Adonai Financial is a correspondent mortgage lender that sometimes transacts business as a mortgage broker.  It is important for consumers to understand our role as a mortgage broker and understand how we are compensated.

An important role of a mortgage broker is to arrange for your loan to be funded by an independent investor or lender ("lender"). Sometimes Adonai Financial will close loans in our own name, while at other times we will close loans in the name of the lender funding the loan. In any event, we are not an employee or representative of the lender.

Adonai Financial and the lender are independent parties.

The lender's role is to provide financing. Therefore, you should look to Adonai Financial for information and assistance concerning your loan and any associated fees and costs.

The cost of your loan:  Your loan transaction will involve a variety of different fees and charges. Some of these are charged by the lender, some are charged by our office, and some are charged by third parties such as closing agents, title companies, insurers, appraisers, home inspection services, etc. Your Good Faith Estimate is an estimate of these fees and charges. At or before closing, you will receive a final statement showing actual fees and charges for your transaction. The amount of any particular fee or charge can vary depending on many factors, such as the lender's or any out-of-pocket costs and internal administrative expenses, competitive factors, industry standards and practices, and third party charges. The costs of your transaction may also vary depending on the loan program you select, and any changes you decide upon during the loan process. Do not hesitate to ask your Adonai Financial representative if you have any questions about specific fees or charges.

Broker compensation: In today's lending environment, we will work together to structure your loan to best meet your goals and objectives. If you would rather pay less up front, or if you do not have much cash available, you can often finance your fees and costs through a higher interest rate. If you would rather pay a lower interest rate, you may pay higher upfront points and fees. You should review the options with your Adonai Financial representative and agree upon the terms of the loan (including the interest rate, points, and fees) and the amount to be paid. If you choose to finance some or all of the fees and costs, the we will receive part of the broker's compensation from the lender. This is in addition to, or in lieu of, up-front fees or points (sometimes called "discount points") paid directly by you. You pay indirectly for this lenderfinanced broker compensation through a higher interest rate.

The lender-financed broker compensation is commonly referred to as a "premium." Usually, the specific amount of any broker compensation financed by the lender will not be known until we lock in your loan with the lender, which will be after you have received your initial Good Faith Estimate. The final amount of any such compensation will be shown on your loan closing statement, known as a HUD-1 or HUD-1a. Upon request, you may review this statement one business day before closing.

You should discuss with your Adonai Financial representative how to structure the interest rate and the amount of fees and charges in the way that best suits your particular circumstances. Any questions you may have concerning broker compensation and other fees and costs during the loan process can be answered by our office.

American dreams can come true with the right home loan that's why many borrowers today look to someone who understands home financing and can guide borrowers through the process step by step, an expert who knows your area, the homes, and the available lenders; someone who takes pride in turning dreams into reality.

For years, your professional mortgage broker has been making home financing more convenient for borrowers, offering such valuable services and information as:

• Same-day pre-qualifications

• A professional viewpoint

• Competitive rate shopping

• Convenient application process

• Pre-underwriting

• Access to a variety of lender programs

• Professional loan processing

• Industry knowledge

• Good Faith Estimates of closing costs

• The ability to re-direct the loan if needed

• Relationships with lenders

• Alternative solutions when needed

As you can imagine there is way too much information to include here, but its easy to get more information.  To find out more about our role as a mortgage broker or how we are compensated please contact our office at 863-680-2700 or send me an email to dustin.burke@adonaifinancial.com.

"Adonai Financial, your friends in the mortgage business!"

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Copyright © 2008 Dustin R Burke | All Rights Reserved

Portions Copyright © 2008 Adonai Financial Corporation | All Rights Reserved

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Adonai Financial Corporation

http://www.adonaifinancial.com/

---The content of this blog is my opinion---