| Q: |
Why is the company named Fairways Mortgage?
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| A: |
It's meant as a double en tendre.
First, the company's founder believes there is a great similarity to a well
executed loan transaction and a well executed golf shot. In both instances
planning, practice, and execution lend themselves to a much higher
probability of success. Second, the company's philosophy provides that
"fair ways" should apply to all its dealings in transactions with
clients. Its growth and success depend upon clients providing repeat transactions
and referring new business because of having been treated fairly. Fairways
Mortgage is a boutique company. Its goals do not include large numbers of
loan agents with high volume, nor high profit margins, only high client
recommendations because of its work quality.
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| Q: |
What is meant by "Keep it in the short grass!"
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| A: |
Most golfers agree that good scores result when the
majority of their shots occur from fairways, rather than the rough,
hazards, or bunkers. Fairways Mortgage is dedicated to the philosophy that
keeping their clients transactions in the shortgrass will provide a much
more pleasant borrowing experience. This effort to provide less
"traumatized transactions” encourages clients to refer new business,
and come back to Fairways Mortgage on a repeat basis.
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| Q: |
Who are Mortgage Brokers?
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| A: |
Mortgage Brokers are similar to other brokerage
companies, i.e. realtors, insurance, securities, etc. We match
borrower's needs to investor's needs for diversified offerings at
competitive prices.
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| Q: |
How do Mortgage Brokers work and how do they get paid?
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| A: |
Mortgage Brokers are paid by either the borrower, the
investor supplying the funds, or both.
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| Q: |
Who regulates Mortgage Brokers?
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| A: |
The Federal Government and individual State Governments.
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| Q:
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Isn't borrowing money from my local bank less expensive because there's no middleman?
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| A: |
Possibly, however Fairways Mortgage has wholesale
relationships with many local banks, and because of reduced overhead, can
quite often lend at lower rates than the retail division of a local or
national bank. Also, by "shopping" your loan with
other wholesale investors, many times an even lower wholesale price can
often be achieved.
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| Q: |
If you're going to shop my loan, why can't I shop it
myself on the Internet at even less cost?
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| A: |
You can. However, there may be some potential
risk(s) based on closing costs, timing, funding, and
closing. These are some of the services that Fairways Mortgage
routinely provides. Utilizing our services insures a higher
probability of a low cost loan with minimal risk of transactional trauma.
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|
Q:
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Is my loan going to be sold several times, and why can't
I stop the hassle?
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A:
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Maybe. Most real estate loans are
mortgage-backed securities and as such are negotiable instruments.
Investors will sell them based on their desired investment
returns. Your loan may or may not be sold over its
life. However, with very few pre-payment exceptions, you are not
usually required to keep the loan. Should market rates change,
you can usually pre-pay your existing loan, and borrow from another
investor should you find more desirable terms and pricing.
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|
Q:
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How much are closing costs and how can I reduce them?
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A:
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It depends on the type of loan and how you and we
structure the transaction. The costs can be paid at the
transactions origination or be priced into the transactions overall cost
which would provide no "up-front out of pocket" costs. In
either event we will disclose all the costs in specifics to avoid anything
resembling a surprise.
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|
Q:
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Shouldn't I trust my realtor's recommendation for whom
to use in obtaining a real estate loan?
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A:
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ONLY IF THEY RECOMMEND FAIRWAYS
MORTGAGE!! No, just kidding. Realtors often have
established relationships with certain lenders and achieve good service and
pricing. However, if you were to have a major operation or spend
hundreds of thousands of dollars over years in a project, it doesn't hurt
to have a "second opinion." After receiving multiple
pricing quotes, most clients believe our prices are truly very low, and
transactions are completed at an extremely high professional level.
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|
Q:
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Why are you different than any other lender?
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A:
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There are a number of quality lenders in our
area. Fairways Mortgage distinguishes itself by its
principal/loan originator having almost twenty-five years of real estate,
legal, and mortgage brokerage experience. There may be a few
transactional situations unseen, but not many. Additionally,
Fairways Mortgage's business plan depends on referral and repeat business
to keep our marketing costs low, thereby allowing competitive
pricing. Performing at a high level is the methodology that
provides referrals, and thus cost savings to our clients.
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