Mr. Jones had been with a local Realtor and LO since May.
They needed to have a specific payment and they had no
cash to close but they were VA. Their lease wasn’t up until
September so their LO told them in May what the rate
would be, which at that time they could pay about 2/3rd’s
of the closing costs. So, they were prepared to come up
with the rest of cash to close. They decided to meet again
in August when their lease was about up.
When they met in August numerous things had changed.
The LO’s company had changed and he could no longer pay for the closing costs and the rate had increased. To say Mr. Jones was upset was an understatement. They decided not to buy and would wait until next year.
I met Mr. Jones through church and he told me what had just happened. I listened and explained what we could do and of course he was skeptical. Why could I do this and not his old LO and Realtor?
We met and I brought a chart to show the difference of rates and closing costs so they could visually see and understand on how we could make it work. They found a home within 2 weeks using the same Realtor and we closed in October.
The rate was 3.375 (The other Lender’s rate was in the 4’s) and our lender was able to pay for over $7,900 in closing costs. We could obtain the payment they want, along with covering the closing costs to make the loan work.
Here at PCL we believe we can add value by having the experience to structure a loan that works for our clients. You know when it works when we obtain referrals ( which we do). At PCL we have the traditional programs FHA, VA & Conforming but the flexibility to these programs and more programs that allows us to think outside the box to make loans work. PCL was setup to think outside the box to structure loans to fit the different programs we offer.
*Names changed for privacy of our borrowers