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Organization Affiliation
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None.
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Contract With Client
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| No Contract Required
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If you don't close for any reason, you do not pay.
You are not charged for credit reports or processing ever. If for any reason you change your mind and decide not to close, even after signing loan documents...you do not owe Harp Financial any fee.
We work on a flat fee percentage
You know our income prior to starting the loan process. No hidden profits, ever.
Harp Financial earns a maximum of 1.00% of the new first trust deed loan amount. All points shown on our retail rate sheets include our flat fee. If you pay one point, the bank gives us the one point. If you pay two points, the bank gives us one point and the bank gets one point. If you pay zero points the bank gives us a rebate. Banks pay rebates to encourage brokers to submit files to them. The amounts may vary depending on how aggressive a lender needs to be to get loans.
Since Harp Financial is not keeping the extra incentive beyond 1%, we can look for a program that actually benefits you...not us. All you pay is the actual lender fees, escrow and title company charges. The pricing changes daily and sometimes more than once during the day. The rebate may be anywhere from 1.00% to 3.50% or even more in some cases. The exact amount isn't known until you lock in. We can't predict future interest rate changes, but we can predict that all extra goes back to you or it is used to benefit you. Usually we use the rebate to buy down the rate to a lower payment.
You get excess rebate
All amounts in excess of the 1.00% fees earned on first mortgages are refunded to the borrower. You get a credit for the overage beyond one percent in escrow or we cut a check to you after closing. On larger loans our fee may be even less than one percent. Why do we give some of the excess profit back to you? Simple...our business is by referral and if you are treated right you will refer business to us and we make more just by giving you the great service and pricing that you deserve.
Your home is appraised by independent appraisers.
Average range is $350 to $500 depending on the typical area pricing. Custom homes, upper end homes or unique properties range from $500 to $900. Rental units average $450 to $700. We quote $350 on our Good Faith Estimate for appraisals, unless your home is unique. You can recommend your own California licensed appraiser. Some properties are eligible for $50 appraisal waiver. You pay the actual invoiced price. There is no markup. Paid only at closing.
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Technology Employed
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| Nothing fancy
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Manual Labor is our key technology
We started originating loans before computers or even financial calculators were in use. Mortgage Payment Factor tables were printed in books, typewriters were used to type up the loan applications, and driving all over town to pick up documents was the standard practice. I'm not old, it's just that I started right out of college. Over the years we've added several computers and fax machines and high speed copiers, and overpriced high speed color laser printers. We always have the latest edition of loan processing software. Now everyone emails rates, and appraisals. We order credit reports from secured 128 bit encrypted web sites.
So yes, the fancy technology all helps a little bit, but the secret to mortgage loan origination is being honest with the client and working a little bit harder. (usually quite a bit harder)
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Locking Procedures
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| Rate Locks
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Our lock-in procedures are very similiar to all the Upfront Mortgage Brokers. You can usually lock the rate on any day throughout the entire processing period. A shorter lock-in period usually offers a lower fee or possibly a slightly lower interest rate. The longer the lock guarantee, the higher the rate and/or points. All upfront members offer the following options with the various rate lock periods, 12, 15, 21, day (for approved loans) and 30, 45, 60, day or even longer locks available (for loans in process) We aren't fans of extreme lock-in periods (75, 90, 120, 180 day locks) because of the requirements for cash deposits upfront that are paid to the lender to hold the locks and the possible fluxuations in daily rates.
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Third Party Fees
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Standard.
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Broker Fees
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Service Provided
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Service Fee Charged
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Application Fee
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0
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Appraisal: No upfront deposit
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Actual cost. No markup.
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Cancellation Fee
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0
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Credit Report
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0
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Credit Supplements
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0
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FedEx Deliveries
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0
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Hidden Profit
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0
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Loan Processing
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0
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Points
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You Choose
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Rebates in excess of 1%
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Refunded to borrower
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Upfront Deposit
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0
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Bio
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We Are Experienced
We started in the California real estate industry in 1984. We have thousands of satisfied clients and have processed hundreds of millions of dollars top quality closed loans. You get to work with someone who will be blunt, honest and upfront. You can be confident that the loan you are requesting is the loan you get. No games.
No money required to start the process.
Harp Financial fronts the money to the appraiser on your behalf. We absorb your credit report and other fees required to process your loan and subtract these type of expenses from our one percent profit. We don't charge any junk fees. You pay for the appraisal only through escrow the day it closes.
If your loan doesn't close...you don't pay for anything.
You get all incentives, rebates, and extra fees for any amount above our flat one percent. The bank pays us our fee. The points you see on each rate sheet are the total that you will pay or get back as a rebate. Bottom line you get a great price and a guarantee that if you don't close you are not charged.
Penny wise, pound foolish
Cheaper isn't always better. If you found yourself needing surgery would you get the cheapest doctor you could find, or would you hire the best one you could afford? The same principle should apply when it comes to your home mortgage. You certainly don't want to pay more than is reasonable, but neither should you accept an inferior loan program solely for the sake of price.
A recent quote by Alan Greenspan, sums up our business philosophy:
"Material success is possible in this world, and far more satisfying, when it comes without exploiting others," Greenspan said. "The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake."
"...remember that, even in a business world tainted by corporate scandal, the nice guy doesn't always finish last." By: Alan Greenspan, Speaking at graduation ceremonies at the University of Pennsylvania's Wharton School - May 2005.
The California Mortgage Brokers listed on this site are all excellent. You will be treated like family with any of them and our company is proud to be a member of the Upfront Mortgage Brokers Organization.
Call Harp Financial if you would like the chance to discuss your financial situation with no strings attached or sales pressure.
If you have real estate financing needs anywhere in California, feel free to contact us at:
818-878-9538
9:00AM to 9:00PM PST Daily.
California Properties Only
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