Our firm now offers loans through Attorneys' Mortgage Services (AMS) at interest rates substantially lower than most products available through banks or mortgage brokers.

Our clients may benefit from the counsel of one of our Mortgage Attorneys in several ways:

Understanding

Disclosure is not the same as understanding.  When applying for a mortgage loan, the government requires the lender provide a number of legal documents to insure the borrowers understand the different options and costs.  The large number of documents contain terms like APRs and Yield Spread Premiums (YSP) and make the process all but impossible to understand, benefiting the loan officer.  One of our Mortgage Attorneys will explain these terms in order to educate you throughout the mortgage process.

Representation

Loan officers do not represent the borrower's best interest.  Loan officers are independent contractors and do not have the duty to protect consumers.  As a result, the client is often overcharged or forced to pay a higher interest rate than necessary. When a client retains our firm our Mortgage Attorneys legally represent the borrower and we are required to put the client's interests first.  You gain protection, peace of mind and counsel that you can TRUST.

Commission Free Advice

Borrowers traditionally look to the loan officer to guide them through the mortgage transaction.  However, most Consumers are unaware of the variety of loan programs and that different loan programs pay varying amounts of commission to the loan officer.  Many times the advice Borrowers receive is based upon the commission paid to the loan officer. A Mortgage Attorney cannot receive any monies, including commissions, from the lender.  Advice is based solely upon the client's best interests.

Cost

Even the savviest Consumer is unacquainted with the true cost of a mortgage.   Loan officers earn extra fees by "selling" the loan to the Borrower at an interest rate higher than necessary.  These extra fees are called the Yield Spread Premium and can average between $1,000 and $2,500 per mortgage transaction.  The lender (or broker) receives the Yield Spread Premium after closing, and the Borrower is usually unaware this transaction takes place. By contrast, a Mortgage Attorney returns the financial control to the client.  With the benefit of counsel, Borrowers can make an informed decision regarding their money.  They can either apply the Yield Spread Premium to closing costs or use the YSP to receive a lower interest rate. If you have any questions, please contact our office or schedule an appointment. If you would like to apply for an AMS mortgage, please contact our office and we will send you an AMS Referral Application. Many people believe it is not necessary to use an attorney in a real estate purchase. Buyers often mistakenly believe that because they will receive title insurance their interests are protected. Those who do not use attorneys in real estate transactions generally tell us that either they did not realize that there was any benefit in using an attorney, or they were convinced by a friend or real estate agent that it simply was not necessary.  For a free consultation mention that you viewed this information on the Garcia Law Offices Mortgage Law web page.