North Bellmore, NY -- (ReleaseWire) -- 02/26/2007 --You here it all the time, I got to the closing and all my closing costs were higher than I was promised. Homeowners feel they have no way of knowing who they can trust to help them with the largest transactions of their lives and many of them are being ripped off. That’s why they need a closing cost guarantee.
“By Law you are required to receive a Good Faith Estimate in writing from your loan officer, but in many cases the borrower is told verbally what the costs will be but never gets a Good Faith Estimate.” says Marc Savage, national mortgage finance expert, host of Your Home Your Money on AM 1440 WNYG and owner of The Money Machine a Bellmore mortgage broker. “Even if by some miracle you get a Good Faith Estimate the key word is estimate and there is no guarantee that those numbers will be accurate ”
According to Savage, most loan officers know that once you get to closing ninety five percent of all borrowers will close on their loan regardless of what the new charges are. The process just takes too long and is so emotionally stressful that most people just want it over and done with.
“That’s why I’ve developed the only closing cost guarantee in New York. When a borrower gets a Good Faith Estimate from me it comes with a written guarantee that the total costs will be accurate within $250 or I’ll give the borrower 10 crisp $100 bills”
Marc Savage is available for interviews and will welcome all your mortgage related questions.
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