Q: What is involved with the free mortgage review? What do I need?

A: Nothing is needed. Just call or e-mail and let’s talk things over. I've found that a good conversation is the most effective way to get things done. Forget filling out forms or waiting weeks for an approval. I’ll just ask some basic questions such as how much you feel your home is worth, or what you do for a living. You tell me your goals and things you would like to change. We should be able to learn more in 5-10 minutes then you could filling out 100 on-line applications. It is an exceptional free service.

 

Q: What happens after the free review?

A: I just take the information from our talk and look for ways to improve your finances. I only make recommendations and from there it is up to you. I may find you’re in great shape and need nothing. I may point out some simple things you can do on your own to save, or I may recommend some radical changes. I’m not here to attempt talking you into anything. I understand that if I truly help enough people then business will never be a problem.

 

Q: Do you need to pull my credit report?

A: If we are going to pursue or get qualified for a possible mortgage transaction, then I do need to review your credit report. These cost me money, so I only pull them when I feel it is needed, and I only do so with your permission first. If you just have some general questions for me there is no need for a credit report.

 

Q: What if I have a penalty to pay off my mortgage early?

A: That is something we want to look at closely in the free review. Sometimes it makes sense to take the hit now, others I advise to wait it out, and in rare cases we can get the penalty waived. I’ve found that many loans with penalties have other unfavorable features as well. That is why I want to review your specific loan closely, with the worst case being we lay out the steps you need to take to qualify for the best possible deal once the penalty expires.

 

Q: What are your rates and closing costs?

A: Rates are sensitive to market conditions in addition to the amount of “risk” associated with your financial situation. Because I can access hundreds of different types of loan programs, I will always have the most competitive rates available at that time. Closing costs are mostly a matter of how the loan is structured. I believe there is a lot of confusion surrounding this due to how banks and lenders advertise. A loan can be structured with “zero closing costs.” Technically it could even be structured to where you actually get paid money back. I will also say that in most mortgage transactions you are going to end up paying the parties involved in some form. A zero closing cost loan does not mean free loan. Parties such as: appraisers, title / escrow agents, underwriters, processors, and brokers are always going to collect their portion somehow. Zero closing cost loans typically have a higher interest rate which is used to compensate the involved parties. They could also include features such as balloons or penalties for early payoff. To answer the question, my closing costs would always be what make the most sense given your finances. For example, if you are planning to move in a year a zero cost loan would make more sense. Likewise it would probably be better to get the lowest possible rate if you are staying for several years. We will explore all these things in the free review.

 

Q: Do I have to pay closing costs out of pocket?

A: Most costs and fees can be included in the loan and you will have little or no out of pocket expense. You can certainly pay as much out of pocket as you would like if you choose.

Q: I already have the best deal. How can you do anything better?

A: I might not be able to improve anything. However, in doing thousands of mortgage reviews I have encountered so many people who started off by saying “I doubt you can help” and I ended up improving their finances greatly. That isn’t always the case, but it happens a lot. It’s especially true when I receive calls from people who have some of the things I listed out. This is why I started the free review service. It is a fantastic way to find people I can help with nothing to lose. The worst case is we talk for a while and I say you’re doing a great job already.

 

Q: I’ve been turned down by several places, is there anything you can do?

A: I might not be able to improve anything. However, in doing thousands of mortgage reviews I have encountered so many people who started off by saying “I doubt you can help” and I ended up improving their finances greatly. That isn’t always the case, but it happens a lot. It’s especially true when I receive calls from people who have some of the things I listed out. This is why I started the free review service. It is a fantastic way to find people I can help with nothing to lose. The worst case scenario is we talk and I just can't help...at least we tried.

 

Q: What types of loans do you do, and what services do you offer?

A: I can directly do most types of mortgage loans. I have dealt with every situation from A to D credit and people with no debt to those with over $100,000 in credit card debt. I also have great relationships in many other professions such as: CPA’s, insurers, wealth builders, and more. There have been cases where I might not have been able to do a better mortgage, but was able to recommend a good CPA that provided savings. My goal is to improve people’s finances and free more of their income. Let’s try the free review and see if I can do anything for you.

 

 

Still have a question? E-mail your question to mike@firstfairwaylending.com or call 502-339-1756