Things Other Lenders Don't Want You To Know.

When it comes to your credit rating, most lenders aim low.

Almost everyone has three credit scores. For a married couple that means six credit scores. Many Lenders will quote your lowest credit score. This can result in a much lower interest rate than you might otherwise qualify for. At Diamond Funding we will always use the highest score that our wholesale investors allow.

To some lenders, you are just a profit-center. 

Many mortgage lenders will lead you to loan program that makes them the most money. At Diamond Funding we always recommend the loan program that best suits your needs, not ours.

Don't fall for the "Credit-Scare" trick.

Most lenders try to scare you from speaking to other lenders by telling you if another lender pulls your credit report your credit scores will drop dramatically. In reality, your credit will never be adversely affected if another lender pulls your credit within 12 days of the last lender.

No Closing Costs means a Higher Rate.

Lenders will try to sell you a "no cost loan" because no closings costs is probably what you want to hear. What they don't tell you is that you will pay for the closing costs in the form of a much higher interest rate. Often, this costs you tens of thousands of dollars in extra interest.

Watch out for the "Rate Bait and Switch."

In some states, lenders are allowed to advertise 30-year mortgage rates that are actually adjustable rate programs. These can be confusing and misleading. Even worse, it ís usually not until you are at the closing that you realize the rate you were quoted was not a 30-year fixed, but a 5-year ARM. At Diamond Funding we will always let you know if we are quoting is an adjustable rate program or a fixed rate and you will always close with the rate that was quoted. Always.

 

Since 1986, Diamond Funding's goal has been to treat people honestly and fairly.