For those not familiar with the term “reverse mortgage” they’re not alone. And even for those that have heard the term used it’s still a bit counterintuitive.
Officially it’s called the Home Equity Conversion Mortgage, or HECM (heck-um) and is an FHA program that has recently undergone some changes.
But to understand how a reverse mortgage will work in order to buy a home, let’s first explain what a reverse mortgage actually is and how qualifies for one.
The concept of a reverse mortgage has been around for quite some time in various formats but today the FHA’s HECM is the only reverse mortgage standing and has been around since 1988. A reverse mortgage is a vehicle that converts a portion of the borrower’s equity into a lump sum cash payment, a monthly annuity or a combination of both.
One might initially ask, “That’s the same thing as a cash-out refinance or a home equity line of credit, or HELOC” but that’s not the case. With a cash-out refinance or a HELOC the loan proceeds must be paid back each month with a mortgage payment. A reverse mortgage requires no such monthly payments.
The cash proceeds from a reverse mortgage is essentially a draw against a portion of the equity in the home owner’s primary residence and because the funds are considered and not income there are not income taxes required on reverse mortgage proceeds. Although borrowers with a reverse mortgage have no mortgage payments, interest does accrue over time based upon the terms of the loan and only becomes due and payable when the youngest borrower on the mortgage leaves the house for more than 12 months. This can be moving to a second home, selling it or the borrowers pass away. During the course of a reverse mortgage, the homeowners still retain title and they do not sell or otherwise transfer the property to the lender in any manner. Ownership does not change. Here are some basic guidelines on who qualifies for a reverse mortgage—
- At the date of the settlement and reverse mortgage proceeds are distributed all borrowers on the reverse mortgage application must be at least 62. Any others who are currently on title prior to the closing of a reverse mortgage who are under the age of 62 must be removed from title.
- There are various factors that come into play regarding how much homeowners can get but just like social security and pension payments, the older the borrowers the more they will be eligible for.
- The reverse mortgage can only be used to finance a primary residence and cannot be used to finance a second home or a rental property. However, a borrower can in fact purchase a duplex or 2-4 unit using a reverse mortgage as long as the borrower occupies one of the attached units as a primary residence.
Credit and Income
When qualifying for any traditional mortgage such as a conventional loan underwritten to Fannie Mae or Freddie Mac standards as well as government-backed loans such as FHA, VA and USDA loan types, credit and income are two of the most important features of the borrower’s loan application. Most such loans ask for a minimum credit score such as a down payment and may even require a higher score when the down payment is lower on a conventional mortgage.
Lenders verify credit by ordering a credit report as well as requesting credit scores from each of the three main credit repositories, Equifax, Experian and TransUnion. Lenders then use the middle score and the lowest middle score of all borrowers on the application is there is more than one applicant. With a reverse mortgage there is no credit score requirement. In fact, credit is much less of an issue. Reverse mortgage applicants can expect however a review of a credit report to determine the borrowers have shown a willingness to pay their bills on time but credit scores are not a requirement.
A traditional mortgage also requires the lender to verify the borrowers have enough monthly income to qualify for the new principal and interest payment along with a monthly amount allotted for property taxes and insurance. With a reverse mortgage, since there are no monthly payments, income verification such as pay check stubs, debt ratios and income taxes are not required. Instead, the reverse mortgage lender makes a reasonable determination there is sufficient monthly income to handle property taxes and insurance but since there is no mortgage payment made each month, typically a sizable amount of a borrower’s gross monthly income, this hurdle is easily met. Reverse mortgage lenders know that if homeowners fail to pay property taxes, the taxing authority has the authority to force the sale of the home to pay delinquent property taxes. As well, the property is still considered collateral and the lender must make sure the applicants have enough income to pay not just the property taxes but insuring the home as well.
The Reverse Mortgage Loan Amount
There are various reverse mortgage calculators that will display a maximum reverse mortgage loan amount based upon various factors. The first is the age of the youngest borrower who must be at least 62 years old at the time of settlement. If an individual borrower is 72 years old and will be the only person on title, the amount will be greater compared to that same 72 year old married to a 62 year old. The loan amount will be based upon 62. Essentially, the younger the borrower the lower the final loan amount.
