The 1.5 point Challenge! March 3, 2008Posted by shaferfinancial in Uncategorized.
Tags: mortgage planning, mortgages, real estate, Wealth
I have given much thought to how to allay folk’s fear when getting a mortgage that they are getting the best rate they can. Frankly, I have blogged why chasing rate from one lender to another never works. So I have instituted the 1.5 point challenge.
Folks who get a loan through me will pay a total of 1.5 points for their loan. This can be up front points (the cheapest way) or on the back end as yield spread premium or any combination.
Now to put this in perspective, banks usually make 2-2.25 points when they price a loan. Most brokers will try to get 2 points if they can. And if they are dealing with people who are having problems qualifying they will pump it up to as much as 4 points.
But if you come to me you will get the loan for 1.5 points and I will even show you in advance the rate sheets (Florida state law requires a GFE 72 hours before closing with the total compensation disclosed).
Now in order for us to work this deal you must have a application filled out and on record so we can lock the loan at the 1.5 point price.
At that price I can make a living and you get a great deal and get to work with a professional and licensed mortgage broker who will search out the best rate for your particular circumstances.
If you think you can get a better deal, then good luck!
If you want to move on with more important things in your life, like finding that great home, and know that you are getting a great price for your financing then give me a call!