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Financial

Calculators

What Lenders May Not Say

RATE AND POINT QUOTES

Watch your wallet! Some lenders do not mention the discount points in their advertising. Sometimes points are called "origination fees". One point equals 1% of the loan amount. These fees can really add up!

BEWARE OF THE "CAMOUFLAGE EFFECT"

Sharply discounted rate quotes "camouflaged" by excessive ancillary fees... always compare the "net" cost.

LOCKING A RATE

Typically, a lender will provide you with a 30 or 60-day rate lock quote. However, they may quote you a "short" term price simply to entice you to apply, knowing full well you are not closing within that timeframe. This is especially important if you are building a home. Be careful of misleading rate quotes. Be sure you are comparing "apples to apples".

NEW CONSTRUCTION LENDING EXPERIENCE

Ask them how much new construction lending business they do. They may do far more refinance business than purchase business, let alone new construction. Be sure your lender is an expert in the nuances of new construction.

ORIGINATION FEES

Many lenders charge Origination fees (see "points") up to 1% of the loan amount or more and they fail to include them when quoting you a price.

POWERFUL BENEFITS OF A GARDEN HOMES NEW HOME CONSULTANT HELPING YOU SELECT THE RIGHT MORTGAGE COMPANY

  1. Garden Homes has enjoyed nearly four decades of UNPARALLELED expertise in the unique nuances of new construction financing.
  2. Loan Officers are trained in assisting you determine the BEST financing options to MAXIMIZE YOUR BUYING POWER.
  3. BONAFIDE rate and point quotes... no hidden surprises at closing.
  4. There are in excess of 200 mortgage programs ranging from the credit-impaired to the credit-elite.
  5. "Apples to Apples", net price to you "comparisons."

NOTE: GARDEN HOMES IS NOT AFFILIATED WITH ANY LENDERS.