The home will be appraised for both a reverse on an existing property as well as using a reverse mortgage to buy a home. When using a reverse mortgage to buy a home, the sales contract on the transaction will accompany the reverse mortgage application and used as reference alongside an appraisal. Sometimes the purchase price and the appraised value come in differently and a reverse mortgage lender will use the lower of the two values. If the sales price is lower than the appraised value the lender will use the sales price as a loan basis. If the appraisal comes in lower than the sales price the lender will use the appraised value to determine a loan amount.
The maximum value for any appraisal used for a purchase or a refinance however is limited to $625,500. Even if the home being purchased is $800,000 the reverse mortgage loan amount will be based upon the $625,500 figure. This is referred to by FHA as the Single National Maximum Claim amount and applies everywhere.
The interest rate at the time of closing can also impact the loan amount. If interest rates are relatively high a lower loan amount will be approved as the interest rate on the reverse mortgage will affect accrued interest over the years. A lower rate will provide a larger amount compared to a higher rate.
Using a Reverse Mortgage Scenarios
David is 78 years old and his wife Cindy is 72 and they are applying for a reverse mortgage. Since Cindy is the youngest, the reverse mortgage lender will use Cindy’s age as the qualifying age and they live in San Diego. They want a reverse mortgage for both a lump sum payment and a $50,000 line of credit.
Their reverse mortgage lender orders an appraisal and the property is determined to be worth $500,000 based upon recent sales of similar homes in the area and the home is currently mortgage-free. In this scenario, the maximum loan limit is $295,500 with an adjustable rate mortgage and approximately $165,000 for a one-time lump sum payment using a fixed rate reverse mortgage. $50,000 will be set aside for the line of credit and closing costs will be subtracted from this amount as well.
Now let’s take a look at that same set of figures for David and Cindy but this time both are 78 years old. Since the age of the youngest borrower is 78, the reverse mortgage amount is just over $300,000 along with the $50,000 line of credit. What if both were 62 years old, what would the amount be then? The principal limit is now 4262,000.
Let’s take this one more step and say that David and Cindy currently have a mortgage on their home in the amount of $75,000. Because there can be no other mortgages on the property along with a reverse mortgage, proceeds from the reverse must not only pay associated closing costs but also retire the existing mortgage. In this scenario, the $75,000 is deducted from the maximum principal amount before any proceeds or lines of credit are established.
As you can already tell, getting a reverse mortgage loan is more than completing the application because there are so many variables involved. An online reverse mortgage calculator can give you a general idea but speaking with an experienced loan officer who specializes in reverse mortgages can provide a more accurate figure. For example, if the homeowners select an adjustable rate mortgage, the amount of funds issued must be into a line of credit or taken out in monthly installments. For a fixed rate loan, you’re only able to withdraw 10 percent of the principal limit which leaves what is called “unusable funds” and remain as home equity and not cash proceeds to you.
Reverse Mortgage Closing Costs
Just as with any mortgage there are closing costs on a reverse mortgage just as well and they can vary slightly from lender to lender so it does pay to shop not only for a lender experienced with reverse mortgages but also with competitive fees.
For a time, reverse mortgage closing costs were extremely high, so much so that FHA revised the closing cost requirement specifically as it relates to the Upfront Mortgage Insurance Premium, or UFMIP. This is a one-time fee that is used to finance the insurance program that covers losses by the FHA should the loan be foreclosed upon or otherwise go into default, just as with any FHA mortgage used to purchase a property yet with a reverse mortgage there is no monthly mortgage insurance payment.
There is also a lender origination fee expressed as a percentage of the loan amount but cannot exceed $6,000. There are also third party fees such as lender charges, a required counseling session for the applicants, appraisal fees, title insurance and other charges. Your reverse mortgage loan officer will provide you with a cost estimate which will outline charges you may see at the settlement table. Besides a fee for the appraisal and perhaps a credit report, closing costs on a reverse mortgage are deducted from the maximum principal amount.
Purchasing a Home with a Reverse Mortgage
Most reverse mortgages are taken out on an existing property, turning home equity into usable, tax-free cash and no monthly payments. But as of 2008, a reverse mortgage can also be used to purchase a property and is reviewed and approved in much the same manner as a reverse mortgage on an existing home with a few differences.
The reverse mortgage used to buy a home is placed upon the home being purchased, not the existing property. Getting approved for a reverse mortgage is much easier than getting an approval for a traditional mortgage as income, assets and credit are less of an issue.
