In 1990 I started work as a mortgage originator with a savings & loan in the days when there were such things. After six months I moved to a mortgage company where I worked for a year.
I realized at that time I had learned all I could. From there on my knowledge would come from experience and time. Knowing that I left and started my own company.
In 1991 I opened the doors to Champion Capital Corp. I worked under that name until 2001, when I sold the name, not the company.
After trying to find a corporate name and a URL that wasn't already taken, I reviewed my current and past borrower profiles. I realized that most of my clients were in the entertainment industry. Entertainment Mortgage was born.
So, to answer your question, as of this writing, I've been in the mortgage business for 29 years.
There are several reasons borrower's find their bank usually isn't their best bet. Among these reasons are:
- Banks have only a few programs. We have dozens of programs to fit many different buyer needs.
- Banks are usually not competitive in their pricing.
- Banks process their loan applications in remote locations. You think you're dealing with your local branch but the decision-makers aren't anywhere near you.
- Banks tend to be overly rigid in their analysis of a loan application.
- The mortgage departments of banks are separate entities from their consumer departments. If you bank with ABC Bank, to their mortgage department you are just a number, unless you have at least mid-six-figures on deposit with them. Then you aren't dealing with their mortgage arm but with private banking.
- Banks work bankers hours.
Real Estate agents like to work with a team - title, escrow, mortgage. It makes their life easier.
If they don't know your mortgage person, they don't know if they can perform and they get nervous, and rightly so.
But here is the problem. You need someone protecting you. If everyone is on the same "team", how do you know everything being done is in your best interest? A team will always work to protect each other, within legal bounds, of course.
There are a lot of very good loan originators out there, but you need your own.
For our entertainment and self-employed clients, we have developed a deep understanding of their financial profiles. Lenders frequently don't "get it".
We know how to package and present your loan to a lending source in order to get you an approval.
If for some reason, you do not qualify, we know that before the lender even sees your application, saving you time, money and disappointment. We counsel you on what needs to be done so you are prepared when you apply at a later time.
We're also aware that when you are working it is difficult for you to deal with anything else, such as obtaining a mortgage. We always work around your schedule even if you are out of the country.
We are no stranger to WhatsApp, Skype, texting and any other means of communication.
You'll have a lot of questions - especially if this is your first home. We are always here to answer them. If we can't, we'll direct you to the right person.
In addition, we watch your loan so if something better comes along, if you can save money with a lower rate or a different loan, you can rest assured that we have your back.
We work with the wholesale division of the various lenders. They pay us to originate loans for them which saves them money.
Just two things.
Communication - the basis of a successful closing is always communication. You will get that from us and we need it from you. If anything changes in your life, positive or negative, we need to know.
Before you move money from one account to another, before you buy those appliances for your new home, when you can't find a document we've asked you for - we need to know.
And speaking of documents, the one thing that can hold up a loan more than anything is our receipt of the documents we've asked you for. The faster you get those to us, the faster we can move to the next step in the process.
For some types of loans, you can lock in your rate early and you can relock one time if rates fall.
When rates are falling, you generally don't want to lock in advance.
You can lock your interest rate all the way up to just a few days before your final loan docs are printed.
The interest rates that are quoted are simply "base" rates. There are many factors that change that base rate, including: credit score, down payment, amortization, type of property.
For a refinance, there is the added factor of "cash-out" if you decide to tap into some of your equity for any reason.
A rate quote is just that, a "quote". Until your interest rate is LOCKED, a quote is meaningless.
Most of the loans we originate are with 0 points. For loans over $1 million, there are 0 fees at all.
For loans under $1 million we have a processing fee of $795 and the lender has an underwriting fee between $995 - $1295.
There are no fees paid up-front. The only charge before your loan closes is the appraisal. The fee varies depending on the loan amount and we have to put it on a rush.
Regarding other fees and costs, it's important to understand the difference.
Fees refer to lender fees, if any, cost of the appraisal, title and escrow fees. These are what it costs to get a loan.
Costs are additional items you have to pay but they are the cost of home ownership. These may include: property taxes due, homeowners insurance premium, and impounds.