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Who are you, and where
is your office? |
Michael May, Licensed Mortgage
Broker & Owner.
Our office is located on Fort Myers Beach, Florida, in Southwest Florida, just North of Naples. |
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What is your level of experience? |
16 years as a Licensed Mortgage Broker, with 3-1/2 years as a Loan Processor. Previous experience was with Citibank, AmSouth Bank, and as a Mortgage Broker on Sanibel Island, Florida. |
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What is your level of experience
on the Internet? |
I am one of a handful of
Mortgage Brokers
on the Internet in 1995.
I learned HTML in March
'95. My first
website was launched in September '95.
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What
is a Mortgage Broker? |
A
Mortgage Broker is an individual or company which acts as a liason
between a Client and an Investor. In consultation with a Client
(you), we seek the best product and interest rate for your particular
needs. |
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How do you as a Mortgage Broker
provide mortgage loans to a Client? |
I have what are called Correspondent Relationships with my Investors/Lenders. These are contractual relationships. |
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What service do you provide?
What is your job description? |
As mentioned above, to be a liasion
between Client and nvestor/Lender. To seek out the investor/lender
who can offer the best rate for the Client. We identify the best
product for the client, offer a Quote for an interest rate, a
Disclosure for closing costs and Annual Percentage Rate. If the
Client elects to work with ys, we Process their loan (coordinating
all aspects of the loan process), validate the Final Closing Figures
(via the HUD-1 Settlement Statement), communicate and itemize
the Final Figures to the Client, and standby for Closing. Available
to answers questions @ Closing via telephone, or in-person if
it is a Local Closing. |
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How do
you get paid ? |
Compensation is received via the Client, the Investor,
or both. Client compensation comes via an Origination Fee, based
on Points. Lender Yield Spread Premium (YSP).
Typically, rates quoted
on the Internet are without Points. |
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Can I get a good deal using
a Mortgage Broker? |
Absolutely. Our Investors offer
wholesale interest rates, which we offer to you. Our rates are
usually 1/4% lower than retail.
The Mortgage Broker's strength
is much more than rates. I offer not only the best rates, but
have researched and compiled the best products for my Clients.
The true strength of a
Mortgage Broker is our ability to change strategies during a
loan process if there are new data supporting the need for a
change. Some examples would be an inability to document a Client's
income, more debt than the Client had originally thought, credit
issues unknown @ the time of Application, and Subject Property
issues which were not evident @ Application. |
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How many lenders
do you represent? |
Currently 17 |
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What type of products
to you offer? |
Every type of loan product.
The best for you would be based on our interview. Eg., how long
will you keep the property... |
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Who will my Loan Processor
be during the loan process? |
I have chosen to hire a Loan Processor as an Independent Contractor. LISA ALBERTS of Quality Processing (1-813-643-0458) - is an expert in Loan Processing and Loan Closing. Lisa is one of the best in the business. My experience in Loan Processing gives me a important perspective on Lisa's capabilities. |
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How do I get a quote
on Closing Costs? |
Call me, and I'll give
it to you over the telephone. I wil then fax it to you, or send
it to you via EMAIL (in Adobe Acrobat PDF Format).
ALSO - I offer an analysis
tool to give you Options on your purchase or refinance: Tthe
Mortgage Options Report. 4 side-by-side loan products, interest
rates and payments. |
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Do you have an
Application Fee? |
Yes. The Application fee is not a profit. It is the money
needed to begin the Loan Process.
This Fee is collected at
Application for payment of the appraisal $275, credit report
$55. Total $335.
The Application Fee is
deposited into a special Escrow account, and is paid out at or
before closing to the vendors who provided the services needed
to process your loan. |