When buying home with a reverse mortgage, remember the maximum principal loan limit less fees is based upon the borrower’s age and other factors so that can vary but there will be a shortfall as a reverse mortgage cannot be used to cash out 100 percent of the purchase price. The buyers must come up with the difference between the proceeds from the loan and the sales price. Most often this shortfall is from the sale of the existing home. In this manner, the buyers can choose to take all or part of the reverse proceeds and not use all of the proceeds from the sale of their existing home or from savings.
For example, a couple have identified a home they want to buy and finance with a reverse mortgage and the sales price is $300,000 and their loan officer has told them they could qualify for a $150,000 reverse. Again, depending upon the age of the youngest borrower, the loan will be somewhere near 50% of the appraised value. There are no payments on the reverse mortgage and because there can be no other mortgages on the property with a reverse mortgage on it, the buyers must come up with the additional funds for the shortage.
Potential buyers who intend to use a reverse mortgage to buy a home will first speak with an experienced loan officer who can walk them through the process. It’s critical to work with someone who specializes in reverse lending and doesn’t just have a reverse mortgage because they’re an FHA lender. There are too many moving parts that are foreign to loan officers that aren’t familiar with reverse loan. If there is any loan where experience counts, this is it.
The buyers then complete a qualified reverse mortgage consultation. This is more than just getting general information from loan officer but an approved counseling process the buyers must complete. Some lenders charge for this counseling session but the fee is minimal.
The buyers complete an application and provide any documentation the lender requests. The lender will then order various third party services needed to compete the reverse mortgage application. A title insurance policy will be ordered and escrow opened and settlement date set that is listed on the sales contract. Other services such as flood certificates and tax service as well as title insurance will be needed, very much like a traditional loan.
The appraisal is then ordered through an appraisal management company which handles the appraisal request, places the appraisal order with an independent appraiser then forwards the report to the reverse mortgage lender. The appraisal will determine the value of the home which will be used to establish a maximum reverse mortgage amount and not the sales price of the home.
Once the appraisal has been reviewed and approved and the loan amount is established, the loan documents will be prepared and sent to the settlement table. The sellers will sign their set of closing papers and the buyers theirs. The buyers will then provide the closer with the additional funds needed to close on the sale that will accompany the reverse mortgage amount. The loan closes and is recorded in the county recorder’s office. The sale is complete.
It’s important to point out that eligible borrowers can buy another home with a mortgage or even pay all cash and later on get a reverse mortgage to tap into that equity payment-free, but another advantage of using a reverse mortgage to buy a home is there is only one set of closing costs associated with a reverse purchase transaction.
Reverse Mortgage Myths
Reverse mortgages are different from a traditional mortgage in a number of ways, primarily because there are no monthly payments but let’s address some of the most common misconceptions about the program.
You don’t lose ownership of the home. Because the homeowners receive funds from the reverse mortgage lender it seems as if the lender is buying the property from the owners and just letting them live there and pay off the note when they leave the property. That’s not true at all. Ownership doesn’t change and the only difference on the new title report is the reverse mortgage lender has a new lien on the property and any previous mortgage has been released.
Should the homeowners leave the house, sell it or pass away, the heirs aren’t responsible for repaying the accrued balance of reverse mortgage. A reverse mortgage is considered “non-recourse” and regardless of the value of the property compared to what is owed, even if the reverse amount is greater than the sales price of the property, it is the lender that takes the hit but is compensated for any loss using proceeds from the mortgage insurance policy.
The homeowners retain complete control of the disposition of the property and do not have to pay off the loan. Because there is no prepayment penalty, there is no restriction on when the reverse mortgage can be paid off. Doing so leaves more to the heirs of the estate.
The maturity date on the loan is written into the trust deed at the 150th birthday of the youngest borrower and there is no date required when the borrowers must sell or pay off the reverse mortgage balance as long as one of the original borrowers occupies the property.
Because the proceeds are not considered income by the IRS, the proceeds are income tax free and will not affect any social security or Medicare benefits.
A reverse mortgage is an ideal way for seniors to transfer their home equity into usable cash. Many seniors who are retired may find their retirement income and savings isn’t quite enough to comfortably take care of any mortgage payment and still others find themselves extremely cash-poor but house-rich.
A reverse mortgage used for a purchase may not be for everyone but for those who fit the parameters there may not be a better way to finance a home. Primarily it saves cash and buyers don’t have to qualify in the same way they would for a regular mortgage. If you or someone you know is reverse mortgage eligible, talk to a financial planner to discuss the impact and the advantages of a reverse compared to tapping into retirement savings to buy a final home.
