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The Realtor who referred this client now calls us miracle workers! We may not be miracle workers, but we do love to make dreams come true. We recently closed a purchase for a nice young family who was buying their first home. They had talked to 3 other lenders and were not having any success getting a pre-approval. Their realtor referred them to us and told them that if anyone could help we could. Not only could we help, but the loan program we put them in was one of the best available in today’s market. They got an interest rate less than conventional, put Zero down, financed all of their closing costs (even the 1st year premium on their home owners insurance) and had no PMI. It wasn’t the easiest deal we’ve done and required quite a bit of hand holding with the client to give them the direction they needed, but we got them pre-approved and fast. They found the home they wanted and about a month later were moving in. In addition to the great interest rate and great loan program they got, they will also get a tax credit for 20% of all the interest they pay on their mortgage. They were excited about moving into their new home and thrilled with us and their realtor for caring enough to send them here. Working hard for our clients is something that we take great pride in here at The Mortgage House. If a little hand holding and hard work make us miracle workers then I guess that’s what we are!
We saved our client a huge pre-payment penalty, but just barely!!
She came to us on a Monday evening with not so high hopes of being able to refinance her home. It was the end of April and she had been working with another lender since October of the previous year! They told her they could get her approved and kept working on it for months. In the middle of April they told her that her loan was declined and there was nothing else they could do for her. She almost gave up, but trusted our loan officer who had been able to help her in the past. While taking the application and reviewing the documents, our loan officer found that if she didn’t close by that Friday (just 4 days away) our client would have about a $3800 pre-payment penalty. Having been with us for over 4 years and knowing the process well, the loan officer doubted she could get this done and explained to the client that she didn’t think it was possible, but she would give it her all. She stressed the urgency of this matter to the appraiser, the title company and the lender. At one point she even held the lender’s Rep hostage in her office until she got some answers from underwriting! She freed the poor hostage at about 4 pm and the loan was clear to close at about 7 pm on Thursday evening. Thanks to the title company who squeezed it in, it closed on Friday! Now don’t expect we can close in 4 days on a regular basis, it just couldn’t be done… but do know that if we put our hearts and minds into something we will do everything possible to make it happen. This client says she would never even think about using another lender again and gave our loan officers hugs, a card and a bottle of champagne to show her appreciation. It’s times like that when we remember why we love being in this business!
We recently had some clients that were in the process of refinancing 100% of the value of their property to pay off most of their debts. Midway through the process they decided to get divorced. Their application was withdrawn. A couple of months later we got a call from the parents of the wife, who were also clients of ours, asking if we could do anything to help her with her financial situation. She was going to keep the house, had 2 mortgages on it, no escrow account, was behind on property taxes, and several credit cards. The husband had stopped paying most of his bills and she was doing what she could to keep her head above water. She was doing a pretty good job, but had a few late payments that would more than likely snowball given enough time. Her taxes were due and she had no way of coming up with the money any time soon. Our loan officer quickly put together an application for her and got a copy of the appraisal which was done for the husband when they were in a few months prior. We were able to put together a loan for her to pay off both of the mortgages, the property taxes and the credit cards. She will be saving a small amount monthly, but most importantly will have her taxes paid and will only have 2 payments to make monthly rather than 7. Her new rate is fixed for 2 years and is lower than the other 2 mortgages. She will have an escrow account so that the insurance and taxes don’t fall behind again. Sometimes we find a temporary fix is necessary and work with our client to provide a permanent fix as well. The plan we have set for her is to make her 2 payments on time each month for the next year and then we will re-evaluate her situation and get her into an even better program with an even lower rate. During a difficult time in her life we are glad that we were able to be there to make things just a little easier.
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