Once the loan application has been completed along with the required supporting documentation and the appraisal has been scheduled the customer will have the option of whether to float or lock the rate.  All options will be reviewed with the customer with the final decision being at the sole discretion of the customer.

TBO Mortgage, LLC will properly disclose all lender, broker and third-party fees in the initial good faith estimate (GFE) provided at the time of application.  These fees can vary by lender and third-party provider.  Once the loan is locked these fees will be redisclosed to the customer with a revised GFE, if there are any changes.  Once the rate is locked any increase in the fees will be absorbed by TBO Mortgage, LLC.  This will be reviewed with the customer prior to the rate being locked with the lender.

  Broker Fees:  TBO Mortgage, LLC does not charge a broker fee.

 Origination Fee:  TBO Mortgage, LLC will negotiate an origination fee on a case by case basis.  This will be determined taking into consideration the following items:  Loan amount, credit history, documentation type, closing time frame and customer participation.  The fee will typically be less than 1%.

 Processing Fee:  This fee is typically $ 395.  This fee will be absorbed by TBO Mortgage, LLC as part of the origination fee. 

 Lender Fees:  The Lender will typically charge a fee for underwriting, tax service, document preparation and flood zone determination.   These fees vary be lender and usually fall into a range of $ 600 to $ 800.

 Appraisal Fee:  Appraisal fees can run from $ 250 to $ 400 depending on the type of appraisal required by the lender.  Investment and more complex appraisals can run higher.

 Yield Spread Premium:  This is a fee that is paid by the Lender to the Broker when an above market interest rate is charged to the customer.  This fee can be used in some circumstances to offset part of the closing costs of the customer.  It can also be used in lieu of being charged an origination fee.  Any loans that result in a payment of yield spread premium to TBO Mortgage, LLC will be fully disclosed to the customer at the time of rate lock. 

Jeff Killian has been in the mortgage lending industry for 24 years.  He has previously worked for several years as a corporate underwriter for a large east coast mortgage banking company.  He was a vice president for a large upstate NY bank and was instrumental in the development of sales of mortgage loans in the secondary markets.  He relocated to Phoenix in 1995.  He has worked in the Phoenix market as a wholesale branch manager for Countrywide in addition to being a successful loan officer for a local mortgage broker.  He is extremely well versed in all facets of the mortgage industry.  The strong underwriting background, secondary sales experience and excellent customer service skills allow him to provide you with the knowledge needed for making an educated decision regarding your financing options.