Most consumers don’t and many uneducated and/or unethical lenders use these terms synonymously to purposely confuse consumers. Dodd Frank, who made many changes to financial institutions and mortgage lending regulations, added to the list of terms. Origination charge which actually combines some fees together to make it more confusing.

One helpful tool is to ask for an itemized list of charges when a lender presents you with a good faith estimate and truth in lending statement- a “Fees Worksheet.” You may recognize it as the old good faith estimate that actually listed all of the charges associated with closing your loan.

Dodd Frank abolished this worksheet in favor of the new good faith estimate slanted toward ensuring that you know how much commission the lender is making on your mortgage.

Yet, Dodd Frank did not include language requiring banks and lending institutions to disclose their commissions on the new good faith estimates. Consumers that use a large banking institution run the risk of receiving false information and flawed pre-approval confirmations along with paying thousands more in commissions that are not disclosed.

To receive reliable and trustworthy information from an independent mortgage consultant and lender, contact The David Damaré Team, 919-851-0999.

ADR Mortgage and The David M. Damaré Team remain independently owned and operated, never accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.
David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

Many mortgage lenders don’t realize the impact of new rules and regulations designed to protect the consumer and make it easier to understand the terms, conditions and charges associated with obtaining a mortgage.

In many cases new legislation has had the opposite effect. Large banking institutions do not provide qualified loan originators, and consequences lead to consumers losing upfront fees for false pre-qualification.

Do you know the right questions to ask? Consult The David Damaré Team, 919-851-0999.

ADR Mortgage and The David M. Damaré Team remain independently owned and operated, never accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients as a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.
David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damaré.  All rights reserved.

If you are simply servicing debt on your home mortgage and don’t plan to pay your mortgage off, then you may need to analyze how much of your payment is going toward principle and how much is going toward tax deductible interest.

In some areas of the country, homes have lost as much as 50% of their value over the past 4 years and many people have had to rethink and readjust their expectations and reasons for owning a home.

As a mortgage specialist, my opinion that over the next 20 or so years a shift will occur back to owning a home because it’s a place to call home and not as an investment vehicle, should be taken into consideration.

The financial impact of home maintenance and upkeep with no financial return may no longer be worth it for those who travel through their jobs or pleasure, or have other interests and prefer a low maintenance “lock it up and leave it” residence.

While many people shutter at the thought of preparing taxes, this is a great time of year to analyze your needs, establish good credit and begin working with a licensed mortgage professional. Don’t be sucked into the retail “big box” bank that offers “registered” loan officers who are not licensed and without verifiable mortgage or financial expertise.

Instead, consult The David Damaré Team, 919-851-0999 for an accurate home mortgage qualification.

ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.
David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

If there are problems after signing a contract, it could take 30-60 days to correct, which could delay closing or even cancel a contract. Such a situation can not only be damaging to the buyer financially, but it can also rob them of a positive home-buying experience. However, this situation can be avoided:

Steps you can take to ensure your home-buying experience is a positive one.
Before you sign a contract for a new home, here are some steps you can take to confirm your closing goes smoothly.

• Review and understand your credit and all three credit scores with a mortgage professional. Mistakes that hurt your credit scores can be corrected with enough time, and if you need to raise your score, there are easy steps you can take.

• Let The David Damaré Team walk you through the mortgage lending process, ensuring you that you have been pre-approved for a specific home loan.

• Allow enough time before your closing for all necessary home inspections and home repairs.

• Perform a final walk through of home and request an accurate estimate (within 10%) of closing costs from your mortgage lender a minimum of 7-10 days prior to closing.

The David Damaré Team can provide a preapproval for homebuyers, versus a prequalification from a larger lending institution. Preapprovals cost a lender money to provide but ensure that all due diligence is complete with regards to your mortgage.  A prequalification is a no cost personal opinion with little to no supporting information or assurance of the worth of the loan or how much the loan will cost you at closing.

These simple steps will give you the confidence to know that when you walk in for the closing on your new home, you won’t be taken by surprise!

Before you sign that contract with a deposit or move forward with items such as a home inspection or appraisal, consult The David Damaré Team, 919-851-0999 for a current and accurate credit assessment and home loan preapproval.

ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, neither accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

Yet, before you step into your new position, self-employment may affect refinancing a home or securing a loan. Before you step into your newly created position, here’s what you need to know:

• You must have two years of tax returns (24 months of self-employment history) in order to submit a loan application as a self-employed borrower.

