Cary and all cities in North Carolina
As a consumer you want to get the "best deal" for yourself which is why so many people search online with the search term: no point no fee loans. Since we all know that businesses don't stay in business by providing their services or products for free one has to wonder, what's the catch?
Is it that a bank that lends their own money stands to gain by collecting your monthly mortgage payment so they can offer no fees on your loan? Maybe in rare cases otherwise I would say NO.
Why not?
Most banks will sell your mortgage in the form of a "security" on the bond market. These are called mortgage backed securities or "MBS". The lender gets paid by "servicing" your mortgage loan, meaning collecting the monthly payment for the actual owner of your loan. They then get a small cut. This small fee will not be enough to pay all of the people involved in the transaction such as the appraiser, title insurance company, attorney, escrow officer, notary etc.
How do banks and brokers make profit on No Point no fee mortgage loans?
YSP aka "Yield Spread Premium" or "Rebate" is a commission paid by the bank to the loan officer. When a lender provides a daily rate sheet there will be a list of different rates for 1 loan program ranging from low to high. The higher the interest rate the more "YSP" the lender will pay the loan officer. You will find a rate on the rate sheet that is at "PAR" meaning that if you select this rate the loan officer receives no compensation from the lender and will pass all of the loan costs to you. Some rates are lower than the "PAR" rate and if you as a consumer want a lower than PAR rate you will in addition to loan fees also pay a "discount" point or fee directly to the lender.
Why would a lender allow a loan officer to raise the rate to make more money?
In some circumstances the person borrowing the money may decide to stay in their home short term or may decide to pay the home off in a relatively short time. In this case it is cheaper to accept a higher rate with a higher monthly payment than it is to pay the loan fees.
Who's better - Banks vs. Mortgage Brokers
When a bank makes YSP from raising your interest rate they do not have to disclose it to you anywhere. As a matter of fact they don't call it YSP they call it Service release premium or SRP.
When a broker makes YSP from raising your interest rate they MUST disclose it to you on the good faith estimate, estimated settlement statement and on the final paperwork you get at loan closing called a HUD1 final settlement statement. Banks do not disclose how much they are making. Brokers do. You decide!
Agent Spotlight
If you are looking to buy a home in the Cary area be sure to speak to Craig Rutman. He has helped many people and families relocating to our area find a home. He has also helped people moving up into nicer larger homes. Representing home builders int he Cary/Apex area because he is one of the best. He's so good I hired him to handle my parents home purchase! Find out why so many rely on Craig expertise, area knowledge, resources and great service.
All the viewing of homes in the world or marketing a home for sale doesn't do any good if I don't know what the local market is doing. I am continuously previewing new listings in the neighborhoods, keeping abreast of changes in current listings, and knowing when homes have sold, for how much and how long they've been on the market. I review the monthly stats of what the Real Estate market is doing in several counties in the Triangle, as compared to nationwide trends. I will share my research and knowledge with you so that you can get the most home at the best price, or sell your home for the highest price possible.
Have a question? E-mail me by clicking here or call us 888-206-5781. My extension is 1017
Complimentary MLS listings!
Cary Apex Raleigh Wake Forest Charlotte
Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.
Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.
Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!
Send us an e-mail with the city and state. nevin@nevinloans.com
You may also call us at (888) 206-5781 My extension is 1017
"First Priority Financial, Inc. is licensed by the CA DRE, license #00654852."
This blog is intended to help asked the most frequently asked questions by prosective first time home buyers regarding 100% financing USDA rural development home loans.
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Do I have to have a down payment? NO! 
USDA home loans:
If you and the property you are purchasing is eligible for USDA financing then no, you do not need a down payment. Typically USDA is in rural areas but not always so it is always good to check and make sure.
Do I qualify? Does this home qualify?
USDA loans require a 2% fee which can be included in the loan.
Assuming you buy a home for 100,000 USDA will require a 2% fee. In this case $2,000 making your total loan amount $102,000.
USDA loans do not require PMI. 
