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Refinances: The Borrower Benefit Letter

Most of the heartache of the housing meltdown could have been avoided if loan officers had given every client a simple written letter that stated what the benefit and cost of their refinance was!  That is why we designed an easy to understand form for every refinance client who calls us—The Heartland Mortgage Borrower Benefit Letter.

Most of the time when you call about a refinance, you are probably only asked about three questions:  how much do you want to borrower, what is your house worth, and what is your credit score? 

The problem is, there at least 10 more questions that could affect the rate quote you get.  Why?  Pricing the cost of a mortgage loan has become more complex than at any time in the last 20 years.  Not knowing that you live in a condominium instead of a single family home could cost you $1500 on a $150,000 loan.  Are your FICO scores under 720?  On that same loan, another $750 in cost would need to be charged or you would be given a higher interest rate.  Are you borrowing more than 70% of the value of your house?  Add another $375 to the cost.

The Heartland Mortgage Borrower Benefit Letter asks all those questions, and many more, at the very beginning—before you spend $400 or more on an appraisal, or find out that one of those questions wasn’t asked before closing, and that you have to spend another $375 to $2500 to get the loan done! 

You will still get all of the federally mandated forms—the Good Faith Estimate and the Truth In Lending form, along with the 80 page manuals that come along with them.  We think it should be easier to understand the benefit and cost upfront. 

Plus then you can hold us accountable for delivering that benefit at closing. 

If we can't give you a Heartland Mortgage Borrower Benefit Letter outlining the costs and benefits at the beginning of the loan application process, we won't waste your time or money going any further. 

It's that simple. 

Our business depends on  your referrals, and we don't expect to get referrals from clients who took out mortgages that resulted in financial heartache.   

Call us today to get your “Borrower Benefit Letter” if you are considering a refinance.

Apply online to be pre-approved.

Find out if now is the right time for you to refinance your current mortgage.