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What do I need to do to apply?
Our computer aided process enables us to keep the paperwork to a minimum
for most situations. Please visit our
Application
page to see what's required to bring. Credit scores play a large part
in the process and we'll be able to tell you more when you submit the
application. Just stop by or call and we'll get you an application, by
fax, by hand carrier, mail or email!
What if I've had bad credit?
If you know you've had credit that can't be repaired easily, your
choices will be limited. Some companies can offer you substantially
higher interest rates with very high fees, but that may not be in your best
interest to try to get out of the bad credit situation. Saving for
larger down payments and paying off debt may make more sense, and time
passing with a positive credit activity can help more than paying high fees
to a broker just to get any loan. If you've had just a few late
payments or similar situations, we'll process your application and submit it
to several money sources to see if they will participate. With us, it
only costs the amount of the credit report to try. To learn more about
credit go to our
Credit Info page.
What if I've had a bankruptcy, foreclosure or
judgment?
These are more serious than normal credit payment issues and can really
hamper your ability to get a mortgage. There's no straight answer for
each situation although they can all be interrelated. Normally
bankruptcies over 7 years old will be discounted, but foreclosures and
judgments by themselves can have longer effects. Come by for a credit
report and we'll know more fully how to advise you.
How much money will I need to close?
Our closing costs are nearly all fixed, except for the variable items
that involve title and property insurance (tied to property values) and
prepaid interest that is determined by the value of the loan. In
Oklahoma, where most of our business has been traditionally done, will have
another variable involving bringing abstracts to date and varies from zero
(a purchase whereby the seller pays for abstracting) ranging up to $750 for
refinances. We DO NOT charge an application fee NOR do we charge an
origination point (1% of the loan amount). When we're about ready to
lock your loan, we'll
GUARANTEE
the costs on our Good Faith Estimate will not exceed that amount... take
that to the bank! We'll also
GUARANTEE
the rate won't be more than what we locked.
All said, you can expect a lot of smoke and mirrors surrounding "closing
costs". Each situation is a bit different, so please call and let us
answer your questions...we make the time to talk to you.
How do you, the broker, get paid?
We get paid by the lenders in the form of a bonus (called a yield spread
premium) and not paid by cash out of your pocket at closing. We also
get an additional bonus by our affiliation with the Megamerica Mortgage
Group which enables us to get extremely competitive with internet
operations. These bonuses are quoted like a stock or bond quote by the
lenders to us on a wholesale basis. It can get confusing, even for us
who have been around for a while. So we'll show you our wholesale
sheets and explain to you how much we're making on the yield spread so you
can see what what to expect. We also can act quickly when markets move
and can in volatile times get an 1/8 or 1/4 point off the rate for you, when
the paperwork has been processed. Just stop by and see why so many
people are using our services.
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