How to Trust Your Lender
April 18, 2007
There are many news articles about "predatory lenders". I believe that the U.S. Congress is also holding hearings about lending practices. How does a buyer, especially a first-time buyer, know whether the lender that they are using is not taking advantage of their lack of knowledge about lending fees, the ins and outs of the various loan types and the loan process?
Here might be one way. Financial 2000, the mortage division of Lois Lauer, Inc. has a program to encourage comparaison shopping for your loan.
Bring your Good Faith estimate to us at 1998 Orange tree Lane in Redlands, CA. (Every lender, by law, is required to give a potential borrower a "Good Faith Estimate".) If Financial 2000 cannot meet it or beat it, they will pay you $100.00 at close of escrow. Why, "at close of escrow"? It has been our experience that costs can change substantially during the processing of the loan application. In reality, barring information that was not given to the loan agent at the time of application, that good faith estimate should be close to the actual costs at close of escrow.
For our $100 giveaway, fees and interest rate must math the good faith estimate.
There are many web based lenders and many mortgage companies who seek borrowers. Financial 2000 is not any different. However, we at Lois Lauer,Inc. believe that we can provide good to great loan programs and good to great service.
Accept our challenge!
There are many news articles about "predatory lenders". I believe that the U.S. Congress is also holding hearings about lending practices. How does a buyer, especially a first-time buyer, know whether the lender that they are using is not taking advantage of their lack of knowledge about lending fees, the ins and outs of the various loan types and the loan process?
Here might be one way. Financial 2000, the mortage division of Lois Lauer, Inc. has a program to encourage comparaison shopping for your loan.
Bring your Good Faith estimate to us at 1998 Orange tree Lane in Redlands, CA. (Every lender, by law, is required to give a potential borrower a "Good Faith Estimate".) If Financial 2000 cannot meet it or beat it, they will pay you $100.00 at close of escrow. Why, "at close of escrow"? It has been our experience that costs can change substantially during the processing of the loan application. In reality, barring information that was not given to the loan agent at the time of application, that good faith estimate should be close to the actual costs at close of escrow.
For our $100 giveaway, fees and interest rate must math the good faith estimate.
There are many web based lenders and many mortgage companies who seek borrowers. Financial 2000 is not any different. However, we at Lois Lauer,Inc. believe that we can provide good to great loan programs and good to great service.
Accept our challenge!
posted by shirley harry at 9:08 AM
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