Are you renting now? Have you been renting for several years? Is your rent increasing…again!? A possible solution so you will be lowering your housing costs and increasing your wealth. Consider buying a home. Read my blog to find out more: http://bit.ly/buyhomedontrent http://ow.ly/i/i05AE
Author Archives: danieltstone
Are you overwhelmed by how to research and find a good lender or how to compare the rates and fees?
Confused by what the broker says?
Wondering if your quote is competitive or who to trust?
I’m the Mortgage Fee Coach. I help you, the borrower, find the best quality lender and the lowest rates & fees.
If you have a quote(s) from a lender(s), I help you compare it with other lenders.
Don’t have a lender? I provide suggestions.
If I find you a better quote, than I will provide the lender information.
I only get paid when I save you money and I receive nothing from any lender!
My average client has saved over $10,000 because I helped them either negotiate a better rate and fees with their current lender or directed them to a better lender.
You will have peace of mind that you received the best possible loan.
Call now to learn how I can save you $$$$, 949-484-6322
(Copyright 2013 Mortgage Fee Coach, Inc. All rights reserved. This posting or any portion hereof may not be reprinted, sold or redistributed without the written consent of Dan Stone).
Are you overwhelmed by the loan process? Wondering who to trust? Confused how to find the lowest mortgage rates and fees? Unsure how to compare it all? Would you like a personal shopper to do it all for you, at virtually no cost?
Watch this video to learn more about how I can save you $1,000’s, which includes a clients’ “priceless” testimonial experience.
I compare many different lenders rates and fees for you. I help you shop for the best deal between many types of lenders. I also research the quality of each lender and loan officer, their Better Business Bureau rating and many other social media websites for you. Having 24 years experience in mortgage banking, I provide the information in a simple and easy to understand format so you can make a better informed decisions about which lender to apply for a loan. Best of all, I only get paid by you when I save you $. I saved a recent client over $1,800 more than the lender they were going to choose. Call now for a free consultation and I’ll show you how.
Description of Mortgage Fee Coach services:
– helping borrowers compare & negotiating lower rates and fees on home mortgage loans
– compare the quality of mortgage lenders
– client testimonial, saved them over $1,800 on their loan
– providing clients peace of mind through the process by an impartial mortgage professional
– services are virtually free, because I’m paid 20% commission on the amount I save you. If I don’t save you $$$$, then there is no cost to you.
New borrowers considering buying a home should be preparing years in advance. This 6 step process can save you $1,000’s, educate you on the types of loans and better prepare you for this extremely complicated process.
- Credit Score. See my blog post Sept. 26 “How to improve your credit score: Simple payment trick” and Oct. 16, “How to save 100’s to $1,000’s, 11 tips to manage your credit score”. You can do all this for free over months and years to improve your credit score, saving you $1,000’s in fees and improving your odds of becoming approved.
- Budget. Owning a home can be expensive and complicated, if you are not prepared. Keep it simple by having a budget and sticking to it, so you can save for the down payment, be prepared and afford the costs of a home. You will be glad you did so.
- Find a mortgage lender. You might think it is too early, but I suggest researching and finding the right lender now, years in advance. By finding the right lender, they can inform you of many loan programs which provide down payment assistance, lower down payment requirements, how to document your self employed income, down payment gifts from family, etc. This is my area of expertise and where I can save you $1,000’s in fees or rate.
- Down payment. Are you going to get a portion of your down payment from friends or family? If so, many lenders require the down payment to be seasoned, i.e. in your bank account for 6 months or more.
- Down payment assistance. Do you qualify for a program which helps borrowers with the down payment, such as a bond program or program offered by county, state, federal banks? For instance, some banks are offering a First-time Homebuyers down payment assistance program, providing up to $10,000. California has their own down payment assistance programs. Find a lender that has experience funding these loans, if the program is right for you.
- Loan programs. Get acquainted with the loan programs. If you research various programs, you may find that you don’t need to save as much money as you thought and could buy a home sooner than expected.
Mortgage lending is extremely complicated. That is why I started my business, to help borrowers navigate the process, find the right lender, compare and negotiate the best loan for them. I’m not a lender and do not offer loans, but direct borrowers to quality lenders. I’m paid by the borrower to help them reduce their costs as much as possible, looking out for their best interests and providing peace-of-mind through the process. If I don’t reduce your costs, I don’t get paid. My average customer has saved over $7,000 on their loan.
If you are considering buying a home and are not paying cash as many investors or foreign buyers are doing lately, it helps to level the playing field. Nowadays, sellers are deciding quickly on which offers to consider. If you have a pre-approval attached to your offer, it is much more likely to be considered. Follow these 6 steps to improve your chances of buying your dream home.
