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Organization Affiliation
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Contract With Client
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The only compensation Buyer's Way Home receives on your loan is the origination fee and the processing fee. This is in writing on our web pages. We do not otherwise use a written contract, but will gladly put in writing the terms of our services.
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Technology Employed
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Online applications and secure web server delivery of documents is available. Email is the preferred method for keeping clients updated on the status of their loan. Generally, technology is used to add convenience and a high level of service for you, the client, but other methods are also available.
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Locking Procedures
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Buyer's Way Home locks loan rates upon your verbal or written request and will confirm the lock through an email or other correspondence. There is no charge for locking a rate or extending an interest rate lock (though most lenders will charge a fee - usually in points, for a rate extension).
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Third Party Fees
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All 3rd-party fees, such as appraisal, survey, credit report, title fees, are those charged by the 3rd-party service providers.
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Broker Fees
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Broker Fees: None.
Origination Fee: Standard flat fee is $1500. It can be higher or lower in certain circumstances with a range of $1150-$2150.
Processing Fee: $350. Credit reports are $12.04 for one borrower and $24.48 for a couple.
Lender Fees: Wholesale lender fees depend on the type of loan. The most typical charge is $651 ($550 administration, $5.00 flood cert, $77.00 tax service fee, and $19 wire fee). Certain sub-prime lenders charge much more, as much as $900. Also, if a particular lender requires us to use the lender's document preparation provider, that can add a $100 to $200 charge.
Appraisal Fee: Appraisals are typically $300 to $350. For some limited appraisals, they can be as low as $175 and for other types of loans, rural areas, or rush appraisals, they can be $450 or higher.
Yield Spread Premium: All yield spread premium earned on a loan is credited to the borrower(s)at closing.
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Bio
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