Craig, a Texas client, was worried that he might have chosen the wrong lender to help him with his refinance. His previous lender wanted to charge him $20,000 in closing costs and required him to get an appraisal. This lender was only increasing the time and money spent on his loan. After two grueling months of being promised more savings, the loan was stagnant, and his appraisal came in lower than the expected home value. Craig was no longer saving what he envisioned with this lender. He was ready to quit on the whole process after investing so much of his time and energy.
Our loan officer at Loandrone recognized the previous lender’s errors and reached out to Craig to offer him a free application. She wanted to devise a better plan for Craig’s current situation. Thankfully, our loan officers are highly well-versed with the rules and regulations of each state. Knowing that Craig was a W-2 employee and his property was located in Texas, state-specific codes gave rise to a better deal, which his previous lender missed. The appraisal was waived as his property qualified for a Property Inspection Waiver (PIW.) With a PIW in hand, the loan officer began researching all the deals available via different lenders and loan programs. She was able to zero in on one where Craig was able to reduce his monthly payment by $300 and paid minimal closing costs.
In a matter of days, we were able to get Craig’s refinance closed with little to no closing cost and absolutely no appraisal necessary, in addition to a fantastic lower rate. Suppose it hadn’t been because our loan officers are aware of the ways states differ in their rules and regulations. In that case, Craig might’ve been stuck with his previous lender’s offer. That’s why, when it comes to something as important as your mortgage, we seek out all options available to find a deal that makes sense for you. We aim to use our knowledge and experience to deliver your financial wellness in some form or the other.