Why do you charge a Lender Fee?
We charge one all-inclusive guaranteed Lender Fee, which includes processing, underwriting, doc prep and funding.
Our pricing model is different from other lenders in that our profit is primarily built into this flat fee. We can then pass on the pricing we receive in the secondary market directly to our borrowers. Most lenders add points to the pricing they receive in the secondary market and offer the “marked up” pricing to the borrower.
In comparing lenders, we suggest you compare total lender points and fees for the same interest rate. If you compare our total points and fees to the total points and fees charged by another lender for the same rate, we are confident our total costs will be much lower for any given interest rate.
Related FAQs
- What is an ARM?
- Should I consider a loan with private mortgage insurance (PMI)?
- What is the minimum down payment required on a purchase mortgage?
- What is the maximum percentage of my home’s value that I can borrow on a refinance loan?
- What is the maximum debt-to-income ratio allowed?
- Is paying off an existing second mortgage or home equity line considered cash out?
- Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
- Can Empire of America finance the purchase of a property through a short sale?
- Am I able to refinance a property that was recently listed for sale?
- What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
- Can I apply before I find a property and get pre-approved?
- What is a subordination agreement?
- What is a three-day right to cancel?
- What is title insurance and why do I need it?
- What is prepaid interest?
- What is the difference between an Interest Rate and an APR?
- What should I do if I’m not sure about the annual real estate taxes?
- What steps should I take if I become a victim of identity theft?
- How can I obtain a free credit report?
- Do you have any programs that don’t require income documentation?
- What supporting documentation is required?
- How quickly can you close my loan?
- What is your rate lock policy?
- Are any fees collected when I lock?
- What if rates drop after I’ve locked?
- What happens if the loan process takes longer than my lock period?
- Can I choose a different program or rate after I’ve locked?
- Can I relock my rate if I cancel and reapply?
- If rates fall after I’ve locked, will you lower my rate?
- Should I lock or float my rate?
- What is an escrow/impound account?
- What are included in your closing costs? What are pre-paids & are they different from closing costs?
- Should I pay discount points?
- What is a rebate/credit?
- Can I prepay the loan without a penalty?
- What is your minimum credit score requirement?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?