We have the neatest programs at PHH Mortgage! Due to our outstanding relationship with Fannie Mae, we have been given a unique product for credit challenged borrowers with our EA (Expanded Approval) program. Under normal circumstances these borrowers would need to go to "hard money" lenders and pay astronomical fees and rates that sometimes carry a pre-payment penalty. These hard money programs are usually set-up as a 2/28 or 3/27 (fixed rate years/variable rate years). Borrowers usually have to refinance after the rate starts adjusting just to make ends meet and many will eventually go into default.
With us and through our Fannie Mae relationship, we are able to approve many of these borrowers with only a small addition to the rate with no pre-payment penalty in a 30 year fixed rate program.
These EA programs have 3 levels, with the third level having the highest rate adjustment. In order to help our borrowers, we will automatically drop the rate 1% on a Level III loan if they will go at least 24 months anytime within the first 36 months without any lates or missed payments! This is just another great reason why you should partner with us!
This rewards them for their proven credit worthiness without making them refinance to get a better rate. We know that they deserve a better rate and we do this AUTOMATICALLY without them having to do a thing! What a deal and what a pleasant surprise when they see that first reduced mortgage bill! If they miss a payment after getting the improved pricing then the rate reverts back and the clock start ticking all over again in order to get into the reduced timely rewards rate again.
Also, if that wasn't enough, if any of our borrowers go only 12 months without a late payment, they can call us for a new appraisal at their cost to try to get a reduced PMI payment or to eliminate PMI all together if their initial loan had an LTV (loan to value) over 80%! This would be a great thing to do if they are in a rapidly increasing market or if they have made some additions or drastic improvements to increase the value of their home. Most lenders will not allow their borrowers to do this unless they refinance their loan! I used to work for a broker and sold for over 40 lenders and I didn't know of any that allowed this re-evaluation.
Your buyer is going to love working with us because we will get them a better rate with many timely payment rewards. All this translates to more future referrals for you!
We are a great lender and we are working hard to be your number one source!
Call me with your next deal. TOGETHER, we are going to grow our business to new heights this year!
Sam Thompson, PHH Mortgage Advisor. 'Let me help you make a client extremely happy with you!'
http://samthompson.phhmortgage.com/
Check out my other blogs at www.activerain.com/luckydog1/
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