Again, it can’t be emphasized enough—make sure you work with an experienced reverse mortgage lender. At first the process may be a bit confusing but once the program is explained and how the buyers will benefit, many might wonder why they didn’t think of a reverse mortgage before.
Great Job Chad Baker Team & Homepoint!
I was very impressed with the professionalism and quick response times from Chad Baker & his team during the entire process. I would highly recommend Home Point for mortgage needs. Great Job! ”
“Chad and his team were fantastic. They were incredibly responsive to us and our needs. Chad laid out several refinance options for us, and was very supportive when we decided on the option we felt was best for our family. Chad and his team worked our deal and got our mortgage funded incredibly fast, with excellent service and even took the time to thank us personally once we funded. I can’t recommend Chad enough!”
Chad and his team were Awesome to work with! I was referred to Chad by a good friend of mine. I was very impressed with the professionalism and quick response times from Chad Baker & his team during the entire process. I screened over 3 lenders before selecting the Chad Baker Team and I’m confident I made the right choice. It’s obvious that customer service is their #1 priority and it shows. I highly recommend Chad if you have lending needs. ”
My wife and I purchased a home in Escondido, first home together. Chad and his team made the whole process extremely easy and helped us close quickly. Will recommend to all friends and family!”
“Juliann – Thank you very much for your patience and help with everything. I can say 150% that we could not have gotten through this without you. I have been through this process before a few times BUT never have received this type of care/attention. This process is intense and you managed to humanize this life changing experience for us – rather than being a loan number. If you or Home Point ever need an official recommendation from us, you can count us in.”
“Chad and his team are exactly who you want handling the financing of your home. Whether it be a new purchase or refinance, he and his team are one of the most professional, responsive group of people I’ve worked with. Buying a home can be very stressful and Chad and his team took all of the necessary steps to make the process as painless and as quick as possible. They are extremely knowledgeable, organized and have great follow through. You won’t ever be left wondering what the next steps are. I highly recommend him and will use him in all of our real estate transactions moving forward.”
“I must say I was extremely impressed with the professionalism and quick response from Chad Baker & his entire team. I screened over 5 lenders before selecting the Baker Team & boy am I happy customer. It’s evident that customer service is a priority for these folks.”
Thank you, Chad. You have been amazingly responsive to all my questions, and you have a great staff assisting you. Thanks so much for all your help!
“I wanted to reach out and tell you both Thank You for working so hard on my loan. I really appreciate how much effort you both put in to make it happen! Top notch, one of the best I have ever seen in the business.”
When looking for a house, we had couple recommendations for a lender. After talking with all the lenders, many were difficult to work with and couldn’t get it done as quickly as we needed. I was referred to Chad Baker’s team and I am glad we did. Not only did they get the things done quickly for us, they were very easily to get ahold of. It wasn’t rare to get a response within 15 minutes whenever an email was sent. I could not express how friendly and outgoing this team is. And on top of that, they came back with the best offer for us amongst all the other brokers. I am glad I worked with these guys. If you are looking for a lender…MAKE SURE TO CALL CHAD BAKER AND TEAM!!! Thanks Chad for all your hard work. Next time we buy another house I am calling you first!
I recommend chad because he is not pushy or trying to manipulate as others in the same business, the process was smooth with no obstacles, best team. ”
I was amazed how quickly Chad was able to knocked out our refinance!. I highly recommend Chad he & his team did an incredible job! I had 3 others I was working with, including a Credit Union. Chad was able to offer me a lower rate with no fees! Based on the other 3 top financial bids I had for this refinance. ”
“This is the second time that I have worked with Chad (home purchase & refinance). He has become my subject matter expert and someone I depend on for all finance needs related to our home and real estate investments. My favorite things about Chad are his depth of knowledge, responsiveness, honesty and the great service he provides. I have referred countless friends and family of mine to work with him for no other reason than I know that he will treat them well and equip them for the best possible outcome. Chad will add tremendous value to any real estate transaction that you have and I am grateful to have him as a resource.”
Everything about our transaction with this lender was perfectly explained to us, easy to do, and they were able to help us get our loan closed ahead of schedule. It was a perfect 10 and we couldn’t have been happier with the whole thing
“Hey Chad – thank you so much to you in particular as well as your team. It’s been a real pleasure working with someone who’s as responsive and helpful throughout the process, as you’ve been. We really appreciate what you’ve done. ”
highly recommend Chad and his team. They were always available for any questions, concerns etc. we had. The process to close the loan went super fast. Chad and his team always went above and beyond. The customer service was the best! I will definitely recommend to all Thank you again for everything!
