The only fee you would ever pay to RP Funding is rate discount costs, and only if You decide you want to buy down to an even lower interest rate. Many clients will use the money they would have spent on Fees with other lenders and use it to buy down to an even lower interest rate. Your credit manager can discuss all of these options with you and help you make the best decision.
We get asked this question often; it really comes down to business philosophy. Most mortgage loan officers and brokers only close 1 - 2 loans per month, so to a make a living they need to make thousands of dollars in commissions on each loan they close. These commissions are earned through a combination of charging upfront fees and higher interest rates to earn "kick backs". Not at RP Funding! Our loan officers are paid a salary and they close 15 - 20 loans each month. So instead of paying thousands of dollars in commissions on each loan, we only pay hundreds of dollars in salaries - and we pass this savings on to you in the form of the best mortgage rates possible and no lender fees.
Now you may be worried that you won't get as good of service from a loan officer who closes 10 - 15 times the industry average, but this isn't true (read more about why RP funding service is fast and great here). We have found that 15 - 20 closings per month per credit manager is the optimal number to keep our costs and rates the lowest without sacrificing customer service.
Our efficiency helps us offer the lowest rates. While other companies waste time and money shipping files all over the country, we do everything locally. You can read more about the differences this makes here.
Shopping for a mortgage can be hard work and confusing because of the numerous combinations of mortgage rates and fees and loan programs. We set our mortgage rates low to make your decision easy. When you can get Florida's best mortgage rates and fees from a local, Direct Mortgage Lender, why would you go anywhere else?
While we are confident that our published rates and no lender fees are the most competitive in the industry, we do find rare instances where a competitor offers a better deal. Our promise to you at RP Funding is that we will never let rates or fees stand in the way of you being able to work with your local Direct Mortgage Lender and take advantage of all the other benefits we offer. If you receive a legitimate offer from a competitor that is lower, our promise to you is that we will match it, and if we can't we will give you $1,000.
Unfortunately we have found in most cases, when a competitor does offer a lower rate, it is part of a bait and switch. Some unscrupulous companies will quote you anything over the phone and then when it comes time to give you the real figures (usually AFTER you have spent your hard earned money on an appraisal) the deal suddenly changes. With RP Funding you can get the Best Deal on a Florida Mortgage and avoid any "bait and switch" or games.
In most cases the client came back to us when the "Bait and Switch" Occurred, or in some cases they were too far into the process and were stuck with a higher rate and fees because the "Bait and Switch" happened so far in the process they could not back out.
So beware when dealing with some unknown voice on the phone. If they do make a better offer than RP Funding, send us a copy and we will do our best to beat it. If we can't beat it, we'll give you $1,000 when you actually close on their mortgage as disclosed - but from our experience, when we can't match it, it's just too good to be true.
Come down to our office, you can see that we are real people and a legitimate operation. Unfortunately the mortgage crises happened for a reason, and some of the people involved are still in our industry. There are mortgage companies out there taking advantage of borrowers; working from home and ready to shut down and reopen under a new name when things start to catch up with them. Our $1,000 Guarantee allows you to work with a local, reputable company that cares about this community, without missing out on the best possible deal.
As your Local Direct Mortgage Lender, our reputation in this community is important. While other "Discount" lenders may hit you with hidden fees and other last minute surprises... Not at RP Funding.
HARP (Home Affordable Refinance Program) Loans are not eligible for the $1,000 Guarantee.
No Adjustable Rate Mortgages. There are too many different variations of Indexes, Margins, Adjustment Periods and Rate Caps, we just could never offer them all. So our $1,000 Guarantee only applies to Fixed Rate Mortgages. Adjustable rate mortgages make up less than 5% of total Mortgage Volume, so our Guarantee applies to most mortgages.
$1,000 Mortgage Challenge/Guarantee requires minimum $100,000 loan amount and applies to Fixed Rate Loans Only. Does not apply if borrower is declined by RP Funding for not meeting credit or income program guidelines. Borrower must provide Good Faith Estimate from competing lender on the same day the competitorâ€™s terms were offered. Does not apply to prior locks or terms. RP Funding must have an opportunity to beat the terms. In the event that RP Funding is unable to beat the terms of the competing lender, borrower must provide a HUD-1 settlement statement and the first page of mortgage note after closing, and lock-in agreement dated the same day terms were presented to RP Funding, verifying competing lenderâ€™s terms to receive $1,000.