Since the market collapse in 2008, many mortgage lenders have been far from eager to write new mortgages. Also in reaction to the calamity, new restrictions imposed by the government and rules promulgated by banking regulators have made lending standards much more strict. The result is that you will need to shop harder than ever to get a bank to agree to loan you money on reasonable terms.
Because I only make money by completing transactions, I have a huge incentive to close loans successfully for my clients. Most helpfully, my firm is a mortgage bank, and more than 80% of the loans I originate are done in-house. And as a mortgage broker, I have access to many other banks and lenders including those who specialize in jumbo, construction, commercial, stated income and hard money loans. In this way I shop for you to find the best possible resources.
When shopping, we look at every aspect of the cost of the loan: the type of loan, interest rate, discount fees, processing costs, and mortgage insurance (as mentioned in #4). As a direct lender we don’t charge points or application fees, nor charge for many items people consider “nickel and-diming” such as credit reports and tax service.
To learn more about Bill Rayman, see his life story @ http://www.mortgagehelplosangeles.com/Bill.html
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