Most loans require that you pay mortgage insurance (PMI) when you have less than a 20% down payment to protect the lender in case of loan default. USDA loans do not require PMI.
You may borrow up to 102% of the property's appraised value.
This is to ensure that the 2% fee charged by USDA can be included, however should the property appraise for more than the purchase price a portion if not most of your closing costs can also be included in the loan amount.
Assuming you buy a home for $100,000 and the appraised value is $105,000. Your total loan amount can be 102% of 105,000 which is $107,100. After paying the USDA fee of 2% this leaves up to $5,100 that can be used to cover your closing costs. If this occurs it is possible to buy the home with only a few hundred dollars out of your pocket.
You may not borrow more than the necessary costs of obtaining the home. Cash out is not allowed.
USDA does not loan in Flood Zones.
USDA requires that the home be modest in size, design and cost.
USDA loans can be difficult to process if the home has an in ground swimming pool. Furthermore the appraiser may not use the pool to derive the home's value.
If you have any other questions about USDA financing click here
Have a question? E-mail me by clicking here or call us 888-206-5781. My extension is 1017
Complimentary MLS listings!
Cary Apex Raleigh Wake Forest Charlotte
Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.
Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.
Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!
Send us an e-mail with the city and state. nevin@nevinloans.com
You may also call us at (888) 206-5781 My extension is 1017
"First Priority Financial, Inc. is licensed by the CA DRE, license #00654852." Nevin's NC license I-139451
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A moment of silence for those who perished
To donate to the Twin Towers Orphans Fund click on the 9/11/01 image above
Should you make an offer to purchase with a home loan pre qualification or a pre approval?
Want to know what your estimated monthly payment would be?
Do you want to know more about FHA first time home buyer loans?
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Have a question? E-mail me by clicking here or call us 888-206-5781. My extension is 1017
Complimentary MLS listings! Cary Apex Raleigh Wake Forest Charlotte Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.
Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more. Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!
Send us an e-mail with the city and state. nevin@nevinloans.com You may also call us at (888) 206-5781 My extension is 1017 "First Priority Financial, Inc. is licensed by the CA DRE, license #00654852."
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San Diego at Night: Photo by Steve Marcotte at Photobucket
You should speak to an FHA approved mortgage broker for home loans in Carlsbad CA before planning your move to the San Diego area. More often than not people will call a real estate agent who will direct them to a mortgage broker in Carlsbad CA anyway so save yourself a step in the process! If you do you'll be on your way to walking barefoot in the sand as you watch the amazing sunsets that can only be found in San Diego.
It's possible to look for home financing anywhere in the country but think of the advantages of using someone who knows Carlsbad and Northern San Diego: We understand the state laws when it comes to financing. State laws vary and the so called national lenders may not be keen to current laws or the FHA limits which are county specific. They will certainly meet federal laws but get themselves into trouble on the local level and may inconvenience you during the process.
To be a successful FHA mortgage broker for Carlsbad CA, a city touting a highly educated workforce, we must adhere to a higher standard than is required by other cities and states which is why we have earned and proudly display the coveted membership with the National Association of Mortgage Brokers.
Instead of fishing around the web to see if you can afford the monthly payment:
Catching some waves at Swami's in Encinitas
We align ourselves with only the most honest, hard working & reputable real estate agents in Carlsbad CA and the real estate industry. Maintaining our reputation for excellence, service and integrity is a reflection of ourselves, our company and is the driving force of commerce in this highly desirable area.
Area Favorite: Roberto's Mexican Food
Warning: If you choose to eat Robertos no other Mexican food will ever satisfy you.
(It actually tastes better than it looks!)
If you think that the beach, waves, great Mexican food, palm trees and great weather are the only things in San Diego, THINK AGAIN! Check out this short video clip of a San Diego resident with no arms playing guitar:
Okay back to business: As a member of good standing with the Better Business Bureau we help keep commerce strong and reputable.
Feel free to ask us for a list of agents we regularly do business with in Carlsbad CA and San Diego County who have proven time and time again to represent their clients with their best interests as their first priority. We or they can also provide information about amenities near the area in which you are considering to move.
