About Me
Thank you for stopping in. If you are in the market for a real estate loan, it
is important that you select someone you can work with - and trust.
You should not be afraid to ask
questions and set deadlines. If your first impression doesn't feel right, then I
recommend you keep looking. The process is no different than shopping for
a good doctor. You have to trust that doctor's ability and have no doubt s/he
will always have your best interests at heart.
The relationship between you and your
mortgage broker is essentially the
same. It has to feel right from the very start.
My name is Noe Longoria, and I'm a mortgage broker. I'm a straight forward kind of guy and have a keen sense for what a client wants. I always work hard to meet or exceed expectations. Those who know me personally consider me friendly, helpful, and trustworthy. Others call me The Mortgage Cop.
That's
because I dedicated thirty (30) years of my life as a San Jose cop. I'm now
honorably retired from law enforcement and in a second career as a mortgage
broker. These days I dedicate myself to offering honest and thoughtful service, in addition to putting my customers
in the loans they deserve.
When I first got into the mortgage business, I was appalled at how many predatory lenders and mortgage brokers are out there. Don't get me wrong. There are also many excellent brokers who are honest and in the mortgage business for the long haul. They thrive on referrals. Its those other clowns you have to watch out for. They think nothing of charging exorbitant origination fees (points or broker fees), or putting people in high interest loans, even when the client qualifies for a lower interest rate. And they don't care if you may lose your home down the line when you find out your loan was back loaded with additional fees. They take their commissions and run!
So how can they charge high "points" "broker fees" or "origination fees" when others charge nothing? Greed, obviously. And what is really alarming is that it is perfectly legal so long as they "disclose" what they are going to charge you. All they have to do is put it in your "Good Faith Estimate." Hopefully you reviewed it closely and asked questions. You typically have 72 hours (excluding Sundays) to rescind the loan after you have signed. After that, it is too late. You are stuck with the loan.
So how is it that some brokers charge nothing for their services? Very simple. Most banks pay the broker a "rebate" or "commission." For loans with very attractive interest rates, sometimes there is no rebate from the bank. In those instances, the broker would be justified in charging for their services. But under no circumstances should you pay more than one (1) point or 1% of the loan in origination fees. If you are being charged more than that, I urge you to keep shopping. This is a very competitive industry.
If you think you may need a loan, feel you are being ripped off by a predatory lender or have a question, call me. I will help you evaluate your circumstances. If I can't help you, or I believe you may be making a mistake with long term financial consequences if you refinance, I will share my concerns with you. That's because I'd rather lose a commission than end up with a dissatisfied client. I still eat. I have a good pension, remember? :)
Thanks again for stopping in. And please feel free to call me if you have any questions or need advice. I'm here to help you.
Sincerely,
Noe Longoria
866-610-4949