Borrowers go to Loans4Less.com, a growing California-based online mortgage loan brokerage, for easy to access loan and related real estate information, but primarily for the company’s advertised interest rates and closing costs. Since Loans4Less deals with many wholesale lending institutions, they can put together a range of mortgage products to suit the needs of the customer.
But the company’s real strength is that it has integrated the sometimes complex world of residential mortgage loans into an online environment in such a way as to create an attractive platform with compelling options for joint venture and licensing partners as well as for end consumers. It’s an approach that is highly cost effective, providing the leeway for the company to offer flexible packages that are especially attractive to low interest rate seekers. At the same time, Loans4Less is also up-front about risks and the need for careful evaluation, representing an openness and dependability that attracts new buyers.
An example is the company’s “Lock and Float Down Policy”. Depending upon what the borrower is looking for, Loans4Less is able to lock in interest rates. It sounds good, but rates can go down as well as up. To deal with this, the company can seek to “re-lock” a loan with a different lender in order to obtain better terms. However, in times of high-volume or volatile markets, they may advise the borrower not to adjust the original rate lock, avoiding the risk of gambling for a marginally lower rate that may not materialize. They also point out that current mortgage industry practices prohibit the use of appraisal reports derived from a different lender or third party. So, if a loan is cancelled in order to resubmit to a different lender to obtain a lower “float down” rate, it may end up requiring an additional appraisal and associated fee.
It’s this concern for open communication and the application of experience to protect the customer that is especially important to prospective borrowers, coming out of a real estate market where many were burned by careless practices.
For more information, visit www.Loans4Less.com
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