Begin by preparing your information. Gather statements of current income, including last 2 months of paystubs, last personal federal tax return, W2’s, 2 months bank statements for all borrowers and assets information. Also gather your employment history, usually last 2 years of consistent employment. If self-employed, be prepared to prove your income and projected income sustainability.
Do you know your credit score? Maybe you think you do by accessing your free annual credit report, but those reports are not the same as reports accessed by banks & lenders. For now, I suggest requesting each borrowers free annual credit report, as it is better to know any credit score and potential derogatory information. Begin resolving issues ASAP & look at my blog post How to save $100’s to $1,000’s: 11 tips to manage your credit score.
Research many lenders, click here for my blog post. Do you know the loan program you need? Did you know there are many down-payment assistance programs to help 1st time homebuyers? Cities and states also offer down-payment and assistance programs. Do these lenders have experience with these programs? Find a lender that has the program that best fits your needs. I suggest asking an impartial person, such as the Mortgage Fee Coach, if the lender is right for you. This is one of the areas I bring the most value.
After finding the right lenders, request rate and fee quotes from each of them. You will be surprised at home much their rates and fees differ. If using the Mortgage Fee Coach services, rates and fees will be compared for you in an plain format, so the least expensive option is clear. The Mortgage Fee Coach will clearly save you money in this area.
After finding the best lender, complete an application, provide copies of the required documentation, and keep the originals. Ask how long they require for pre-approval?
Be aware, due to the new government regulations, you will have to prove beyond a reasonable doubt that you have the ability to repay the loan. The underwriter will review all the information, including verifying current income and historical income from two years of consistent past employment.
Keep in contact with the lender every 3-4 days, until your loan is approved. The Loan Officer should help you feel at ease and the process is moving forward timely. They may also need additional information. Provide it as quickly as possible.
- Become pre-approved for the mortgage loan. Know the maximum loan amount for which you qualify. Pre-approvals may be valid up to 120 days, but the lender may ask for updated paystubs and other information after 60-90 days.
Finally, take the time to build a quality relationship with your lender as early in the process as possible. The earlier you start the loan approval process, build the down payment and cash reserves, resolve credit issues and document required income, the sooner you will be able to buy your home and live the American Dream.
Most lenders do not expect you to shop around for quotes. They plan to persuade you to stay with them, because you trust them. Or, if a realtor referred you to a lender, the realtor expects you to trust they know and trust the lender, so you should too. Shouldn’t you always shop around, so you can make sure you are receiving the best deal possible. But, comparing quotes is very difficult and time consuming, since every lender seems to have different fees, rates and quoting styles. Bottom line, the lenders don’t tell you to request the quote on the same day and time. Normally lenders do not change their daily pricing unless the market changes by .125% – .25%. But, because rates move minute by minute, you should request quotes from all the lenders on the same day and all within approximately 1 hour of each other. So, you can make sure you are comparing rates, points, fees and payments on a level playing field.
Every lender promotes they have the best rates possible. Shocker!! But, there are always differences. A client of mine was refinancing, called his current lender, only to find out their quote was .50% higher than the lender I suggested. How can that be? Here are a few simple steps to follow:
- Be prepared. Gather your information ahead of time, such as loan amount, property value, term, etc.
- Go online to request your credit score at http://www.freecreditreport.com/ I suggest paying $1, which will include your credit score.
- Find 3 lenders you trust, …well think you might trust the most. My belief is you don’t know who you can trust until you meet them and get to know them. A salesman is ……well, you know, salesman. They are best at selling you things. So, research them first. See my blog researching lenders.
- Should you use online lenders? Only if you are willing to give-up personalized service for price.
- Should you use a friends referral? I suggest always requesting a quote from a friend, but always compare it to several other lenders. Just because your friend trusted them, doesn’t mean they received competitive pricing or that you will receive competitive pricing.
- Request quotes on the same day and time. Rates change by the minute. This is very important.
Now the challenge is to compare rates, fees, points & payments. Do you know what is negotiable? Most lenders don’t explain this either. Do you trust your lender to look out for your best interests? It is a profit transaction for them. This is what I do, and the most important step. Every lender charges different fees in different ways. I also know very trustworthy lenders that I have worked with for many years. One of the reasons my suggested lenders can offer better pricing is because they do not have to advertise for my leads, saving them $1,000s. In addition, they know my clients are extremely well educated in the loan process, because I look out for their best interests. If you have questions, contact me.