Chad Baker and his team are amazing!
My husband and I found Chad through an article he had written. Every aspect of working with Chad and his team was exceptional. From our initial phone call where he explained the many options we had, to advice he gave in dealing with somewhat challenging sellers, and closing our loan ahead of schedule, the loan process with Chad and his team went very smoothly. I especially appreciated the one-on one guidance from Juliann, who really made me feel like I was her only client. I look forward to working with Chad and his team again and would highly recommend them to anyone looking for a mortgage.
EXCEPTIONAL, SUPER EXCEPTIONAL! The most professional, accountable and committed mortgage service we have ever worked with. With numerous experiences in buying and refinancing homes, by far Chad Baker and his team remain at the top of our list. We feel very blessed to have located such a committed company who serve their clients with an exceptional first “first class” mindset.
“Chad and his team got me funded in less than 30 days, completing a deal that another broker fumbled around with for almost 90 days. Effective, efficient and excellent communication skills. Outstanding professionalism.”
“Hi Juliann and Chad, I wanted to take a moment and thank you guys for what would have been impossible for us to do without you. We wouldn’t have our keys in hand if it had not been for your help in navigating the financing, and Juliann’s perseverance in getting the rest of the players in the transaction to deliver. Out of everything, our interaction with your office has been a highlight – and your customer service has been beyond everything we’ve experienced in the real estate industry. Is there a way we can provide any reviews, ratings, testimonials, or other statements that can express to your potential future customers how much you guys do to make the customer’s life easy? Please let us know how we can share our great experience with you to the rest of the public. Whether we refinance this under a VA, or get in a bigger/better house in a few years, we’re not going to go anywhere else for financing. We are customers of yours as long as you are in business. Thanks again for getting us in a house!”
Incredible Turnaround and Stellar Customer Service. Chad and his team helped us get into our first home here in San Diego. When we first started the process we were skeptical it would even be worth applying. But Chad and his team walked us through the whole lending process with integrity and know how that surpassed our expectations. After helping us to pull together our pre-qualification, he and his team stayed at the ready. Before we even walked up to a home we were seriously interested in he had the data we needed over to us and our realtor. After finding the home we wanted to place a bid on, we were able to place a bid with a matter of a few hours. Then, after having our offer accepted, he had our loan package completed and the keys in our hands in under a month — I am pretty sure it was less than. Like I said, incredibly fast and professional turnaround. if you are looking for a motivated lender who can walk you though every detail and have your back every step of the way, Chad and his team at HomePoint Financial is your best decision. Recommend them highly!”
An ‘A’ Team!
We just closed on our second transaction with the Chad Baker team. They are very well organized and I can attest that they are looking out for their clients’ best needs. A special shout-out for Juliann B. who was our guide through the painful loan process. We found Juliann to be very responsive, kind, patient, and diligent in getting both our refis closed well.”
“Hey Chad, Just wanted to send a quick note to Thank You for all your work and effort to get this escrow closed. It was a pleasure to work with someone as professional as yourself. If I have a client that ever needs a lender you will definitely be someone that I would recommend.”
“Chad – Your team has been nothing short of amazing. Juliann has aggressively followed-up with escrow and gone out of her way to make sure things get done on schedule. Matt and I can’t express to you enough how much we’ve appreciated all of your counsel at the beginning of the process and her execution to see it through to close. As always, appreciate everything that you guys have done to see this through.”
Chad was very personable. His staff was very suportive.
I had the pleasure of working with Chads team. Everything went as planned. I was very pleased. I still want to take them to dinner. I am completely enjoying my new home”
I was amazed how quickly Chad was able to knocked out our refinance!
I highly recommend Chad he & his team did an incredible job! I had 3 others I was working with, including a Credit Union. Chad was able to offer me a lower rate with no fees! Based on the other 3 top financial bids I had for this refinance. ”
Chad and his team are fantastic!
Chad and his team assisted me with the financing of my condo. Every member of Chad’s team was extremely professional, highly competent, super responsive, and friendly. They realize that financing a home can be a stressful experience and they do their best to alleviate that stress by keeping you in the loop on everything. They were great about giving me frequent updates on the status of my application. In addition, they happily answered my questions. At one point, when I felt like I was pestering Chad with questions, his response was a friendly, “keep them coming!” And he meant it!!! Likewise, Maria and Karina were just a pleasure to work with as well! This team is like a fine-tuned machine. Thank you so much for all of your help!!!
