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  CloseYourOwnLoan.com

CloseYourOwnLoan.com

in Mortgage Brokers from CloseYourOwnLoan.com

Unaffiliated

CloseYourOwnLoan.com

Unaffiliated

in Mortgage Brokers from CloseYourOwnLoan.com

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CloseYourOwnLoan.com Review

Where does CloseYourOwnLoan.com do business?

CloseYourOwnLoan.com is a licensed mortgage broker (NMLS# 423028) with headquarters in Mission Viejo, CA. It operates in 50 states (and Washington, DC).

The company was founded in 2001 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.

How does CloseYourOwnLoan.com get paid?

Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.

CloseYourOwnLoan.com gets paid by lenders. Lender-paid compensation is the most common fee model among mortgage brokers. This fee model can help bring down the upfront costs to borrowers. However, it also gives brokers the incentive of promoting lenders that pay higher commissions.

What fees does CloseYourOwnLoan.com charge?

Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.

Does CloseYourOwnLoan.com charge broker administration fees?

Yes, CloseYourOwnLoan.com charges borrowers a broker administration fee of $200.

Does CloseYourOwnLoan.com charge broker loan origination fees?

Yes, CloseYourOwnLoan.com charges borrowers a broker loan origination fee of 1% to 5%.

Does CloseYourOwnLoan.com charge broker upfront fees?

Yes, CloseYourOwnLoan.com charges borrowers an upfront fee of $100 to $500.

Does CloseYourOwnLoan.com charge a yield-spread premium?

Yes, CloseYourOwnLoan.com receives a yield-premium fee of 1% to 3%.

Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders that offer higher commission rates even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to keep a mortgage for a few years may find this option cheaper than paying broker fees out of pocket.

CloseYourOwnLoan.com Fees
Description
Broker Loan Origination Fees 1% - 5%
Broker Upfront Fees $100 - $500
Broker Administration Fees $200
Yield-Spread Premium 1% - 3%

What mortgage programs does CloseYourOwnLoan.com offer?

CloseYourOwnLoan.com offers the following mortgage programs:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.

What types of mortgage does CloseYourOwnLoan.com broker?

CloseYourOwnLoan.com works with the following types of mortgages:
Type of Mortgage Options
Supported Options Unsupported Options
  • Home Purchase
  • Refinance
  • Home Equity Loans
  • HELOC
  • Hybrid Mortgage
  • Reverse Mortgage
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    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 50 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    CloseYourOwnLoan.com Community Reviews

     
     

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