Wholesale mortgage lenders have a direct relationship with the wholesale investor, so they have access to better/lower interest rates. They’ll be limited to types of products as they only deal in conventional, FHA, & VA lending. But they’re a great resource for borrowers that want the absolute best terms. Retail Mortgage Lenders will have more loan options for the client to choose from but they come with slightly higher, retail rates Lucky for you, we have access to both and our Ask Local Mortgage Table will be more than happy to walk you through which route suits your situation bestno salespeople/calls allowed
Interest rates vary WAY more than you'd suspect from bank to bank. Accepting an agent’s mortgage referral simply isn't enough. Most agents are only interested in on-time closings, not the terms of your loan. You need to do your due diligence, which takes time and extreme patience when dealing with the typical loan officers out there. Knowing time is at a premium for most people these days and patience is all but exhausted with a normal day anymore, Ask Local has made the normally hard, really easy with our mortgage partner. Their direct-to-consumer model will beat the competition each and every time while still giving you white glove service and knowledge. We have one simple goal. To be your trusted resource for everything real estate here going forwardmake the normally hard, simple
Fees and costs matter just as much as the interest rate being offered. Mortgage is not created equal. With rates increasing and applications down, realtors and lenders alike can easily take advantage of vulnerable consumers out there as those sharks are hungrier now more than ever. We've created this marketplace to eliminate that bad behavior and protect our clients from the dark side of this business.
The hard fact is there is typically nothing 'Discount' involved. Discount points were designed to give buyers an option to pay more cash at closing which, in turn, would lower the note rate. Unfortunately, most lenders have used this as a loophole to line their pockets instead of lowering your rate.
Rest assured our mortgage partner doesn't operate in this manner and will be happy to show you the costs associated with buying down your rate. Just don't hold your breath. There is no free lunch in the banking world!
Normally, Ask Local likes to eliminate variables, not bring them in. And this is why our lending partner only puts forth fixed rate options. Unless YOU request options otherwise.
An ARM can be a viable, advantageous solution for some but in most instances, fixed rates are the way to go. Regardless of your preference here, our mortgage partners take the time to walk you through the pros and cons associated with all options available to you. All we care about is making certain you are comfortable, confident, and fully aware of what the obligation truly represents going forward
P.M.I. is an insurance policy, paid by you, that insures the lender in the event you were to default on the loan. This insurance now opens up opportunities that allows buyers to put as little as 5% down on a conventional loan (3% for first time home-buyers).
Borrowers can now keep that additional cash on hand to save for renovations, eliminate higher interest rate, existing debts, or simply save for rainy days.Just know that P.M.I. isn't a poison.
On the contrary, we have seen WAY to many people persist with 20% down, letting go of all their liquid cash, to only find themselves racking up high interest rate credit card debt for all those trips to Home Depot and Bed, Bath, & Beyond (Consistent, nice little Saturday's in your immediate future after you buy)
A bridge loan is a wonderful tool that allows existing homeowners the ability to access their equity to buy their next home prior to being forced to sell their current.
Contrary to public knowledge, bridge loans are extremely advantageous for the right borrower(s) that need the flexibility to offer on a new home without the contingency of selling theirs first. This allows our clients to move at their own pace, have updates/upgrades performed prior to moving in (Great for those who don't enjoy living in a construction zone)
Any existing mortgage(s) are paid in full and the bridge loan take first lien position on the property. The bridge loan payment will likely be much less than the mortgage that was paid off as it's typically structured on an interest only payment structure. Giving you more flexibility while not being financially overwhelmed, holding two properties at once for a short period of time.
Ask Local has partnered with the best lenders available in this space and offer no and low cost bridge options. If you own a home and have equity, we highly recommend taking a look at this option. It will strengthen you as a buyer in the eyes of a seller knowing you don't HAVE to sell that property before closing on theirs.
With the free 'Recast' policy, your end game could be as if you sold day 1 and bought day 2 but had all the flexibility of buying day 1 and selling day 2