Lending FAQs

Home/Lending FAQs

Quite a few people have come to me after they’ve talked to a loan specialist at the bank where they keep their checking or savings. They think because they are a customer of the bank they will get a better deal. I’ve rarely had a client for whom that is true. They get the same deal that a non-customer does. And, sometimes they are asked to pay a non-refundable application fee, even if their loan is not approved.

I think we are quite competitive in our rates and costs.

My costs are usually even less than the banks for the same rate. My advantage is that I can also access non-bank lenders that only deal with mortgage brokers. These lenders compete aggressively with banks on costs and offer better service to get our clients. After all, we can bring them many loans, so we have “buying power” with them. (And, none of them charge an application fee.)

I’d be happy to discuss rates with you and give you an idea of a realistic rate you can actually get. Just call me: 818-952-8666.

A “No Points” loan is defined in different ways. The best description is a loan that has no lender fees (the points). (A “point” is equal to 1% of the loan amount.) But, there is “no free lunch.” When you hear these offered, the lender will give you a higher interest rate so that you pay back these fees (and points) over time with the higher payments. Yes, we do offer these.

Please note: With a No Point loan you will still have other costs associated with the loan (title, escrow, appraisal, etc.). We can work out ways to get the lender to pay some or all of these other costs associated with your loan.

Yes, for your primary residence (your own home). There are certain ways that this can be done. Contact me with your particular situation and I can give you some options.

Yes. Mortgage Brokers working in California must have both a Bureau of Real Estate (BRE) License and a Nationwide Mortgage Licensing System (NMLS) license. The state license certifies that the Broker knows how to do both real estate sales and loan originations and knows the regulations associated with both. The NMLS license certifies that the Broker knows the latest national regulations on mortgages and also involves an extensive background check to certify the Broker has not been guilty of criminal activities or financial irregularities (e.g., fraud).

Note: Loan officers working in banks are not required to have either a BRE nor an NMLS license. Bank employees have been exempted from these rules. (Obviously, banks have very strong influence with the government regulators.)

A Mortgage Broker is a professional independent real estate financing professional who specializes in the origination of mortgage loans. As such, the Broker is not limited to one loan source, but has many lenders from which to choose the best program for your needs. By combining his professional expertise with direct access to hundreds of lenders, a Broker provides the most efficient and cost-effective method of obtaining the right loan program for you.

A good Broker, like myself, will follow your transaction from beginning to end, protecting your interests and security. I give you peace of mind that your loan is being handled correctly and any potential problems will be prevented. I monitor the hundreds of variables that can affect the outcome of your mortgage and act as a liaison between all the parties to a transaction (real estate agents, escrow, title, appraiser, credit agency, loan underwriters and processors, termite and other repair services).

You simply do not get this service from an institutional loan officer, nor an online service. And, the rates I offer are very competitive, usually less than banks offer. You get comprehensive service and you don’t pay more.

 

DAVID KUTNER
Mortgage Professional

david@thefriendlylender.com
Tel: 818-952-8666
BRE# 01455430 | NMLS# 327145

Need Help With a Home Loan?

Do you have other questions?

See my Blog for additional information on loans, qualifying and the housing market.

Or, give me a call and I’ll be glad to answer them! 818-952-8666.

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