how to get a loan when the bank says no - AVRUS | Avrus Financial & Mortgage Services, Inc. ℠

September 15, 2016

Mortgage Terms Don’t Have to be Mysterious

We’re not talking about the terms of your loan: we’re talking about the language used in mortgages! And if you’ve never taken out a mortgage before, it can all seem quite mysterious. But it doesn’t have to be! At Avrus Financial and Mortgage, we want the process to be as transparent as possible, so here are a few terms with which you might not be familiar:

1) The good faith estimate, also known by its initials, the GFE. What it does is give you an idea of what you’ll be paying in closing costs for your mortgage. These costs can include loan fees, fees to be paid in advance, reserves, title charges, government charges and miscellaneous additional charges. It can be difficult early on to be clear about exactly what the costs at closing will be, so that’s why it’s called “good faith”—it’s the best that can be done with the information at hand. If your disclosures are all correct, then the estimate will be more accurate than it will if there are bumps in the road ahead that you could have foreseen. Additional changes can happen when documents are reviewed and it’s necessary, for example, to change mortgage programs.

There are two sections to the GFE:
• Lender fees: This is a critical section and can vary from lender to lender. Some affect the APR (annual percentage rate), which is the part that varies the most and should have special attention paid to.
• Prepaids: As the name suggests, these are the things that you will need to pay in advance or bring with you to closing. They include interest, homeowner’s insurance, and mortgage insurance.

2) Verifications, forms that go directly from the mortgage broker to the entity (bank, employers, etc.) issuing the verification. They include verification of deposit, verification of rent or mortgage, verification of loan, and verification of employment.

3) Loan-to-Value, which assesses whether the property you want to purchase is a good risk for the lender. The loan amount is divided by either the appraised value or the sales price. The result is what is known as the equity on the property; it includes the down payment.

At Avrus Financial and Mortgage, we are committed to helping you understand every step of the mortgage or refinance process. We’ve helping thousands of people in California, Florida, and Georgia understand their loan needs and get the best possible financing, and we can help you.

Why not ask us how… today?

March 12, 2015

The secret to getting the mortgage the banks neglect

Lots of people get mortgages at the bank. That is not surprising, because banks are in the business of lending money. But lots of people don’t get mortgages at banks. Some of them don’t because the banks don’t want to lend them money.

“Sorry, but you are not approved.”

Those are harsh words to hear if you have your heart set on a home and all you need is to arrange the financing - plus they made you fill in a pile of forms, just to be turned away. If you can’t get approved for the loan, how will you be able to buy the house?

The answer is simple. You need help pre-qualifying for a home loan, and you won’t get that at the bank. The bank makes its money by deciding whether you are a good risk, whether they are likely to make enough money over the long run to make it worth their risk of handing over to you the money for your home in the meantime.

Plus, to make sure the risk is worth it, they’ll charge as much interest as they feel you’ll be able to handle and be willing to pay. They get paid if you are a good risk and they get paid as much as you pay extra in interest.

Mortgage brokers like Avrus work differently. We get paid only if you get your mortgage, so we’ll move mountains to pre-qualify you. We can do this in a way that the banks can’t - we can go to numerous sources to find you a mortgage that fits. Many of those sources are private; they don’t all advertise, but they are known to us.

We will also go to bat to get you the best rate, which is also often unadvertised. More importantly, by being able to shop around on your behalf, we can get a mortgage from a source that might be willing to lend for quite a bit less than your bank, saving you thousands of dollars.

Most importantly, we count on your satisfaction to stay in business. One of the biggest sources of business for us is your referrals, your testimonials to friends and family across Florida, Georgia and California. So it is in our best interest to get you the best rates and give you the best service.

What is the secret to getting the mortgage the banks neglect? In a word…Avrus.

April 23, 2013

A lost art found in Tampa Mortgages: personal service in the financial services industry

There was a time when you knew your banker, and he knew you. When you needed a mortgage, you knew where to go. Your banker made lending decisions that helped make your dreams come true. In turn, you trusted your financial officer with a lifetime’s worth of personal information.

Wholesale Mortgage Lenders With New Programs

In today’s data-driven world, computers terminals have replaced people, and the personal connection in financial services has been all but lost. It’s not easy knowing where to go for a Tampa mortgage—Florida is filled with companies that all offer what seem to be the same services.

The company with lasting values that you can trust

There is a mortgage broker where one-on-one customer service is still the norm. There is a Tampa lender where the entire staff is determined and empowered to serve the needs of its customers—your needs. Avrus Financial & Mortgage Services, Inc., is the financial partner you need when looking for the best Tampa mortgage company, the best mortgage rates in Tampa as well as expertise in mortgage refinance and Tampa business brokering.

Avrus Financial is a company where trust and integrity still have meaning. Working with us, you can feel comfortable telling it like it is because your partner sitting across the desk is there not just to close a mortgage, but to make sure that the deal is a good one.

Our staff is here to answer your questions and most importantly, to provide you with the mortgage product that is best suited to your individual and personal needs and circumstances. You will never be pushed into a loan, and you will feel confident your Tampa mortgage loan is the best available.

Here today, here tomorrow and with you for the long haul

The real estate bubble and subprime lending crisis forced many questionable mortgage companies out of business. It also helped to spotlight strong, equitable businesses that follow best practices and put the customer first. Avrus Financial has been offering expert Tampa mortgages for many years, and since its formation in 1982 has held true to its “customer for life” founding principles.

Whether helping a first-time buyer, real estate investor or servicing commercial mortgages, Avrus Financial’s brokers and loan processors have more than 60 years of combined experience successfully closing mortgages on target and on time. When you’re ready for a Tampa mortgage, call on Avrus Financial and let our experts show you the best rates. You owe yourself the opportunity to make a friend in the financial services industry.

By Steve Avrus