With barely any new appraisers entering this morbidly defective industry, it's no wonder Fannie, Freddie and other government sponsored enterprises are moving to a MATH-BASED-SCIENCE strategy. Goodness, what does that mean? Well in 2002 I presented to Fannie the concept of using an insurance policy to eradicate the defective appraisal industry. Since that time Fannie (and others) have figured out that if the 4 homes surrounding the subject property all sold for more than the subject property, and the homes are identical - maybe, an appraisal isn't required or necessary.
All lenders do not check to see if the consumer will receive an APPRAISAL WAIVER. If you do receive one (an Appraisal Waiver) you don't have to pay for an appraisal (some lenders substitute a small fee). This saves the consumer between $500 and $750 depending on loan size. We've found that there are certain sweet-spot valuations. For example, if the client has a $2M home and a $200k loan, no need to go over $1M (since just about all over a million homes require an appraisal).
With the real estate industry red-hot throughout the country many appraisers are simply too busy. Appraisers can try to charge up to $4k more for an appraisal rush - we found someone else in Greensboro, NC that was less expensive. North Carolina is already a buyer beware state, it's harder now for the consumer to understand the market when they have to rely on a lender to do the right thing and not order an appraisal when one isn't required.
Make sure you ask your lender if they ran the Appraisal Waiver option, as this may cut as much as 3 weeks off your time to close. That saves you potentially thousands of dollars in lower rate lock costs (and helps to eliminate lenders that unscrupulously try to blow your rate lock). Call ADRMortgage.com for more information and advice on how to stay safe in shark-infested waters. 919 771 3379. Disclosure information found at www.adrmortgage.com. Andy May
We are substantially less expensive than the banks and credit unions. Call us for a 1 minute discussion about how low your rate can go. We pride ourselves on ZERO BBB Complaints and taking care of clients like family. Thank you for making ADRMortgage.com's 2020 year our second best year in 15+ years.
ADRMortgage.com is focused on speed and super-low rates. We also have had 15+ years of ZERO BBB Complaints and December 2020 has proven to be our best month ever - with close to $8M in loans. Not bad for a small home-town mortgage company. Why do people choose ADRMortgage.com over the big banks? Read our reviews on google. Basically, it's simple. Better customer service from a staff of trained, licensed and well educated/informed professionals - at a lower rate. It's that simple. Honesty, integrity and transparency are the way we've always run our company. We look forward to serving you. www.adrmortgage.com. 919 771 3379. Andy May MLO 103418. NMLS 88010. nmlsconsumeraccess.org
1. Broker is a fiduciary (means they have to look out for your best interests);
2. Broker is a licensed loans officer and not someone with simply an NMLS ID. This is important, as banks are only required to have someone be 18 years old (they can even live outside the country).
3. Broker shops myriad (we shop about 8 companies) lenders, some are only good at VA loans, or FHA, or Fannie, or Jumbo. We shop companies and try to find the best deal we can - for you. Bank - usually offers one set of products. Credit unions usually out-source the 30 year fixed to brokers (think higher rates).
4. Brokers can tell you which lenders are "full" and are extremely slow. Some of the bigger banks can take up to 180 days to close your loan. That means you'll lose that rate-lock and you'll get a new rate. Brokers are a lot more transparent.
5. At ADRMortgage.com we still have ZERO BBB complaints ever to date through the writing of this BLOG. We had one competitor get angry about this great reputation and they had someone call us (they didn't leave a name, number or email). They said they couldn't reach us, and that's our only complaint on the internet in the last 15+ years (someone, we don't know who - couldn't reach us, one time). So, with a locally owned mortgage company we take serving you as family seriously. Publicly traded banks with tens of thousands of employees usually can't match that.
ADRMortgage.com is your best option for cashout refinancing. We have ZERO BBB complaints ever to date. We recently (April 2020) closed a client at a rate of 3% (APR 3.2%). We treat you with respect and operate in Virginia and North Carolina. If you are looking for an honest, hard-working mortgage company that doesn't take advantage of the rate situation please give us a call.
Andy May Group, LLC919.771.3379 | firstname.lastname@example.org
8522 Six Forks Road, Suite 201, Raleigh, NC 27615
Equal Housing Opportunity
Company NMLS: 88010 | Individual NMLS: MLO 103418
Zero BBB Complaints ever-to-date (15+ years).
Loans subject to approval. www.adrmortgage.com
When I hear about these One-Stop shopping services it makes me cringe. Homeowners Insurance, title insurance, real estate sales, mortgage, life insurance, credit cards. Why not just get it all with one phone call. Simple answer. It costs about double when you get this wonderful "convenience" and it takes the same amount of time. It's just like when you sell your home to one of these companies (and there are dozens of them now) that promise to purchase your home for a fixed price. Then you find out why they do it. They make a ton from your thought that you are saving time. Simply lower your asking price on your property by $100k and you'll sell fast. When it's too good to be true, it is. Call ADRMortgage.com at 919 771 3379 for quick and easy answers to your questions.
Just locked someone at a combined first and second rate of 4.03%....into a jumbo size combined mortgage. Both loans are fixed. APR is under 4.75%. The first is $510,400 and the second is $48,000. Working with ADRMortgage.com professional loan officers makes a real difference. We believe we saved this customer about $4,000 per year. Plus with credit repair we saved another $8k. Customers love ADRMortgage.com. Call us anytime 919 771 3379. 15+ years of ZERO BBB complaints.
Last month was a good month for clients. Rates were as low as 3.25% (APR of 3.42%) on a cashout refinance and 3.5% (APR of 4.25%) on an FHA purchase. 30 year fixed of course, with rates this low the Adjustable Rate Market is actually higher. Contact ADRMortgage loan officers for a hassle free quote. Thank you for your business as we enter our 16th calendar year of no BBB complaints. February 2020 marks our 16th fiscal year of no BBB complaints ever.
Many investors guarantee free float-downs on rates. While these guarantees exist, they rarely are implemented (it's shady). We recently locked and closed two consumers at 3.625% (rates vary depending on borrower profile). Both were closed within the 45 day window of rate locking. At ADRMortgage.com we also have a RapidRefi program that helps lock in the rate you want. If you are at 4.25% and want to lock at 3.5% - we can show you how. Call us to better understand what's real and what's fiction in the mortgage industry.
Also, SOFR is replacing LIBOR - SOFR is a synthetic treasury index that is harder for banks to manipulate. That's why LIBOR is no longer going to be used for mortgage ARMs (adjustables). The short term over-night market blew up this week, and the Feds pumped $90 billion to prop up this market (which is to say, investors hate uncertainty - and rates go up when there's uncertainty).
Longer term rates have risen by about 1/8th of a point over the last 30 days. I expect them to come back down another .25%. That equates to about 3.5% on a 30 year fixed with 25% down payment and excellent credit. All borrowers are priced according to their individual financial profile so these rates may become available in the fourth quarter. If you are waiting for these rates I suggest you have your application in (no charges from ADRMortgage unless we close you: You will have to pay for third party services such as an appraisal, if necessary). To give you perspective on rates - the 30 year fixed hit 3.25% as the lowest locked mortgage rate ADRMortgage ever did. Consumers sitting on the fence may be disappointed if rates track north next year.