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Purchase & Refinance ProcessPurchaseGetting Started…
Local Company versus the Internet In many instances your Real Estate Agent will recommend a local Mortgage Company to handle your purchase financing. While we respect the Real Estate community we want you to know that you can save thousands of dollars and still obtain the highest levels of service by choosing to do business with Best Rate Solutions and using our systems. We have designed our Mortgage company to save you money by systematizing and streamlining the entire loan process and by ELIMINATING THE COMMISSIONED LOAN OFFICER. Elimination of the loan officer alone can save you thousands of dollars in one of two ways. You will save money in upfront costs with the elimination of commissions or you will save money by obtaining a lower rate. You may be able to save money both ways on some loans. Our business is referral based so your satisfaction is critical to us. You can be sure that with 17 years of experience your purchase will go smoothly and will be handled with the utmost care and professionalism. Using a Real Estate Professional Purchasing a home is the usually the biggest investment a person will make in their lifetime. Using a Real Estate Professional is a smart way to make sure the process is a smooth one. Having your own agent will protect your interests and can potentially save you thousands of dollars. When you are working with a "Buyers Agent" they are working for you, not the seller. The "Listing Agent" has a responsibility to the seller and is working in the best interests of seller. A Buyer's Agent works for you and is responsible to you. It is important for you to establish a relationship with a person you are comfortable with and who understands your needs and wants. Since they have access to the Statewide Multiple Listing Service (MLS) they have the latest information on the homes for sale in your area. They can tell you all the details of the home and how long it has been on the market and can even tell you about the area's schools and other facilities. They can help you evaluate whether a home is a smart investment or how the price compares to other homes in the neighborhood. Most importantly they will help you negotiate the best deal and guide you from the purchase agreement to the closing. Of course, should you choose not to work with an agent, we'll be here to help you in every way. Refinance
Three Primary Goals: Nearly all borrowers wish to achieve one of three goals when refinancing. The first and most common goal is to refinance to simply pay off their current mortgage at a reduced rate of interest. This is the most common when rates are low. The second goal is to refinance to a shorter term loan than the normal 30 years. You can refinance for 30, 25, 20, 15 and 10 years. This is especially attractive when rates are low or when your goal is to payoff your mortgage as quickly as possible or if you have had your mortgage for years and do not want to refinance to a longer term long and lose ground. The third goal of homeowners have is to turn some of their home equity into cash to consolidate debt and lower their total monthly payments. Depending on the current value of your home and your existing mortgage balance, you may be able to receive significant cash back to pay off high interest rate loans and revolving charges, for home improvement, investments or other purposes. If you have large payments on a number of high interest rate loans or credit cards you may be able to substantially reduce your monthly payments by refinancing and consolidating your debts into one loan with one low monthly payment. This can reduce you monthly expenses and increase your cash flow for investments or other expenses and remember mortgage interest is tax deductible. Cost of Refinancing In effect, refinancing is really replacing one mortgage with another. The costs of refinancing are typically similar to the costs of your original loan. The main difference between your new refinance loan and your original loan, as far as costs go, is that there are several ways you can choose to pay the closing costs. When refinancing you can pay the costs really three ways: 1. Include the costs in the new loan amount. This may be a good choice depending upon your goals as it allows you to get a lower rate, but it does increase your loan balance thus lengthening the pay back time. 2. NO CLOSING COST LOAN. This is a very popular option! You will have to take an interest that is slightly higher than the current zero point rate so that the lender can rebate you enough money to be able to pay all of your costs. To pay your costs the lender will rebate you a percentage or your loan amount to pay the costs. For example; if the closing costs are $2500 and your loan amount is $250,000 the lender must be able to rebate you 1% of your loan amount to pay the costs. If the current interest rate at zero points is 6.50%, the interest rate to get a 1% rebate may be 7% or higher depending on the market at the time you lock your interest rate. 3. Pay the closing costs cost out of pocket. This option is less common but is viable and if you have the cash to pay your costs it allows you to get the lowest rate and keeps your loan amount the same. Whether closing costs on a refinance are tax deductible must be discussed with your accountant.Getting Started Whether purchasing or refinancing you can give us a call and we can take the application right over the phone in about 10 minutes. We do not need account numbers just basic information. We are also very pleased to offer you our convenient and secure on-line application services. Our high security system automatically designates your loan request with a highest priority distinction, plus you will also receive the bonus of our special internet pricing. Please click here to apply on-line. Whichever option you choose, you can be assured that we will begin processing your new loan request immediately. In most cases we can provide you with a conditional approval the same day we receive your application. And we will keep you informed every step of the way.
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Congratulations, our goal is to save you time and money and to make sure the transaction goes smoothly from start to finish. If needed we will help you figure out how much you can afford to buy, how much down payment and closing costs you will need as well as how much your total monthly payments will be. 
The following overview is intended to provide homeowners with information on how our staff may assist you in lowering your mortgage interest rate, reducing the term of your mortgage, or consolidating your high interest credit cards, and other high interest rate debt into one loan with one low monthly payment. 
Equal Housing Lender. 