Applying for a loan? Since you will be providing your extremely sensitive personal and business information to an individual and company, it is imperative that you take time to research and compare companies. In addition, will they follow through to provide the advertised radio or TV offer? How well do you know or trust them? By spending approximately 15-20 minutes, you may save yourself significant heartache and money through the process. Like any industry, there are good and bad apples, so looking into their history and track record can indicate the kind of experience you may have. Would you want to use a lender that received 83 complaints at the Better Business Bureau in the last year? Below is a simple step by step process that can help you research and compare lenders to better ensure your deal is the best one for you.
Company or bank name:
Contact email address:
Contact phone(Office / Cell):
- Is the company licensed to perform mortgage banking? Check this website: http://www.corp.ca.gov/fsd/licensees/
- Has the company been in mortgage banking for 10+ years? I prefer to use a company that began business before the “Great Recession” and conducted their business in a way that avoided many of the pitfalls, such as accusations of fraud or poor management.
- Is the company website professional, provide information about loans and processes, and lists owners and loan officers? I prefer unique websites that lenders have taken time and effort to create, versus a canned website used by many smaller and more expensive lenders. I also prefer a company that is willing to display staff and owners pictures and experience, which allows me to research their longevity in the business.
Does the company website provide client testimonials? I prefer to review a long history of very happy and satisfied customers that are willing to write anything from a quick comment to lengthy statement.
a. Was the testimonial written recently?
b. Does it provide detailed reasons why they like the company so much?
- Does the loan officer and lender have a mortgage license?
Is the company accredited by the Better Business Bureau? http://www.la.bbb.org/Home.aspx
a. Is their rating A or better? I prefer an A+ rating.
b. How long has the company been in business?
b. Are there any unresolved complaints?
Does the loan officer and company have a LinkedIn profile? http://www.linkedin.com/
a. Do they both have 5+ years loan officer and business experience? I prefer to have a very experienced loan officer and company any unusual situations happen which might delay the loan process. Problem solving experience really pays off in this area.
b. Is their profile professional, detailed and have 200+ connections?
b. Do they have recommendations from subordinates, fellow managers, supervisors or clients? Recommendations go a long way with me, especially over the years.
Google search the internet for client comments about the lender from:
a. Consumer Affairs: http://www.consumeraffairs.com/
c. Credit Karma reviews: http://reviews.creditkarma.com/mortgages/1/ Any red flags?
What are the reviews in their Yelp profile? http://yelp.com
a. Do they have a 4 or 5 star rating? Four out of 5 stars is good for me.
b. Are there recent reviews?
c. Is the loan officer listed in the reviews and comments? Positive or negative experience?
d. Read the “Filtered” reviews as well, at the bottom of the rest of the reviews. Even though these do not get in the primary viewing area, they could be very informative.
d. Did many reviewers find the reviews helpful?
- Is the company donating to charities in the local community and nationally? 83% of the population want to use companies that are giving back to their communities or charities. I will utilize a company that is giving to charities over one that is not.
Does the company website providing free educational tips? I like to see companies willing to provide free information to help the general population.
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Example: I researched a local lender that a financial planner recommended for my client. The lender was recommended because he happened to be in the building, not because he had done a loan through him. That is red flag #1. I researched the lender to find out: the lender had been licensed for 5+ years, but the company had only been in existence for 2 years. Red flag #2. I wonder about lenders that recently started their business. Were they employed by a previous, potentially unscrupulous, lender that possibly committed fraud or bad business practices? When the lender provided a rate and fee quote, they did not include the appraisal fee. Red flag #3. Mistake or not, they may have been trying to make their quote look better than the competition. Either way, it was an error, and I prefer not to use lenders that create errors at the beginning of my loan. In addition, their website had no client testimonials or details about the owners, managers or loan officers. Red flag #4. After concluding my research, their fees were over $700 higher than the lender I found for my client. Ultimately I did not feel I could trust them. All of this is extremely important when providing your financial information.The lender I chose had the following:
Munzing Mortgage Group
Mike Munzing, Mike@MikeMunzing.com, 949-689-5626
616 – #I S. El Camino Real, San Clemente, CA 92672
- Mike has 24+ years mortgage experience.
- Website is very unique and professional, providing more information than you would ever need. http://www.mikemunzing.com/
- Testimonials are on the left, 2/3 of the way down. Although nothing recently, the clients provide various positive comments.
- Yes, CA DRE Broker Lic. #: 00890921 * NMLS #: 329629
- No, he is not accredited, but he has no complaints filed against him in the 20+ years of business.
- Yes, with 500+ contacts and many recommendations.
- In 3 pages of searching through Google, I could not find anything negative.
- No search results found. Zero negative comments is great.
- His charities are political causes to improve the world.
- Yes, more times than you will ever need.
- Mike has 24+ years mortgage experience.
Years ago, I worked directly with Mike and found him to be highly experienced, ethical, devoted and resourceful in all aspects of his life. That is who I want to do business.