Also they allow you to lock in the rate and do disclose all other expenses involved. I just need find someone who actually closed a loan with them :-)
Check both rates and closing costs.
Also mortgage is not just about rates and closing costs. You need to know which product is good for you. What are your financial goals? Which is better 15 year or 30 years. Do you have mortgage protection insurance?
Please feel free to contact me with any questions that you may have.
Disclaimer: my credit is good and I can document my income easily. CYOL did tell me that it is harder for people with bad credit or undocumentable income to get a loan. So, I guess if you have bad credit, you need to pay higher rates and really focus on the getting someone who will spend lots of time trying to get your loan somehow approved. This is probably why the loan officers who work with poor credit homeowners charge more. It must be a lot more work.
All I can say is my loan closed on time, I got lower rates and fees than the banks were offering and I never had to talk to a salesperson to get a quote. What's not to like?
We are in a very stringent lending environment nowadays. The loan process has many facets which are handled best by a mortgage broker or a loan agent. Even "perfect" clients are facing potential roadblocks that can slow down the escrow process. I highly doubt you will get the best service and assistance to close your loan on time dealing with the firm that you mentioned. Don't be surprised if you end up doing all of the leg work to get your loan closed in time due to their reduced fee structure.
Feel free to contact me with any questions whether its getting pre-approved or if you would like various financing options I can provide that you as well.
Talk to some more local referred lenders.
Disclaimer: I am a licensed real estate broker and property/casualty insurance agent in the State of Ohio, providing information and sharing experiences acquired over 15 years in the industries. I do not profess to be qualified to give advice in any other field, though will share opinions and information obtained during my course of work. It is always highly recommended that consumers seek counsel from a specialist in each area in which there is a question or concern.