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Tuesday, 15 January 2019 21:09

KKOB - January 29th, 2019

Ben Lucero why it's so important to understand lender fees when shopping for a mortgage '
Published in Radio
Tuesday, 25 October 2016 22:33

Be Aware of Dishonest VA Loan Tactics

Recently, we’ve been getting phone calls from veterans asking us to match low rates they’ve seen advertised. Upon further investigation, we often find that these rates are not what they seem.

For example, clients may be offered a 30-year mortgage with a low rate like 2.5% or 2.75%, but the fine print reveals that it’s not a fixed rate. The rate will be fixed for an introductory period of 3-5 years, but will then be adjusted every year thereafter. This is usually not what the client wants, as they may face large increases in their monthly payments after the initial period.

We also see cases where a customer is offered a 30-year fixed mortgage rate below 3%. However, when you read the fine print, the lender is charging a full 2% in discount and origination fees that may amount to thousands of dollars, not even including closing costs that must be paid upfront.

Both tactics are very misleading. Lenders make a lot of money on VA loans by hiding fees or pricing the loan higher than what the veteran deserves. As a rule, veterans can expect to get rates in the low 3% range - without any origination, discount or lender fees.

At Indigo Mortgage, we encourage veterans to keep their mortgage local. We are always happy to work with you and go through the fine print to determine if an offer is in your best interest. We have helped many veterans save thousands in closing costs and get low rates with no strings attached. Call Indigo Mortgage for an upfront quote on a VA loan.

Published in Blog
Thursday, 01 October 2015 00:00

The New TRID Rule Takes Effect October 3, 2015

There is a new rule being implemented into the real estate market on October 3, 2015 called the TRID rule. TRID is an acronym for TILA RESPA Integrated Disclosure and is also known as the Know Before your Owe rule.

Published in Blog
Tuesday, 29 September 2015 00:00

KKOB on September 29

Know Before you Owe Rule to take Effect Oct. 3, 2015

Published in Radio
Wednesday, 28 August 2013 21:12

"No Closing Cost" Scams

Lately, many companies are touting “no closing cost” mortgages and I just want to make sure borrowers understand what this really means, as many of these offers are very misleading.

First let me outline mortgage fees:

  • There are lender fees which are origination, processing and underwriting fees
  • Then there are title fees like closing escrow fees, title insurance etc.

Lenders only have control over lender fees, but not title fees.

So here are a couple of the misleading offers. A company will offer no lender closing costs, which means they will waive the processing, underwriting and origination fees, but they will raise the rate to accommodate this, but there will still be title fees.  A second way to promote no closing costs is that the lender will indeed pay all the closing costs of the loan, including title fees, but again they will raise the rate to accommodate. Somebody must pay those costs, they don’t just go away. The rate differential can be up to a half a point higher than the standard fixed rate. The third way is a lender will tell you that you will pay no money at closing, but what they are really doing is raising the loan amount to cover the closing costs, so in reality you are simply financing your closing costs. You will just not have to go to the closing table with any money.

The best way to assure the best deal is to shop that mortgage around with a couple of lenders, preferably local lenders. This way a borrower will get a true sense of what the standard rate, closing costs, and loan amounts should be.

We just had a borrower call us for this exact reason. So when we sent our fee sheet, without any gimmicks, the borrower was astounded by what this internet lender was trying to do to them. It turned out to be too good to be true.

Published in Blog
Wednesday, 28 August 2013 20:50

KKOB on August 27

If you receive an offer promoting "no closing costs" from a lender, make sure you are getting all the facts before you commit.

Published in Radio

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