• The lender first looks at adjusted gross income (AGI) on your personal tax return.

• If your median credit score is 740 or greater, then a conservative gross monthly debt to income (DTI) ratio to qualify for a mortgage is 35%. This means your total monthly expenditures for must not exceed 35% of your gross monthly income. Taxes and insurance on your home will be included.

• If business tax returns are required, income, assets and liabilities have no direct effect on the successful completion of a home mortgage.

If you are going into business for yourself, then purchase or refinance your home before you give up your W-2 income-producing job, or attempt to maintain your W-2 income producing job while establishing your 24 month self-employment history. As you are beginning to build your business, reduce as much debt as possible and maintain a high credit rating.

Do you need a plan to move to secure a mortgage as a self-employed borrower?

ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

Different banks call these upfront fees by various names and some banks may even require multiple fees, be it a “commitment fee,” “application fee,” or “rate lock fee,” before an application is even reviewed. In the end, they all equate to the same thing; up to $1,000 in free money for the bank’s coffers.

So how do banks get away with this? When consumers respond to one of a bank’s blanket marketing campaigns for a low interest refinance offer, they often have initial contact with a customer service representative who is not a licensed mortgage professional, and not subject to the lending rules that prohibit the collection of such fees. The customer service representative collects your application, your supporting documents, and your appraisal and other upfront fees.

Only weeks later, your complete loan package is sent to an underwriter, where for the first time someone with knowledge of mortgage lending reviews the file to see if you qualify.

At least once a week, I receive a call from someone who has been deceived by their bank.

With access to multiple lenders, I have the opportunity to provide you with the best finance options. As a federally and state licensed loan originator working for a local brokerage, I receive the application, pull credit and qualify the borrower, in one simple phone conversation at no cost to the borrower, immediately saving you $1000 upfront.

With 8 years’ experience during the most comprehensive and continually changing lending environment, successful completion of both federal and state loan originator testing, and ongoing continuing education each year, I am confident in advising borrowers on rules and regulations and whether or not a particular transaction is possible.

ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

This is exactly what got us in the predicament we were in in the recent past.  Looks like a $1.5 trillion bailout after a brush with total economic insolvency  was not lesson enough.  Now with your tax dollars backing large and small banks they are right back to their old program. While recently perusing LinkedIn I came upon a loan officer whose employment history included an illustrious career as a cellphone salesman after which he was hired by Countrywide Home Loans (now owned by Bank of America) in 2005 as a loan officer.  

Next time you call for a mortgage quote or speak with a banker about a loan modification ask them is they are a licensed loan originator in the state in which you are residing.  Or, better yet ask them if they have successfully passed any test regarding the latest federal or state RESPA requirements for residential mortgage lending.

Then call a federal and state licensed loan originator with a federal background check, electronic fingerprints on file with the FBI, 20 hours of annual continuing education, and completion of the new national loan originator’s mortgage lending exam.  

 ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

 “Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

 http://www.thinkbigworksmall.com/mypage/player/tbws/22724/1080909

 ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

 “Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Requirements for NC loan officers:

1. Federal background check with fingerprints,

2. License

3. 8 hours each year of Federal and state mortgage loan continuing education,

4. A federal and State mortgage loan originators exam.

When shopping for a mortgage online or with a bank be sure to ask for a copy of your mortgage represetative’s loan officer license, test results and continuing education certificate.  Chances are they have none of these because most of them are not required to have them.

 ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

 “Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

 This unequivocally harms the consumer.  Lenders, along with other vendors must recover their cost in additional overhead when they choose this long slippery slope. It comes in the form of higher rates and higher fees and cost consumers tens of thousands of dollars in additional interest over the life of their loan.  Since the crisis began there have been many changes in the mortgage lending industry instituted by state and federal authorities and legislation to eliminate fraud, coercion and collusion in banking and finance.  So how do such practices continue?  Well, busting up a real estate office or a local lender in a small to moderate size town won’t ensure a Wall Street Journal cover story or necessarily aid your gubernatorial campaign.  Also, many state and federal banking authorities turn a blind eye, claim no jurisdiction, or simply don’t have the resources to pursue many of the larger real estate firms and banks involved.  Consequently, there are no longer any large lenders but their legacy continues.  They were purchased by banks for pennies on the dollar a while back.

If you require or prefer the convenience of one stop shopping, then expect to pay a super premium for their services, but according to our phone surveys don’t expect premium customer service or a quick and uneventful closing. 

 ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

 “Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.  David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.