TILA Mortgage is unique in that it offers two distinct closing cost options for our clients to choose from. We look forward to the opportunity to discuss the benefits of each with you.
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No Points** - The borrower pays no points to buy the interest rate down. The revenue earned by TILA is paid by the lender in the form of a Yield Spread Premium (YSP). YSP is a commission paid to TILA Mortgage by the lender as a result of the borrower choosing an interest rate that is higher than what he would otherwise qualify for by paying points to buy the rate down. space space space space space space space space space space space
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With Points - The borrower opts to pay points in order to buy the interest rate down. The lender pays no commission to TILA Mortgage under this option. As a result TILA Mortgage's compensation for its loan origination services is derived entirely from the borrower in the form of a broker fee. If you intend to live in your home for more than 8 to 10 years and do not anticipate a need to refinance during this period then this option generally provides the lowest Annual Percentage Rate*** and offers the potential of saving you the most money in interest charges.
**Points are fees paid by the borrower to the lender to obtain a lower interest rate. A point is equal to 1%, or a fraction of, the loan amount. Therefore; 1 point on a $250,000 equates to $2,500 in added closing cost.
***Annual Percentage Rate is the effective cost of credit expressed as a percentage rate. The annual percentage rate is the finance charge the borrower actually pays, including loan interest, points, and origination fees.
We look forward to providing you the information you need to make the best decision regarding your home financing. Our number one goal is to save you money while completing your loan in an efficient and timely manner. If we can achieve that we know we will have gained another satisfied client who will refer friends and family to us. Please read About Us to learn how TILA Mortgage is different from all other mortgage companies
Restrictions apply, including credit scores and debt ratios; not all borrowers will qualify; requires lender approval. No closing costs option generally available only for fixed rate mortgages of $200,000 and above. Rates will vary due to credit score, cash-out loan, waiving impounds, documentation type, etc. and a lower APR may be available if closing costs are paid. The "effective" interest rate is the Freddie Mac reported interest rate adjusted by excluding the quoted buy-down points. (i.e. 6.375% with .5 points has an effective interest rate of approximately 6.5% without the buy down points)
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To speak to a mortgage counselor please call:
(206) 766-8888 or (877) 777-8452
981 Powell Ave SW - Suite 100 - Renton, WA 98057 ( Map )
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***** Locally Owned and Operated! State Licensed and Bonded *****
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Buying a Home **?
TILA Real Estate will Rebate up to
50% of the Commission paid by the Seller to YOU !
Click here to visit TILA Real Estate!
** Washington only.
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Helpful Information for Consumers
The advertisements made at this website are applicable only within
Washington State under "TILA Mortgage" License # 510-MB-26333 and
Oregon State under "TILA Mortgage, Inc." License # ML-4804