Have you started planning out how your future home would look like? If so, wouldn’t it be nice to make that dream into reality? Getting a mortgage loan may seem daunting and difficult, but it doesn’t have to be. Home Loan Enterprise can assist you through a smooth, fast, and easy approval in no time.
What makes Home Loan Enterprise worth it?
1. Low Rates
The national average for a 30-year foxed loan is currently at 3.85%. But with HLE, they offer a rate of 3.5%. This corresponds to a 0.375 points discount.
2. Points system
The points system allows you to save on your monthly mortgage payment by giving a certain amount of upfront payment upon closing the deal.
For example, you are applying for the max loan amount of $417,000. An upfront payment of $ 8,861.25 can give you 2.125 points. Because of this, your APR can go as low as 3.250% – the lowest offering offered by any other lender these days. This translates to a $ 1,814.81 monthly payment thereafter.
Since the points system depends on how much you initially pay for, APR may vary. The higher your payment however, the lower APR you will incur. In the future, you get to save more money because of the cut-down in monthly payments.
3. Free quote online
If you’re still browsing around for rates comparison, getting a quote specific for your needs is fairly simple from HLE. It’s for free and they won’t even require any personal data about you.
4. Fast Loan Approval
Once you get approved for your loan, you don’t have to wait for months before you finally move into your new home. Closing the deal can happen in as less than 2 weeks.
5. All loans are approved by Fannie Mae and Freddie Mac
Being a member of the Federal National Mortgage Association allows lenders such as HLE to reinvest their assets in more lending, thereby decreasing their dependence on thrifts.
Not So Good Points
1. Lock Down Rates
If you are eligible for the 3.250% APR, you won’t have to worry about monthly payments rising every now and then. HLE has a policy that assures its customers that they will be able to keep paying only for that low APR as long as the terms still applies. This means that despite the volatility of the economy, you continue to pay only for the rate that was originally approved on.
This can either be a good or a bad thing. It’s good if the economy continues to see rising rates in mortgages, but it can be disappointing if these rates go the other way.
2. Refinance and Purchase fees
If it’s refinance you want, HLE will take care of choosing the Title and Escrow companies. Therefore, if you’re eyeing for a different company, you won’t be able to get the deal with them.
Also, purchase fees only include lender and appraisal fees, and excludes the title and escrow fees.
Despite the points for improvement, there’s a lot to love at Home Loan Enterprise. If it’s mortgage you’re seeking, then you might just find a good one here.