#No #closing #cost #refinance
No closing cost refinance
Frequently Asked Questions About “How We Pay Closing Costs”
Where does the money come from to pay my Closing Costs?
Unlike most mortgage companies, RP Funding doesn’t pay BIG COMMISSIONS. Industry BIG COMMISSIONS range from $5,000 – $7,000 per loan! Just google “How much money does a mortgage broker make per loan?” or “How much can a loan officer make per loan?” to see hundreds of examples of this high cost to consumers. At RP Funding our loan officers make less per loan (never more than $750 on a single transaction), but because of our technology, brand, advertising and volume our loan officers close more transactions per month so they can make a good (stable) living without the BIG COMMISSIONS that ultimately cost consumers thousands.
The same technology that allows our loan officers to be more efficient works across the rest of RP Funding as well. We have built a well-oiled machine that consistently CRUSHES the industry averages for productivity per employee. This increased efficiency creates even more cost savings that we pass on to our customers.
Even with all of those efficiencies, it still wasn’t easy to pay our clients’ Closing Costs – You can read the rest of the story and the other factors that make this great deal possible here.
Do you increase your rates when you pay the Closing Costs?
Never! All RP Funding customers’ rates are calculated the exact same way, our pricing algorithm does not consider the Closing Costs. The customers who are not eligible for a No Closing Cost loan receive the same rate as the customers whose Closing Costs we pay.
We leverage our efficiencies, lower commissions, volume, scale and brand to pay your Closing Costs.
If you don’t raise your rates to pay my Closing Costs, why would RP Funding quote a higher rate than what I see advertised by a competitor?
Sometimes this happens, but it’s not because we’re paying the Closing Costs. The best rates are only available to the most qualified customers – this is standard across the industry. For the most qualified customers our rates are just as good or even better than most competitors (plus we pay your Closing Costs!). We back this up with our $1,000 guarantee. We’ve provided quotes to 70,000 people, we’ve funded 30,000 loans and there have only been 132 customers who closed on a deal we could not match and received the $1,000 guarantee. We’re proud of our 99% best rate guarantee.
Here are the factors that could impact the actual interest rate you are quoted:
Credit Score Below 740
Below Average Loan Amount ($245,400 in 2017)
Credit History (Late Payments, Foreclosure, Bankruptcy, Collections, etc.)
Other Risk Factors: High Loan To Value, Cash Out Refinance, High Debt To Income Ratio, No Reserves, High Risk Property
Date and Time the Rate Is Quoted (Mortgage Interest rates change in real-time just like the stock market and bond market)
As you can see there are many factors that go into determining mortgage rates, and unfortunately some lenders will quote a low rate before checking a client’s complete qualifications only to raise the rate later once all facts are known.
To protect our clients at RP Funding we have our $1,000 Price Match Guarantee, which means that if you find a lender with a more favorable pricing model, we will beat their offer or pay you $1,000.
RP Funding Inc., Florida Licensed Mortgage Lender
1400 International Parkway South, Suite 1000, Lake Mary, Fl 32746
Listed.com Inc., Florida Licensed Real Estate Brokerage
1400 International Parkway South, Suite 1020, Lake Mary, Fl 32746
Jennifer Draper, Broker
It’s that Simple.
We Pay. You Save. It’s that Simple.
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Customer Satisfaction Is Our Marketing
At RP Funding, we built our business by doing what’s right for consumers first and foremost. We believe customers seeking out a lower interest rate by refinancing their home loans shouldn’t be hit with steep third-party Closing Costs. We are proud of what we’ve accomplished through programs like our “No Closing Cost Refinance,” but we’re always looking to offer more to you – the community that has given us so much.