Protecting the Rights of Home Buyers Since 1995

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Angela & Wayne, Souhtlake

"The words are not enough when explaining our "home buying" experience.  We would have given up if it wasn't for you.  Thank you for finding our dream home.  You have a great gift of patience and perseverance!  We love our home!"

 

Beware the Predatory Lender

Predatory lenders are everywhere, and the process of financing or refinancing a home is complicated.  Most lenders are not going to teach you the tricks of the trade.  What they will do is overwhelm you with information about all the different types of loan programs and all the steps involved with getting approved for a loan.  You never really know if you have a level playing field!

 We spend a lot of time educating our buyers before we every really talk seriously about buying.  The following pages are going to 'give it to you in a nutshell'.  Education is vital if we are going to eliminate predatory lending practices. Let's get started. 

 

Some Definitions

Mortgage brokers hire loan officers to sell loans to consumers.  Mortgage brokers have accounts with wholesale lenders, who are the actual source of funds. 

Each day, the wholesale lenders will provide the mortgage brokers (and all their loan officers) with wholesale rate sheets.  The mortgage broker decides how much profit he/she wants to make on each loan and creates a retail rate sheet.  The loan officers sell from the retail rate sheet.  The difference between the wholesale rate and the retail rate AND closing fees make up the lender's profit margin.

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Monthly Mortgage Payment

This calculator will compute your Total Monthly Mortgage Payment. Your monthly payment will include principal and interest and an escrow account for property taxes and homeowners insurance. This is also known as PITI . These figures will be based on the term of your loan (amortization) and the amount of money you use for a down payment which is known as the loan to value (LTV). Go To Calculator

What Size Loan Can I Qualify For?

This calculator will help you determine the maximum loan you may be able to qualify for. Please note that these figures are guidelines only and you should always check with your lender to determine the best program to fit your needs. Your mortgage loan qualifications will be based on your income, current debts and of course your credit ratings. This calculator will also show you how much will you save on taxes by being a homeowner. Go To Calculator

 
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