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Lender rating
Since September 2009
Corona Nick,
In your previous post:
"Rudy, sorry to get you all hyped up, but by doing so, only reinforces my opinion and point of view, your privacy security scare tactics may work for some, but not all."
Scare tactics? Unfortunately, not all lenders or brokers utilize or deploy the same policy's or procedures when it comes to the handling, gathering, delivery and storage of personal information and documents. Having a platform which puts "security" as one of the top priorities from start to finish is not as inexpensive as the company who does not. Do you want to use a broker/lender who sends your credit info via regular email to a variety of email addresses through out the process? Due to their inexperience they may need to email their rep's your info! Maybe they have info on a laptop, a desktop at the office and then another hard drive at home. Does the processor have it on her home computer- or does she take a file home from time to time. Are there paper files - what is the procedure for handling them? Are they locked away at night? Fire Proof Filing Cabinet? What is their disaster recovery plan, incase of server compromise or failure?
Sorry - I am starting to rant- you get the picture. There are significant differences in how a consumer is handled and why there is a tangible value with regards to experience and managing your business as an LO, broker or lender.
Take Care!
Also Marty, I bought Googles GI mobile phone from t-Mobile and haven't taken the time to understand what it all does either.... DUH!
Lender rating
Since January 2009
Yes, you can negotiate fees and interest rates. Just bear in mind the less in fees you want to pay, the higher the rate will be. And the lower the rate you want, the higher the fees.
The fees don’t go away just because you don’t want to pay them. If you don’t want to pay the fees, then the lender will have to pay them. In return, he will exact a higher interest rate to compensate for it.
The ‘general rule’ is if you plan on staying in the house less than 5 years, it’s better to opt for a no-cost or low-cost loan and higher interest rate. If you plan on staying in the house more than 5 years, it’s better to opt for a higher cost loan and lower interest rate.
Yes, the interest rate and closing costs are negotiable to some extent. The loan with the lowest effective interest or Annual Percentage Rate (APR) will reflect the lowest total cost of borrowing. APR includes closing costs and the interest rate. Also, ask the lender about the Yield Spread Premium. YSP is compensation the investor (who funds the loan) pays directly to the loan officer outside of closing. If the lender fails to disclose the YSP, then find another lender.
Yes, all real estate agent commissions are negotiable. A discussion that RE agent commissions are fixed or not negotiable probably violates federal antitrust laws.
This method of document handling provides & protects your privacy from non-authorized employees & others from viewing or tampering with your personal matters. You can rest assurred that your privacy is secure & not breached.
In this day & age, the lack of appropriate security can be very costly to you in both your time & money. Possibly higher than the entire cost of your financing, should the wrong person have access to your information.
This service cannot be negotiated unless what youu are comparing also provides this protection.
You get what you pay for. .... Best wishes.
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
... and, it's free and anonymous
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Is it appropriate to negotiate closing costs or interest rates with your lender when refinancing?
jamiehoover1
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