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1. Why should a borrower use GCMC instead of other companies? Answer
2. Are the mortgage rates and terms advertised in the news media accurate? Answer
3. Are marketing ploys used on the consumer? Answer
4. Could a borrower get the information they need on their own? Answer
5. What kind of information is important? Answer
6. How does the borrower benefit by going to GREENBACK CAPITAL instead of dealing directly with a lender/bank? Answer
7. Does the bank pay your fee, and if so, does it cost the borrower more to use Greenbacks' services? Answer
8. Will every borrower get a mortgage by applying through Greenback Capital? Answer
9. How do I know how much house I can afford? Answer
10. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
11. How is an index and margin used in an ARM? Answer
12. How do I know which type of mortgage is best for me? Answer
13. What does my mortgage payment include? Answer
14. How much cash will I need to purchase a home? Answer

Q : Why should a borrower use GCMC instead of other companies?
A : Time is money. There are 100's of lenders and mortgage companies selling their mortgage products having different rates, locks (which protects a rate for a period of time), fees, terms etc... It would take many hours to go through company lists, yellow pages, newspapers, and trade publications to gather the information necessary to make an informed decision. Information is available to us in a matter of minutes. This allows our borrowers to save research time, and take advantage of rates before they change. We offer the borrower prequalification analyses based on their financial and credit history. We can then tailor the results to fit the best mortgage product with the most competitive rate. This service alone, along with a well prepared application, can help increase the borrower’s chances of receiving a mortgage commitment quickly instead of getting bounced around from lender to lender.
 
Q : Are the mortgage rates and terms advertised in the news media accurate?
A :

Many times the information is not accurate. With most advertising mediums, a gap exists between ad placements, usually a Weds. Or Thurs., and appearance date. Potentially, a rate can still change on a Thurs. or Friday. To be useful and effective, information must be timely. Most information borrowers get is outdated. In many cases, you can't even take advantage of the advertised rates due to time restraints. There is a misconception that banks change their rates on a specific day, but most banks can change their rates anytime according to the market. In addition, not every borrower will qualify for the rate advertised, if their credit and financial circumstances do not fit within the program's guidelines.

 
Q : Are marketing ploys used on the consumer?
A :

There are marketing tactics used in every industry to get the customer in the door. I think the questions really are: 1. How misleading are they; and, 2. Does the consumer have the necessary knowledge and most current information from which to make one of the most important decisions they will ever make in their lifetime. Greenback Capital Mortgage Corporation's knowledge and expertise becomes the most important guide to quality information and decision making.

 
Q : Could a borrower get the information they need on their own?
A :

The amount of time involved in gathering accurate and timely information from a multitude of reliable lenders is a major task and enormous investment of a person’s time.

Changes in the market place, lender criteria, and their credit policies occur daily. Many times, important information is unintentionally left out by customer service departments because they themselves are not aware of changes internally. If the borrower does not ask, or does not know what to ask, information having a potential savings of thousands of dollars and help avoid months of frustration is not volunteered over the phone. As a matter of fact, information might be left out because the mortgage product would not seem as competitive if certain pertinent information was volunteered. "Caveat emptor". Many borrowers wind up with a higher rate than they thought they were getting. In many cases, you get answers only if you ask.

 

 
Q : What kind of information is important?
A : Well aside from the obvious interest rate there are various components of selecting a mortgage that should be taken into consideration: 1. Can you lock in a rate and when? 2. What kind of property do you lend on? 3. What percentage of the appraised value do you lend on? 4. How long is your rate protected? 5. Is there an additional fee for this privilege. 6. Are there prepayment penalties? 7. Are there extension fees 8. What are the estimated total fees involved? and; depending on the mortgage, adjustable vs. fixed the information needed becomes even more complex and more critical due to the potential volatility of the adjustable rate mortgages. In addition, there are other nuances and strategies that are very important to overall savings.

