Many thanks for your comments. I’ve talked to a number of people from this site, and I don’t know of any complaints or misunderstandings from anybody. I’m an open book.
If I don’t know something, I’ll tell you that I don’t know, but I can explain a whole lotta things from different perspectives.
I do this to be helpful and I’m not out to fool anybody.
I’ll tell you what I can do for you without any BS, and if you qualify, I’ll get it done fast, and I’m very fair.
When you pay points to buy down a loan, there is no “larger commission” in fact there is no commission at all. It isn’t possible, and it’s illegal.
When you get the PAR rate, the lender doesn’t pay a penny in any form of commission, rebate, kickback, whatever you want to call it. It doesn’t exist…
If you are overcharged in rate, THEN the lender pays a commission. That’s how “no cost/no fee” loans work, you will pay a higher rate and have higher payments for the life of the loan. After 3 or 4 years, it starts to cost a small fortune.
By paying DISCOUNT POINTS, it ALL goes directly to the lender and gets you a lower rate. Discount points are NOT shared. Transactions are highly regulated through escrow and if the lender isn’t aware of how every dollar is accounted for there is a problem.
If you go directly to a bank or “direct lender” they do not and will not disclose that you are being overcharged, because they don’t have to. (Thank the bankers lobby)
When a bank tells you that they don’t charge fees, it is just built into their rates, and it sounds good.
I can do no cost/no fee loans too, but I explain the difference. The banks can’t. Many employees only know their bank limited programs and are told what to say; they work for the bank and get commissions.
It’s really not rocket science. When people charge triple what I charge they are just screwing borrowers, and it does happen.
I can get a loan “approved” in a matter of minutes, but they don’t get processed in one day. A full package requires an appraisal and a title report, takes a few days.
The fastest that I have ever done was a submission on Tuesday and docs to sign by Friday afternoon. It’s rare but it can happen when everything is lined up.
There still seems to be a ton of misinformation about how loans are priced and fees and commissions.
Millions of people have been taken advantage of by dishonest mortgage folks, but there are a few decent ones around.
Still amazes me how some get loans, like this thread proves.
