~$3k less closing costs than Chase, US Bank, Wells Fargo at the same interest rate on a 200k loan, 4.5k less on a 300k loan, etc. How is this possible? 2 reasons: 1 is the difference between wholesale and retail lending. If a loan officer at a retail lender forges someone's paystubs and gets caught, the lender is on the hook for his behavior. That liability has shifted to us, the broker. By being
subject to less liability, a wholesale lender can offer the same loan at less cost. 2 is our fee. On normal loans, we charge 1.5% of the loan amount. Max allowed by federal regulation is 3%. So you could be talking to another broker in the wholesale lending space, quoting you the exact same lender b/c that lender was the best deal that day. But if they're charging 3% and we're charging 1.5%, we still beat them by that same margin. If that sounds too good to be true, see "Licensing info" video on our web site to verify licensing. Two other advantages: 1 is higher debt-to-income ratios than bank lenders (we use non-bank lenders) meaning higher pre-approval amounts for purchases. For example: $80k/yr annual income, credit report shows 500/mth car note, 200/mth student loan, Conventional loan. A bank lender with 36%/45% ratios may only pre-approve to $285k, whereas with my 50%/50% ratios we're at $340k. Same income, no debts other than new mortgage: 36/45 lender is at $303k, we're at $460k. 2 is alternative loan products. Are you a biz owner whose tax returns show little to no income? We can qualify you off of bank statements. Do you have 0 documentable income but at least a 640 score and lots of savings (or equity, if a refi)? We can do that loan. Are you good on income and credit, but have little to no savings? Ask about our down payment assistance program. Good income and savings, but low credit score? We can go down to 500 FHA/VA, 550 USDA. See the "About" section on our web site for more detail. About Joshua Bassan, Owner & President: Moved from Northern Virginia to Nebraska June '21 to get away from the traffic and congestion of a large, coastal city. Brought my work-from-home job doing Colorado loans with me, and started my own company in Dec '21. I moved from Hawaii to Wash, DC in '01 for college, and lived in NoVA from graduation in '05 until '21. NMLS #2103339 NMLSConsumerAccess.org
