Kevin WallaceMortgage Banker/Broker CMPS (26 years experience)
Purchase Loan, Refinancing, Home Equity, Mortgage Planning
Add personality to your profile! Tell the community about yourself, your home, and your profession.
A Word of Warning: There are no longer any general interest rate quotes!
Thanks to Fannie Mae and their unending "price adjusters", mortgage professionals need to ask more questions than ever.People With Credit Scores Below 740 Will Be Charged More to Borrow.
This is not just me, my company or even the wholesale lenders I typically deal with, this is all of us and all of you unless you check out these programs first!
No I'm not going to make you click here to find out, or bait you in any way (not how I work). the answer is FHA, VA (if you are eligible) and most state housing programs. These programs really need to be explored as they are, in my opinion, the most rational choice for most people to check first!What's Going On?
Over the last year or so, Fannie Mae and Freddie Mac have increased the cost for borrowing by adding an "adverse market fee" (and who made it adverse?) and an additional fee for two family properties and credit score "adjustments" (from 1/2 to 2% of loan amount in additional costs). And, after adding all of these fees (and who knows if they're done yet), they left me and other mortgage professionals to be the bearers of this horrible news. Nice, yuh?What To Do
You really must have a copy of your credit report with credit scores that will be used by a mortgage company (many "credit scores" offered at very low prices or free are generated by programs other than the ones used for mortgage lending). With this in hand, you stand a better chance of getting an accurate rate quote that you can use for comparison.
Now, more than ever, one of my guiding principals stands true:Prescription Without Diagnosis is Malpractice.
Okay, a little about me:
Most of my new clients have come from my satisfied clients but since most of them have interest rates in the 5s now and have already referred their children and co workers, I need to branch out a bit!
With over 20 years experience in banking and mortgages, this is more than a job for me. It's one of my passions to cut through the background noise of mis-information, frustration and lax ethics and provide the calming feeling that comes with clear understanding.
Knowledge is power and my clients are powerful!
My clients have my home number (I have not moved in 15 years) and I attend my client's loan closings. I am there, with you, every step of the way.
My website includes links to my blog, useful educational materials and links to the national non profit trade organization Lenders Who Care and the Certified Mortgage Planners Institute which have some great educational resources.
I am proud to sit on the Board of Directors for Lenders Who Care and to have received the designation of CMPS. These demonstrate to you both my commitment to an ethical profession and an investment in my advanced financing knowledge which I put to work for my clients.
This is all helpful, I'm sure, but the best way to find out if we're a good fit is to call me. I answer my phone and am waiting to help you!