Separating Mortgage Fact From Fiction

Have you received a letter with an offer that seemed too good to be true? Today I wanted to clear the air to separate fact from fiction when it comes to these types of offers.

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I'm joined today by VP Regional Underwriting Manager, Scott Strong, to help me separate fact from fiction in the world of mortgages. 

Have you ever received a letter in the mail that says you're pre-approved, pre-selected, don't need an appraisal, and that you can get up to 95% cash out? These are the kinds of things we want to discuss to help keep you from wasting your time and having your credit pulled unnecessarily. 

We're currently not aware of any FHA or conventional loans that offer cash out up to 95% of appraised value. It's simply fake! Now, some programs will allow you to bypass an appraisal. FHA loans typically streamline, so you don't need an appraisal, but not all loans are like this. When you do a streamline, there are costs associated with it. 

There's no such thing as getting something for nothing.

When you see 'zero closing cost options available,' know that there are actually some. However, this typically happens on a case-by-case basis, so you need to meet with your Loan Officer. It doesn't really have anything to do with underwriting. The same typically goes when you see something like 'no application fees.'

I always tell my clients that there's no such thing as getting something for nothing. Somewhere along the line in a loan, you're going to pay for it. I don't want anything to be hidden from clients, so I want you to be very well informed. We don't want you to get suckered into a bad deal for lack of asking the right questions—talk to your loan professional to get the facts.

If you have any questions I can help you with, please don't hesitate to give me a call or send me an email. I'd be happy to help however I can. 

Why Work With Fairway Independent Mortgage?

Why work with my team at Fairway Independent Mortgage? I could give you thousands of reasons, but today I wanted to focus on some of the biggest benefits you'll see by working with us.

Buying a home?  Get a free home scouting report

Looking for a home loan?  Start a mortgage application

Why use Fairway Independent Mortgage? There are thousands of reasons I could tell you, but today I wanted to focus on some of the most important ones.

1. Ease of transaction: Dealing with lenders and banks can be tough because of all the documentation you have to deal with and the fact that sometimes, there's just no communication. With our team, we care about you and we know what it feels like to be on the other side of it. 
2. In-house underwriting: Out of 502 branches of Fairway, our team has a designated regional underwriter in-house with a team of six people. If we have a question, we don't have to send it to Wisconsin or anything; we can just walk down the hall and speak to our underwriters. If you know anything about underwriting and getting loans approved, you know having them in-house is amazing.
3. We offer a 20-day close guarantee: If you get into a competitive situation and you're dealing with someone who is looking for a buyer who can close fast on the house, we guarantee a 20-day close. If we don't close in 20 days, we offer $100 dollars toward your closing costs for each day after.
If we don't close your loan in 20 days, we'll pay $100 per day extra toward your closing costs.
4. We have a team: It's not just me trying to do everything; we have a team of six people who will guide you on the path to homeownership. It's a journey that changes, which means you need guides.
5. Over-the-top service: We're not satisfied unless you're satisfied. If we have to work late or be here early to ensure your deal is done, we will. We won't sacrifice service on any loan. We want to be the team that you refer to family and friends.
6. I'm a military mortgage specialist: I'm very good at VA loans and I love helping our veterans out, and I've also become a reverse mortgage specialist. That means I can help seniors make better choices with their homes to give them a better life. We also support the American Warrior Initiative, and I personally support C-CORP, which helps people who need food in our community. A percentage of each loan I close goes to each of the charities I support because I believe in them wholeheartedly. 

If you have any other questions about why you should work with us, I could talk to you for hours. Just give me a call or send me an email. I look forward to helping you!