Today as part of our partnership with Tim and Dave at Trusted Lending Advisors, we’re taking a look at some frequently asked questions about the lending process – everything from Tim and Dave’s experience to how much you can expect to pay in fees. Don’t miss our previous posts on how much you can save by refinancing, the different types of loans, how long you should expect to live in your home for refinancing to make sense, and what to expect when you’re applying for a loan.
Don’t forget that Trusted Lending Advisors is offering lender credit for your appraisal (up to $400 value) on any closed loan transaction when you mention Colorado Bargains!
How long have you been originating loans? Over 10 years, combined 20 years experience when counting my business partner Dave Slater.
Are you closing at least 100 loans a year? Yes. Our clients have helped make our team one of the top 1% of lending teams in the country, with an average of well over $30 million in closed loans annually.
What percentage of the applications you take close? Do they close on time? We have a 99% pull-through ratio, and out of almost 200 closings in 2011, we had 1-2 files that experienced minor closing delays. (Carrie’s note: this is a huge part of why my husband recommends using Tim and Dave!)
Can you provide me with the names and numbers of 3 previous customers that I could contact regarding your services?
Absolutely! Please call or e-mail and I will be happy to put you in touch with some of our “raving fans”. You can also “Google” Tim Duvall or Trusted Lending Advisors (our team) or Academy Mortgage to view positive feedback and testimonials from our clients and business partners.
Should I be pre-approved before I find a property?
Yes, this is highly recommended, and many Realtors require this. You can be pre-approved by calling us or completing a secure online application.
How long will the rates you are quoting today be good for? How does your company handle situations in which a rate lock has expired and interest rates went up during that lock?
Rates can change daily, and once a rate is locked, extensions are normally covered (if needed) at our cost if the delays are caused by our bank.
Can you explain to me what an APR is?
APR or Annual Percentage Rate is a disclosure rate that includes loan closing costs amortized over the life of the loan. APR is designed to assist a buyer in determining the “true cost to own” of the dollars they borrow, as well as to compare offers from various institutions, and to help a buyer avoid hidden charges or fees.
What is the total amount of fees associated with a loan?
This varies depending on loan program and points paid. Can be paid by seller, buyer or a combination of the two.
What are those fees comprised of?
0 points/origination (1% Origination fee optional to buy-down interest rate), $765 lender fees for underwriting and processing, and required 3rd party charges (title, appraisal, recording, etc)
Can you explain the difference between an origination fee and discount points?
An origination fee is paid to a lender as profit to their company, and a standard 1% Origination fee normally provides the lowest possible rate, usually .25% lower than a “0 points” option. Discount points would be additional points paid to further “buy-down” or reduce a client’s rate. Please call if more info needed on this distinction.
Don’t forget that Trusted Lending Advisors is offering lender credit for your appraisal (up to $400 value) on any closed loan transaction when you mention Colorado Bargains! Call them at 719-266-8183 to get started on the loan process while rates are still low!
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