As a first time home buyer, I wasn’t sure what to really expect, but Chad and his team made the process very clear and easy. Once the process was over, they didn’t just vanish either. They kept in touch and looked for opportunities that may benefit me. A couple years later, they found me a great refinance opportunity that saved me a lot of money! Once again, the process is long and grueling, but Chad and his team made it as painless as could be. Any barrier that I encountered, they found a quick solution to make it happen. Mortgages are a huge commitment and I wouldn’t pick any other team to help me make the right decisions.”
I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.
A very responsible and experienced professional with his highly effective team
I really enjoyed working with Chad Baker and the rest of the team. This was our first time buying a home in California and we started with unnecessary assumptions based on our previous experience as home-owners in a different state. Chad and his team were available throughout the whole process, explaining the state differences, answering all our phone calls and emails quickly and directly, and providing detailed weekly status reports so that all parties including agents knew exactly where we were in the process. Chad was very experienced and provided customized loan products for us to consider, which definitely facilitated our transaction. I recommend the Chad Baker team! ”
I HIGHLY recommend Chad and his team.
Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends.I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”
Excellent service!. Recently purchased a property in Northern San Diego County. Chad and his team were recommended to me to check out. The rate he acquired was a full point & a half better than the Broker I have been using for years. His team was exceptional and did great follow through. Definitely 5 star service!”
Excellent customer service – highly recommended!. I was referred to Chad by one of my friend. During our initial meeting, Chad walked me through the lending process and provided multiple ideas to start the home search. He got me pre-approved in couple of days. After looking for months, we finally liked a house but it was over our budget. He came up with an intelligent financing strategy and provided an excellent rate that let us purchase our new house. Chad and his team are patient, professional and always available – literally 7 days a week, 24×7. I can’t remember the last company I worked with that returned calls and emails in such a timely manner! I will happily recommend him to others.”
“Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends. I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”
“We signed all our papers yesterday afternoon. I wanted to thank each one of you for all your hard work and tenacity in making this happen for Michelle and I. This is by far the easiest closing we have been through. All thanks to you all. You all the best at what you do. No other group works like this together. Again, thank you all, from Michelle and I, we will be forever grateful. Absolutely the best team I have ever dealt with. From beginning to end, the customer service provided was beyond reproach. Everyone gave us their personal attention and that made it so easy.”
“Thank you for all the hard work (even on weekends!) you and your team have devoted to seeing this through in a very efficient manner. It’s been an easy process for me and, you and your team have been a delight to work with.”
“Chad and his entire team were over the top amazing, professional, and attentive throughout the entire home loan/buying process. I could not have asked for a better team to have on my side through what could be one of the most challenging and stressful processes one experiences. From the first conversation I had with Chad, I felt comfortable with him. He helped guide us through the process without ever once making us feel uneasy, unimportant, or uninformed. I never felt silly or stupid for asking the same questions over and over until I fully understood what we were getting into, or until something made total sense to me. The home loan world is fast paced, overwhelming, and confusing, and Chad and his team held our hands and helped us to feel comfortable and confident about our choices. He and his team were always there for us day or evenings, weekdays, or weekend and never made you feel like you were a bother if you had a burning question you had to get answered at 8pm Saturday night. I will use them again and again, and suggest them to any friend, family, or acquaintance. Seriously, they are rock stars. They work hard for you to get you into your dream home, we could not be happier with their hard work, dedication, and kindness.”
I highly recommend Chad Baker. He does a phenomenal job and won’t trauma you or your clients. He has a whole team that works on the loans. And all the team members are great. He has a person that can translate for your clients that are Chinese. He is as good of a loan officer as you are an agent, and that is what you want when referring clients to a lender.
“We’re loving our new place and we’re very pleased with how smoothly everything went through closing. Thanks for keeping us up to date on the possibility of refinancing at a lower rate; we trust your judgement as far as waiting until the rate is around 5% lower before we refinance. We’re very interested in pursuing that if rates drop to that level. Thanks so much for all your help and personal attention!”
“Chad, it was a pleasure working with you. Your loan was smooth, speedy, and we were kept well informed. I will make sure to prioritize offers where you are the loan officer as I know they run smoothly.”