State Heroes : Discount Mortgage Program

Once again we are seeing interest rates quoted that don’t exist.  If you hear about 30 year fixed rate loans in the 5% to 5.5% range be sure to ask about closing costs.  Especially if they say there are no points and no origination fees.  There will be fees somewhere.  Request a good faith estimate in writing.  We welcome the opportunity to send our good faith estmates when requested because our rates are great, our closing costs are low and we guarantee our costs and rates won’t change once locked.  Our guarantee is even in writing on our website at www.mortgagearchitects.com.

Mortgage Architects introduced the Heroes mortgage loan program over 4 years ago.  It is a tangible program that actually provides lower cost loans to qualified applicants.  Some of the closing costs are reduced and some are actually eliminated.  This program is truly a reduced cost loan.  Others have tried to duplicate the Heroes program but be careful because instead of eliminating costs they simply “rename” them with catchy words like design fees.  The APR and the truth-in-lending play an important role in disclosing costs. Usually the higher the closing costs, the higher the APR. The interest rate and the APR (annual percentage rate) should be similar if it is truly a reduced cost loan.  Don’t be shy. Ask for copies of the good faith and thruth in lending. If you are asking about rates on the telephone, ask about points and origination fees too.  Any application fee or broker fee?  All could be charges that are pushing up your costs.  If you have an estimate you would like us to review, call (800) 842-1844 and we’ll take a look.  The bond market had a down close today so don’t be surprised if rates are up .125% in the morning.

State Heroes is a mortgage discount program offered to the heroes in law enforcement and fire rescue.  We offer mortgage loan discounts in Florida & Tennessee.  We will be writing insightful articles about the mortgage industry and reflections on the real estate market.  Be sure to check back often.