FIRST PRIORITY FINANCIAL - SAN JOSE #1
Flat Fee Mortgage Service Brings Wholesale Rates To The Public !!!
Hi, my name is Les Wible. I have a completely different way of conducting my mortgage business. No matter how great or bad your credit is, no matter how large or small your loan amount is, I charge the same low flat fee for my services and give you the loan at WHOLESALE. This creates an honest AGENCY relationship between my clients and I where our interests are TOTALLY aligned. My true flat fee mortgage service takes all the sales games, gimics, and confusion out of choosing the best mortgage product at the lowest cost for you.
There are three main costs for borrowers to consider when choosing a mortgage to refinance or purchase their home or income property. The 1st is broker fees, the 2nd is yield spread premium, and the 3rd is third party fees such as, appraisal, escrow, title insurance, lender and notary fees.
Broker fees start with the credit report. I currently pay $13 to run a credit report, and do this for no up front cost for my applicants. The next broker fee is the origination fee. Most brokers charge from 1% to 1.625% of the loan amount, the average is just over 1.625%, and it could be more. In addition, the broker usually charges a processing fee of about $500 for the processing of your loan. Some brokers may charge the origination fee up front on the good faith estimate, or get their origination fee from yield spread premium that is paid by the lender or both.
Yield spread premium, or YSP, is the cash rebate paid to a mortgage broker based on SELLING the borrower an interest rate above the wholesale, or Par, rate that the borrower qualifies for. It's this yield spread premium that can be used by a broker to offer "No Closing Cost" loans! Nothing good in life comes for free. The problem with the phrase "no closing cost" is that ( it's a lie ). The truth is that the borrower will pay the cost in the form of a higher interest rate and higher monthly mortgage payments for the life of the loan in addition to a possible, "pre payment penalty". With my service, all the yield spread premium or "rebate" is disclosed and discussed ahead of time and credited to the client, or the client's costs, at close of escrow. If you are still unclear on what yield spread premium or rebate is, give me a call and I'll explain it to you in more detail.
SO, LET'S DO SOME MATH! An origination fee on a $300,000 loan at 1% would be $3000. At 1.5% the origination fee would be $4500, add to that a processing fee of $500, and a credit report fee of $13. It would appear that the loan officer/broker should be getting between $3513 - $5013 for his services, but wait, how much yield spread premium is the lender paying the broker for this loan at this rate ??? With my service this is a question you will NEVER have to ask. Your rate is the WHOLESALE rate, period. Imagin the savings on a larger, California size loan of $500,000-$1,000,000.
MY CURRENT FLAT FEE FOR ORIGINATING A RESIDENTIAL, 1-4 UNIT, REFINANCE OR PURCHASES LOAN IS $3000, ANYWHERE IN CALIFORNIA.
My office hours are Monday-Friday 9:am-6:pm, Saturday 9:am-1:pm
Toll free 866-782-4256 or 866-SUCHALOAN
South Bay 408-266-2222
East Bay 925-432-1111
Want a chance to win one months mortgage payment of up to $5,000 ? Click the button up on your left labeled sweepstakes. There is a winner once a month, GOOD LUCK !!!
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