being able to shop with anonymity allows you the convenience to contact us when the numbers are right or you have a question. Total privacy, zero pressure.

Don't all lenders have the same interest rates?

Just because you’re looking at a low interest rate does not mean you’re getting a good deal. Fees, costs and margins are different everywhere you go. Every business has its own operating costs and that’s what drives the margin that is baked into the price of the loan. You will likely qualify for the same/similar interest rates no matter where you go, but it’s not uncommon for 3.125% to cost a borrower a lot of money at Lender X and then for the same 3.125% to cost a borrower zero dollars at Lender Y. Make sure you shop around and compare pricing.

What if another lender is willing to price match?

If you shop around on a lender who was hiding their pricing and you come back to them with a competing offer, they’ll typically offer a concession to match. Things that make you go hmm…why didn’t she/he offer you the best price to begin with? Truth is, they couldn’t and they’re having to dip into some corporate slush funds to make your deal work. Typically, a competing offer is met with scrutiny and is accompanied by the claim that his/her service is better than the other lender. I guess that premier service isn’t available up front when they’re quoting you pricing – you can be the judge of that. Our commitment to service includes your price-quoting experience and continues all the way to funding.

Is it worth it to Refinance?

Here are the most prominent considerations for refinancing: lower your interest rate, lower your monthly payment, shorten your term, eliminate mortgage insurance, minimize interest paid over the life of your loan, cash out some equity, pay off other high interest debt with equity, pay for home improvements with equity. Every situation is different and it’s not always an easy decision. Our team can help you weigh the pros and cons with zero pressure to do anything other than the right thing for your situation. Depending on your situation, actual savings will vary.

Should I do a 15-year or 30-year loan?

It’s worth noting that 15-year loans typically come with better pricing on rates. Meaning, you’ll get lower interest rates for the same closing costs as a 30-year. Additionally, you’ll pay far less in interest on a 15-year loan. The reasons you’d stick with a 30-year would primarily be monthly payment driven. If you can afford the monthly on a 15-year, that’s the fast track to complete home ownership with a lower rate along the way.

How does my credit score impact my interest rate?

If you have a high credit score, you are deemed a lower risk to an investor. If you have a lower credit score, you are considered a higher risk to an investor. Risk is what drives pricing, or in other words credit worthiness drives pricing. However, it doesn’t always determine what interest rates you have access to. Meaning, you could secure the lowest interest rate available, but it will cost you more money to get it. Typically, interest rates are priced in the following brackets: 740-800+ best pricing, 720-739 next-best pricing, 700-719 good pricing, 680-699 okay pricing, 679 and below starts to become less than favorable. Make sure you shop interest rates with the best guess of your current credit score – some lenders really overlay lower credit scores with higher pricing.

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Text Devan (801) 860-9541

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