Pacific Beach
Homes of San Diego County
Complimentary MLS listings!
Carlsbad Escondido Oceanside Vista Fallbrook Del Mar Cardiff La Jolla
Complimentary MLS presented by Kim Carlson with Prudential Realty Carlsbad.
I continue to work with Kim on real estate transactions and can tell you from personal experience that you can't find a better agent. You'll see why she has earned the rank of top 1% agents in the nation as well as North County San Diego when you meet her! Besides all of her accolades she is just a really nice, friendly grounded person and so easy to get along with.
Find out more about Kim by clicking on her picture!
Kim Carlson's marketing strategies, expertise, knowledge, and dedication to her clients, have afforded her the ranking in the top 1% of Realtors in the Nation and a proven leader in San Diego County. Kim has engaged in the Real Estate Profession continuously since 1987. She possesses the skills to help you succeed with your next Real Estate transaction.
Kim resides in North County with her husband and children. Being a local resident, Kim has a keen sense of expertise and broad base of knowledge regarding the school districts, neighborhoods, and surrounding communities. Her local residency coupled with her savvy business aptitude is a tremendous benefit for her clients.
CARLSBAD'S FAMOUS SCHOOL
While you are in Carlsbad I hope you get a chance to visit my alma mater Army & Navy Academy located in the North end of Carlsbad next to Carlsbad Village. Next year the Academy will be celebrating 100 years!
Beautiful downtown San Diego
First Priority Financial is the largest mortgage broker in the US. Our corporate office is located in Fairfield CA with offices in San Diego and over 300 branch offices nationwide. We specialize not only in FHA but all government loans, conventional and jumbo. Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.
Click to find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loan information.
Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.
Send us an e-mail with the city and state nevin@nevinloans.com
You may also call us (888) 206-5781 My extension is 1017
First Priority Financial is licensed by the CA DRE Lic. #00654852 Nevin's CA DRE Lic# 01366552
You should speak to an FHA approved mortgage broker in Cary NC before planning your move to our area. More often than not people will call a real estate agent who will direct them to a mortgage broker in Cary NC anyway so save yourself a step in the process! It is possible to look for home financing anywhere in the country but think of the advantages of using someone who is local to Cary: We understand the state laws when it comes to financing. State laws vary and the so called national lenders may not be keen to current laws. They will certainly meet federal laws but get themselves into trouble on the local level.
To be a successful mortgage broker in Cary NC, a city touting one of the most highly educated workforces in the country, we must adhere to a higher standard than is required by other cities and states which is why we have earned and proudly display the coveted membership with North Carolina Association of Mortgage Professionals and the National Association of Mortgage Brokers.
In case you don't know, word travels fast in Cary which is why we align ourselves with only the most honest, hard working & reputable real estate agents in the industry. Maintaining our reputation for excellence, service and integrity is a reflection of ourselves, our company and is the driving force of commerce in this highly acclaimed town.
As a member of good standing with the Cary Chamber of Commerce we help keep Cary NC commerce strong and reputable.
Feel free to ask us for a list of agents we regularly do business with who have proven time and time again to represent their clients with their best interests as their first priority. Living in Cary we can also provide information about amenities near the area in which you are considering to move.
Using a mortgage broker in Cary NC will also help drive the local economy in which you plan to live. The money derived from business will help provide additional services for the Cary NC area. In this current economic climate using a local professional is more critical than ever! We hope you consider our company when deciding on a mortgage broker in Cary NC and we welcome you to our beautiful town!
Complimentary MLS listings!
Click on area of interest
Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.
You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans by clicking http://www.raleighhomeloans.org/>here
Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.
Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!
Send us an e-mail with the city and state nevin@nevinloans.com
You may also call us (888) 206-5781 My extension is 1017
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I am a people person and believe in providing my undivided attention to you and your needs. After all that really is my first responsibility! Licensed in CA,NC,OR and WA to originate mortgage loans.
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A constriction in mortgage product offerings and the ongoing effects of the credit crunch have radically changed our business. 