I just answered a question for someone who contemplated NACA or a company like Rodney's. Here's my answer, and Rodney, I hope you don't mind me using you in the example: NACA offers rates, typically 1% lower than other banks. Rodney will most likely give you a loan with competetive rates. FHA requires that you carry mortgage insurance (MI) in case you default on the loan. Over time, the MI payment drops down to barely anything.
NACA, on the other hand, does not have MI. Instead they charge a monthly membership fee that does not reduce over time. Do we pay an interest only payment for the mortgage on FHA and NACA loans each month? No. We pay a full mortgage payment each month. The NACA rate plus the fee as a payment is more than a higher rate with MI, over time. In the example I gave, NACA borrowers paid the same amount of money over 30 years that a bank offered using a higher rate. The difference? Rodney offers much better personal service than any government agency out there!
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing