How Much Can You $ave?
Credit Rewards Mortgage charges a simple flat fee of $995 for the entire loan process. As in all mortgage transactions, total funds needed to close include down payment, prepaids (tax and insurance escrows) and closing costs. Closing costs vary greatly in name and dollar amounts charged, often with extra lender fees and add ons to service provider's charges. With Credit Rewards Mortgage you pay only actual invoiced service provider charges and our one flat fee, regardless of loan amount. Our only incentive is to find the best loan program and interest rate for our clients. Period.
|
Example
$250,000 Loan |
CRM
Savings* |
|
No Points/Margin/Spread |
$2,500 |
|
Lowest Interest Rate
(0.375% lower for 5 years) |
$3,540 |
|
Lender Closing Costs/Fees
(Junk Fees) |
$600 |
|
CRM Flat Fee |
-$995 |
|
Total Savings |
$5,645 |
* Loan to value of 80% and median credit score of 680+. One point, typical lender fees charged with property taxes and insurance to be escrowed monthly. Average five year loan/property period.
For more information about how we save our clients thousands of dollars for being responsible, Good Credit borrowers, see the detailed information below.
No Points, Margin, or Spread
Most mortgage lenders charge "points" as a cost for placing your loan -- each point is equivalent to 1% of the loan amount. These points may appear on the closing statement with many different names or be built into the loan through a higher interest rate. Points of margin, discount or yield spread may range as high as four percent or more usually averaging at least two percent. They may be called "discount points" with a claim of a lower interest rate, or designated a standard fee required to be charged. Credit Rewards Mortgage charges NO points on your loan.
|
Loan Amount |
2 "Points" |
CRM |
|
$200,000 |
$4,000 |
$0 |
|
$400,000 |
$8,000 |
$0 |
|
$750,000 |
$15,000 |
$0 |
|
$1,000,000 |
$20,000 |
$0 |
The Lowest Interest Rates
Many lenders set their interest rates for the average borrower and then charge a higher rate for more credit challanged borrowers. Credit Rewards Mortgage provides a streamlined process made possible by offering only programs for good credit borrowers. Credit Rewards Mortgage rewards our Good Credit clients with the actual wholesale interest rate, with no mark-up or profit added. The result is an interest rate lower by an average of .375 percent.
|
Loan Amount |
Retail Rate* |
CRM Rate* |
CRM Monthly Savings |
|
|
$200,000 |
5.750% |
5.375% |
$47 |
$2,820 |
|
$400,000 |
5.750% |
5.375% |
$96 |
$5,760 |
|
$750,000 |
6.750% |
6.375% |
$184 |
$11,040 |
|
$1,000,000 |
6.750% |
6.375% |
$246 |
$14,760 |
* Rates are estimated from market surveys and are for illustration purposes only. For today's rate, please Contact Us.
No Mark-Up on Fees and Closing Costs
Have other lenders quoted you for application fees, processing fees, or document preparation fees? Have they disclosed their actual costs for appraisals, inspections, and other expenses? Lender closing fees and marking up other costs are where many lenders make extra profit. Credit Rewards Mortgage charges only the actual expenses as invoiced from service providers.
|
Average Lender
Closing Fees and
Mark-Up |
CRM Closing
Fees and
Mark-Up |
|
$400 - $800 |
$0 |
|