Low Cost Mortgages
The process of finding an honest bank or mortgage broker should not be as daunting as buying a house in the first place.
all for you
Your Mortgage Fiduciary
We now offer borrowers the same level of duty and care that we give to our home buyer clients.
we shop for you
We shop the wholesale marketplace to find you the best rate, term, and payment structure that’s most appropriate to your particular circumstances. If you need a loan with a low down payment requirement or your credit is not so pristine, for example, we can look for lenders that offer products specific to your situation.
Have you heard horror stories from friends or even experienced for yourself what can happen when the person you count on for mortgage advice turns out to be looking out for their interests over yours? We act as your fiduciary, which means we accept the legal responsibility of putting your interests above our own. All ways. Always.
Once we help you settle on a loan and a lender, we collaborate with the lender’s underwriting department, the title company, and the seller’s agents to keep the transaction running smoothly through closing day. Most importantly, we make sure that you don’t pay mores than you agreed, that you don’t pay unnecessary junk fees, that you close on time, and that you have the best possible loan for your situation.
We work with a large number of wholesalers who provide the following types of financing:
Conventional, FHA, VA, & USDA Loans
Jumbo & Super Jumbo Loans
Fixed & Adjustable Rates
First-time Home Buyers
Move-Up & Second Home Purchases
Fair, Honest Pricing
Mortgage brokers can be very secretive about how they get, how much they earn, and who writes the check. We think that’s silly and unnecessary.
Honest as the Day is Long
Mortgage brokers earn between 2.0-2.5% of the loan amount for originating and processing a loan, depending on how the loan is structured. We are paid 1% of that amount and we’re paid by the lender, not the borrower. We offer special pricing for buyers who are using both our buyer’s agency services and mortgage services. Straightforward, upfront and honest business policies are what we’re about.
We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a free pre-approval letter request.
Complete our quick mortgage application; we won’t check your credit at this point but will need to know your score. If everything looks good, we’ll send you a link to the full application and a list of the documents you need to submit for approval. Once received, we’ll greenlight your pre-approval letter.
Lock Your Rate
Let’s Team Up
Do you want someone who will be there for you from the beginning of your house hunt through the mortgage process? Someone who you know is working for you – not the seller and not the mortgage provider?
That’s our mission at HelpUBuy America, and as you can see through our reviews, we’re damn good at what we do.
Here are a few of our most frequently asked questions about mortgages.
I've already found a home. Can you still help me with financing?
Yes, of course. If you have already found a home but need someone you can trust to help score you a loan that best suits your situation now and down the road, count on us.
I'm happy with my loan officer. Can you still help me find a home?
We certainly can. We’re not in the business of stealing clients from other lenders. If you’re happy with your lender and the terms of their loan, stick with them! We’ll still do an amazing job helping you find and buy the home of your choice.
Is it a legal and/or a conflict of interest to act as my EBA and my loan officer?
It is perfectly legal to be dually licensed as a real estate agent and a loan officer, although there are specific rules that must be followed. Is there a conflict of interest? We don’t think so. We’ll take a look at your offers and do our best to beat them. Sometimes we can’t; there are no hard feelings. You can hire us as your Exclusive Buyer’s Agent, your loan officer, or both. We’re going to do an outstanding job for you regardless.
What's the difference between a lender and a broker?
A mortgage broker has relationships with dozens of wholesale lenders like Wells Fargo, Chase, United Wholesale Mortgages, Loan Depot, and many more. After receiving a loan application, they will shop on your behalf to find the lender with the best rate and terms. A lender is the entity that actually approves your application and lends you the money you need to purchase a home.
How do lenders make money?
Closing Costs – This includes fees for applications, credit reports, appraisals, processing, underwriting, document preparation, etc. These fees are sometimes referred to as “junk fees.”
Discount Points – Points are prepaid interest. If you are quoted an interest rate of 7.25% with 0 points, but you have your heart set on an interest rate of 7%, you could pay 1 point and buy the interest rate down to this amount.
Yield Spread Premiums – YSPs are rebates paid by wholesale lenders to mortgage brokers for writing loans that are above market interest rates. If the market rate is 8%, but your mortgage broker can get you to pay 8.5%, the wholesale lender will pay your broker an extra commission called a YSP.
Origination Fees – Origination fees are usually 1% of the loan amount. This is simply a fee the broker charges for writing the loan.
How can buyers get ripped off?
Closing Costs – Some closing costs are legitimate fees for services performed by a third party. Your credit report and appraisal are examples of legitimate fees – some of these fees are collected upfront. Some legitimate fees, like fees for processing, are collected at closing. Are all other fees junk fees? It is impossible to say. There are an endless number of ways that predatory lenders can manipulate closing costs. They can waive most of your closing costs and charge you a higher interest rate (you still pay, of course, just not upfront). They can charge you for services that are never performed. They can charge you $400 for an appraisal that costs $250.This includes fees for applications, credit reports, appraisals, processing, underwriting, document preparation, etc. These fees are sometimes referred to as “junk fees.”
Discount Points – Points paid for their stated purpose – to reduce the consumer’s interest rate – are fine. But, a dishonest lender can quote you a certain rate at the time of loan application and produce something quite different at the closing table. For example, you may be told that because of a past credit problem you don’t qualify for the best rate. You are “forced” to either buy down the interest rate by paying additional discount points, or you agree to a higher rate, in which case the broker receives a rebate in the form of a Yield Spread.
Yield Spread Premiums – If your loan officer can get you to pay a higher than market interest rate, they get a “rebate” called a Yield Spread Premium. Here’s what happens. You agree to a 30-year loan at 6.5%. Since interest rates change daily, your loan officer won’t lock in your interest rate right away. They will “float” your loan until there is a little dip in rates and then they will lock in your loan – let’s say at 6.25%. Since your loan officer has you committed to pay 6.5%, he/she will get an extra commission for selling you a loan at a higher than market interest rate. These commissions are often in the multiple thousands! An upfront and ethical loan officer would have rebated YOU the YSP or given you the 6.25% interest rate. Since the lender is not required to disclose this extra profit to you until closing, you are none the wiser until it is too late to do anything about it. YSPs provide a useful option to some borrowers. For those with little cash, YSPs make no-cost mortgages possible, one where settlement costs are paid by the lender. For those who expect to be in their house only a few years, YSPs permit a favorable exchange of higher rate for lower fees. But, in the hands of unscrupulous lenders, they can cost the borrower thousands and thousands of dollars.
Origination Fees – There are legitimate costs associated with loan origination and your lender is entitled to make a fair profit. To charge a 1% origination is fine, BUT to charge a 1% origination fee in conjunction with inflated or fabricated closing costs and premium interest rates could be considered excessive.