Watch out, some loan officers will completely take advantage of you to make big money.
Problem: Last week a financial advisor asked me to evaluate his client’s cash-out refi. The Veteran borrowers wanted $90,000 cash-out to pay off credit card debt and upgrade their home. They applied with a mortgage company (call me for their name so you can avoid them), which was charging $49,000 in fees so the borrower could get $90,000 in cash!! Plus, the rate was increasing from 3.99% to 6.75%, which would cost them more than $114,000 in interest over 5 years of the loan. What???? Not a good deal for the borrowers and not the best solution for their needs.
So, BUYER BEWARE, some in the mortgage lending community will charge you a lot of money so they can get rich off of you.
Solution: We stopped this couple from getting a refi and introduced them to a no-loan closing cost HELOC lender to solve their financial needs.
If you need a loan, any loan, check with your financial advisor or me to make sure you are getting a good deal. Your quality of future retirement may be stake. Call 714-310-4162, Dan the Man for Mortgages.
Recent review on Google:
“Dan Stone was instrumental in helping me find a lender that fit my needs with the best possible rate. I wouldn’t have been able to complete my divorce without this loan so a BIG THANK YOU to Dan! A+++++ service and will definitely call the next time I need another loan!” -Eric V.