What Clients Want and Why We Care
Thank you, for the opportunity to present our lending process.
I (Jeff) started my career as a loan officer in 2001 in Salt Lake City, Utah and has assisted many customers to refinance and purchase a home. My processor’s are experienced, you’ll enjoy communicating with them.
Our Benefits
Get prequalified, view your progress, securely upload documents and message your LO easily as you go.
1. Zero Origination Fee Option
Unlike lenders, as a mortgage broker we have an option NOT TO CHARGE A 1% origination fee, among other junk fees and higher rates. Because, we work independently from a bank or lender. On a $250,000 loan that is an extra $2,500 a lender charges, and other junk fees that we don’t as closing costs. Some loan programs have an origination fee, and borrower paid loan do have an origination fee.
2. Lower Closing Costs
Unlike lenders, as a mortgage broker Unlike lenders, as a mortgage broker WE ARE NOT allowed to charge junk fees. This means we don’t have to collect as much as lenders do for seller concessions. We are paid by the lender not a borrower, this makes our closing costs lower. allowed to charge junk fees. This means we don’t have to collect as much as lenders do for seller concessions. We are paid by the lender not a borrower, this makes our closing costs lower.
3. Lower Interest Rates
Unlike lenders, as a mortgage broker WE ARE NOT allowed to charge a higher interest rate as profit. As a mortgage broker the amount of yield spread premium from a higher rate has to go back to the borrower. Generally, as a principal reduction of the final loan amount. So, there is not a benefit for a mortgage broker to offer higher interest rates. As a mortgage broker we are able to offer wholesale interest rates for low to high FICO score borrowers.
A bank or lender has the option not to disclose the amount of yield spread premium from a higher rate and they are able to keep it as profit. If, they do disclose some or all of the yield spread premium on the loan estimate and it’s not used to cover the seller concessions. Then generally, they will use it as a principal reduction.
4. More Loan Programs
Unlike lenders, as a mortgage broker we don’t work for a specific lender. We work with many lenders which allows us to shop around for the best loan program, interest rates, and fees. We have access and understand guidelines of over 30 wholesale lenders.
5. Effective Communication
Most Lenders, do not update their client’s about the status of a mortgage file in process. This causes a client to live in a state of constant anxiety about getting bad news about the transaction. In a timely manner, myself or my processor will update you about the status of a mortgage application. Returning our client’s call in a timely manner is always what is expected in a great loan officer. Agents do most of their work at night and on weekends – they don’t keep banker’s hours. By setting expectation and pre-approving a mortgage file before a buyer starts finding a property. We are able to accommodate an agent’s needs to get quick answers when they are out in the field writing an offer on a property.
6. Interview & Set Expectations
We ask questions to make sure we know how to meet your expectations and to determine your eligibility to obtain financing. As a team, (loan officer and agent) we find out what is an affordable payment to determine the purchase price. We communicate with the agent to make sure there are properties in the areas you are looking that meet your price range. If there are no properties in your price range for the areas you’re looking. The agent will let you know what areas to start looking that have properties in your price range according to your desired and approved monthly payment.
7. Solid Pre-Approval
Most Lenders, do not pre-underwrite a mortgage file before the borrower starts the home buying process. We understand the real estate process from our clients point of view. Sellers do not want to waste time with a buyer who cannot qualify for financing or have not been pre-approved by an underwriter. Don’t miss out on a property because a loan officer does not know how to help a borderline borrower to become qualified. There is absolutely nothing that will infuriate a client more than finding the ideal home and having it fall apart at the end. Because, of an incompetent loan officer and real estate agent.
As a mortgage broker, we submit every mortgage file to an underwriter to pre-approve before the borrower goes under contract, as a “to be determined” (TBD). Before, we submit a mortgage file to underwriting we verify the borrower’s employment history, income, down payment, credit report, assets, and reserves. This means when we have an underwriting pre-approval it’s not subject to verifying the borrower’s employment history, income, credit report, assets, reserves, down payment, etc. This allows us to give a strong approval by an underwriter promptly, and without error. Sellers, consider these offers first with accepting an offer.
Here are the key milestones I will be updating you during the loan process.
If you have any questions you’re welcome to give me a call 801-548-2627.
Let Us Help
We use a borrowers middle credit score in approving a mortgage application. On a FHA loan a 580 is the lowest credit score allowed to obtain financing.
We are here to help!
We’re available 6 days a week,
8 am to 9 pm MST.
Home Loans Made Simple!
Jeffrey Carlston
Mortgage Broker NMLS#315077
Direct (801) 548-2627
jeff@lendhomeloans.com
lendhomeloans.com
Augusta Lending LLC NMLS#352774
Let's Be Friends
Mortgage Application
If you have any questions about completing our online mortgage application.
Call or text 801-548-2627
Documents
We need the following basic documents. Last 2 months pay stubs and bank statements, last two years W2’s, photo ID, & social security card.