The obvious answer is price. Some clients with great credit profiles (720 + credit, provable income and at least 5% down) don't need or want "hand-holding" through the process - so why should you pay for it? However, we are not a national Internet price driven model or lead sales company. We are a local mortgage company, with our operation based in Nashville, TN and we have done 1500 loans for people just like you. We understand lending in your market.
First of all, we're not an online lender. We're a local mortgage brokerage with an online loan origination platform. We are not a large, national lender (we use national money, but we have local presense) and we are not a lead selling service (try doing an application with on of those companies who advertise on TV - you'll start getting phone calls before you log off). We're not going to bother you so you can go about your normal daily routine (besides we can't afford to be on TV - that would cost you too much!).
Our operations team represents over 50 years in mortgage lending and for the A+ profile client, we are very efficient at delivering the loan, and if you'll utilize electronic communication, we can spend our day processing your loan and you can spend your day doing what you do best - and we'll pass the savings along to you. In this technological society, with electronic credit reporting and underwriting, this can be a painless process.
There is a $500 mortgage broker fee when you lock your rate in (which is the beginning of your loan process). This is refunded to you at closing. If your loan does not close, except by reason that it is not approvable, this fee is non-refundable. If your loan is not approved, you will be refunded the $500, less any third party costs incurred (including, but not limited to credit and appraisal if applicable).
Again, the charge is applied towards your costs at closing (subtract $500 from the site's closing cost quote). This is a loan origination portal, not a site for borrowers to hedge their rates. When we get your lock request, we take it to "Wall Street" to secure your rate and we begin to incur man hour, and third party costs. We have to maintain a certain "lock pull through" to continue with our funding sources. This up front fee discourages borrowers from just using us to protect a rate and not delivering the loan to us.
You must choose your rate, provide credit card information and fill out our online applications. (See Loan Process).
*PLEASE NOTE THAT YOUR RATE IS NOT LOCKED UNTIL YOUR APPLICATION IS RECEIVED AND APPROVED BY OUR OFFICE AND YOU RECEIVE WRITTEN CONFIRMATION. Although rates are updated daily, PLEASE ALSO NOTE THAT RATES CHANGE DUE TO MARKET FLUCTUATION AND WE WILL NOT LOCK YOUR RATE IF THE RATE YOU CHOOSE IS NO LONGER AVAILABLE.
If you are not approved on the front end, your rate will not be locked and you will be refunded your up front fee less third party costs incurred (costs at that point are only around $25, and you can receive a copy of your credit report). If you are declined during the loan process (ie your rate is already locked), the same applies. Please note that third party charges increase as the loan process goes on (appraisals, verifications of employment etc. cost us money).
Please note that if approval is not accomplished due to bad information you give us on your up front application (ie you say you make $4,000 a month, but your paystubs and W2s say you make only $3,000), this fee is non-refundable.
If you are greater than 30 days away from closing, please notify us at info@lowestratenashville.com and let us know how far away you are from closing. If you are within 45 days, .125% will be added to your rate. If you are between 45 and 60 days, 0.25% will be added. If you are greater than 60 days, your rate will not be locked. Please do not forget to give us your name in this email so that we can match up the appropriate rate lock.
NO (but you can talk to someone and we'll still have great pricing). Sorry to be so abrasive, but this model is based on the assumption that we will not have to spend sales staff time fielding phone calls. You will get email communication at the appropriate times and you will have the opportunity to respond via email.
Explain to him or her that you have chosen to go with a lowest rate mortgage, but in order for you to get the lowest rate, correspondence will be most efficiently communicated through email. You will have everything about your loan IN WRITING within 2 business days of your choosing to lock your rate, so if your agent has any loan questions, you can show them in writing (instead of playing he said / she said based on verbal quotes from underwriters).
For the property address, simply type in 111 Prequal Street, Nashville, TN 37210. This will alert us that this is a pre-approval and instead of locking your rate, we will send you a commitment letter - other than that, the process is the same. We will ask you for your Realtor's information.
If you get 5 quotes from 5 lenders, they'll all have different fees called different things and it makes it confusing. Our only fee in loan origination. Loan origination is tax deductible (consult your tax advisor). We put our fee in loan origination to avoid confusion and maximize your tax advantage. We then pass on 100% of the rebate that we get from the lender or charge you 100% of the discount that they charge us - depending on the rate you choose.
No, you may not do that at this point in time. Funds are set aside by "Wall Street" for specific properties.
It is your right to ask for licensure information as well as make any inquiries you wish (like Better Business Bureau). Our licensed entity is Tri-Financial Services, Inc. and we can provide state specific license numbers upon your request. You can also check out our testimonials.
Mortgage Insurance is default insurance that is added to your monthly payment if the loan is greater than 80% of the Purchase Price / Appraised Value of the property. Please note that it is credit and product specific and the guidelines do change. If your loan is over 80%, we will conservatively estimate your mortgage insurance, but it will ultimately be the same figure no matter what lender you choose. Please note that the Principle and Interest portion of your payment is the ONLY variable in your loan payment. We give you the estimate of mortgage insurance to help you in considering your budget with this new loan.
You can by doing a "double closing" or "piggyback" loan, if you have a lender that will lend you the portion of the needed loan that exceeds 80%. We can currently help you with this up to a 90% loan, but price adders do apply.
See Loan Process
