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As a Mortgage Banker
(or Correspondent Lender) Hometown America Incorporated works for you to
find the best interest rate that is available in the market for the
purchase or refinance of your home or rent house (one to four units).
Our Home Loan Specialists will evaluate your situation and find the
right program for you at the very best rate available. Unlike large
banks or retail lenders, Hometown America is unique in the marketplace
as we combine the best of “both worlds”---the financial stability and
internal controls of a mortgage banker with the flexibility of a
mortgage broker. This approach enables complete control of your loan
process from utilizing the Automated Underwriting Systems (AUS) of
Fannie Mae and Freddie Mac to obtain a quick loan “Pre-Qualification”,
selection of local appraisers, direct dealings with underwriters to get
final loan approval, controlling the ordering of closing documents with
the law firm, and funding at closing with our own funds (or from our
warehouse lines of credit). Our Loan Officers attend closings to check
over everything and to answer any questions a client might have.
Hometown America has the capability to access other lenders and programs
including Texas Banks (especially for Jumbo loans) so you don't have to
fit into a "cookie cutter" program due to limited options. Hometown
America has programs to fit everyone from seasoned homeowners, who have
owned several houses, to first-time homebuyers, to Veterans (V. A.
Loans) and for someone that just wants to lower their rate or reduce the
number of years remaining on their mortgage loan. Our Loan officers are
experienced in dealing with self-employed borrowers and in arranging
construction loan financing on new custom homes. Our Associates will
explain and provide Good Faith Estimates and Truth-In-Lending
Disclosures on all transactions. On the more complicated transactions,
our Home Loan Specialists will supply multiple Good Faith Estimates.
As examples, one
complicated scenario might be whether to do:
- A 90% loan
with Private Mortgage Insurance (PMI) and an escrow account where the
borrower pays 1/12 of their property taxes and 1/12 of their homeowner’s
insurance to the lender each month as part of the mortgage payment,
or
- An 80%
first mortgage loan with a 10% second mortgage loan and a 10% down
payment. (This “piggy-back loan” combination does not have Private
Mortgage Insurance (PMI) and allows the borrower to pay their property
taxes and homeowner’s insurance themselves rather than setting up an
escrow account with the lender.)
The “80% 10% 10%” loan may
be better suited to a person than a straight 90% first mortgage loan
which has Private Mortgage Insurance (PMI) and where it is required that
the borrower setup an escrow account and pay into it monthly.
A similar scenario would
involve the comparison of a:
- 95% loan
with a 5% down payment, compared to an
- 80% first
mortgage loan plus a 15% second mortgage loan with a 5% down
payment.
Another complicated
scenario that our loan officers can explain, by providing multiple Good
Faith Estimates to borrowers, is the trade-off between the amount of the
Origination Fee and the Interest Rate. For example:
- Option A
might be an origination fee of 1% percent and an interest rate of 5%
(This is not the current market interest rate).
- Option B
might be an origination fee of .5% percent and an interest rate of
5.125%.
- And Option
C might be an origination fee of 0% and an interest rate of 5.250%.
In this scenario, the
borrower can decide if they want to bring less cash to closing and pay
more each month on their mortgage payment or bring more cash to closing
and pay less each month on their mortgage payment. Their personal
business decision may be based on many factors such as how long they
plan to live in the house, how much cash they have on hand, and their
alternative use of the money.
It won't take long to find out that Hometown America goes
"above and
beyond" to provide excellent customer service and communication; and
that we know our business. And you
will find that Hometown America will give you the honesty, integrity,
and thoroughness often lacking in the mortgage industry.
We believe that every customer deserves the highest level of respect and
satisfaction when it comes to financing their most important investment.
We strive to provide the highest level of customer service to make your
financing experience smooth and trouble-free.
Our Pledge
We will always work to put your needs first.
We will always make our best effort to fully qualify you.
We will always respond to every inquiry quickly,
professionally and reliably.
We will always work to provide a mortgage solution that
best fits your situation.
We will support and guide you through the process,
including being at your side at the closing table.
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A variety of information is available on
this website to help you better understand the mortgage process, so
please explore to learn more, particularly review the Resources link in
the navigation bar.
We look forward to serving you! |
