RP Funding?
 

Hi, Looking for pre-approval for new loan before I buy a house. Saw ads for this biz which seem to good to be true. Has anyone used them? Did not find any complaints on the BBB site. Thanks!

It's true...kind of. RP Funding and Robert Palmer spend alot of money on advertising and their spiel is "we will pay your closing costs". And that part is mostly true. There are some costs if I remember correctly cannot be paid for by anyone but the borrower. Other points and closing costs can be paid by just about anyone.
RP will pay what costs they can, BUT your interest rate will be 1/2 to 3/4 % higher that the going rate. They will get their closing costs back and much more during the course of the loan. Their salespeople are slick and well trained. And now, RP has their own Real Estate sales company.... I would run very fast and very far from this group if it were me. There is No deal to be had there. Good Luck.

Thank you so much!

You're welcome. You are wise to get pre approved, essentially you are a cash buyer in the eyes of a seller. If you are looking local, in The Villages, I can't think of any reason not to use Citizens First.

OP, if you are buying a NEW house, talk to a sales agent, as i recall there is a 30 day period to complete the transaction, and if that is exceeded, there are penalties. As noted above we also used Citizens First, they were easily able to make the 30 day requirement, and the process went very smoothly and we got a very good rate on the mortgage.

We are in the process of closing. Start to finish about 30 days.

NRL Mortgage
Brian Murray Drislane
518-522-6622
brian.drislane@nrlmortgage.com

They are legit, but ask yourself a question. Why would any company offer to pay all closing costs? The reason is that they want your business, but you are going to pay a higher interest rate to make up for the closing costs. Nothing is free, my friend! If you do not have the $$$ to pay the closing costs, it is a good deal. If you have the $$$ to pay the closing costs, you will most likely qualify for a lower interest rate elsewhere.

I used Suncoast Credit Union. Largest CU in FL

VyStar credit union
 

VyStar will pay borrower closing costs up to a maximum amount of $5,000 excluding origination fee, discount points, private mortgage insurance, prepaid interest or funds to establish the borrower’s escrow account. If the borrower pays off the mortgage within the first 36 months, they will be required to reimburse VyStar for a portion of the closing costs paid by VyStar.

I've heard all of RP Funding commercials. It's a great deal if they pay the costs but you need to know what rate you qualify for at other lenders.
If they can match the lowest rate of your approval AND pay those aforementioned costs?, then that's a hell of a deal.
RP Funding must be doing something right to advertise as much as they do.
And the best part of your quandary is that it's ALL math. No one can lie to you if you know how to add 2+2.
"RP, here's the costs, will you pay them?"
"RP here's the rate, will you match it?"

Simple as that!

The mortgage brokerage business is one where you should use a heavy dose of "Caveat Emptor" I worked for community banks for over 40 years and would suggest that you contact one of them before doing anything with a brokerage operation.

Mortgage
 

I used RP Funding a few years ago, found them to be professional, fast and did pay the closing costs they said they would

If it sounds too good to be true , it probably is !!!

There is no free lunch anywhere.... ;)

Hmm the last house i bought in the villages was approved in 20 minutes as i sat outside at a restaurent eating a burger. Citizen first.