 

 
Q : How does the borrower benefit by going to GREENBACK CAPITAL instead of dealing directly with a lender/bank?
A : Many people feel that fees might be less by going directly to the bank. We keep track of interest rates and mortgage products from a multitude of lenders on a daily basis enabling us to give our client the best rate and mortgage product. A lenders obligation is to sell you their best rate, not necessarily the markets best rate.

Banks work on volume. Their processors do not have the luxury of reviewing your package for any missing pieces to the puzzle. If derogatory credit appears, and the package is not prepared properly, applications can automatically be turned down due to the pressure to crank out volume. When volume becomes the focus service diminishes.

We offer the borrower preventative medicine by pre reviewing the borrowers package. This increases the borrower’s potential for a bank commitment and insures that the application review process goes as smooth as possible. In borderline cases, should the bank decide to decline the application, alternative solutions and strategies can be implemented using other lenders in a matter of minutes. Should the borrower go it alone, the whole process of researching and applying all over again would only add insult to injury.

A bank is obviously partial to selling their 6 10 mortgage products, period! We deal with a constituency of lenders and can offer the borrower over 100 types of mortgage products. Banks only sell their best product; We offer the borrower, from a comprehensive selection of lenders, the best rate and product. We match the borrower to the bank, not the bank to the borrower.

 

 
Q : Does the bank pay your fee, and if so, does it cost the borrower more to use Greenbacks' services?
A : There are many misleading articles stating that banks pay Mortgage brokers' fees; Or, it costs more to use a Mortgage broker. These articles, are not completely accurate, and focus on only unscrupulous practices in the mortgage industry. These articles leave out the tremendous financial benefits to be derived by using an ethical and professionally trained mortgage company. People who read and follow the advice of these articles are potentially depriving themselves of saving thousands of dollars. We have saved our clients thousands of dollars just by selecting the best mortgage product (fixed vs. adj.). Most consumers focus on products they are familiar with. Ignorance is not always bliss. We expose borrowers to options they never would have known about nor considered. There are lenders that only prefer to deal with mortgage brokers. Borrowers might not even have known that these companies' exist if not for us.

We provide banks with quality applicants and professionally prepared loan packages. In return, they offer origination fee (points) discounts to our company. We then competitively price the mortgage money and pass this along to our clients, but, in addition, we service all our clients in a private banking fashion. A service similarly offered to only the banks wealthiest of clients. There are times when the borrower never would have been accepted if not for our ability to package a loan the way banks prefer, or sell the strong points of a borrower. We have obtained loans for borrowers turned down by banks they approached directly. How can you put a price on an ability to put a borderline applicant into a home. Yet, we do this as part of our daily service.

The only borrowers that really pay way above market rates, are borrowers whose credit history demonstrates an inability to make payments on time and consequently poses a greater risk to a lender, and, a borrower who places his trust in an untrustworthy greedy person’s hand.

Most consumers should realize that fees are paid directly or indirectly by them. It becomes a question of accounting as to who actually issues the check to the broker the bank or the borrower. As in all industries, there will always be companies that are priced lower and companies that are priced higher. In any case, our analyses and placement will save the borrower: 1. Thousands of dollars by choosing the right mortgage for them, 2. Choosing the right lender and saving them recurring application fees, 3. Offering origination fee discounts based on the loan amount, and 4. Obtaining the most competitive interest rate for their circumstances.
 
Q : Will every borrower get a mortgage by applying through Greenback Capital?
A :

By law we cannot guaranty acceptance by a lender. We can guaranty that we can increase your chance of obtaining a mortgage commitment from a lender, and humanize the lending process.

Greenback Capital Mortgage Corporation provides a full range of money saving mortgage services to excellent, as well as blemished credit borrowers. Our business, to date, has been generated from a referral base comprising a wide spectrum of professionals, and more importantly, satisfied clients.

In today’s economy you can't afford not to take advantage of our advice.

Greenback Capital Mortgage Corporation "We're your connection™".

 

 
Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
 
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
 
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Greenback Capital Mortgage Corp can help you evaluate your choices and help you make the most appropriate decision.
 
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
  •  
    Q : How much cash will I need to purchase a home?
    A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
  •