Dennis Smith Of Stratis Financial
Has been a student of Duane Gomer Education since MLO education began. His company of which he is a Co-Owner has been a strong supporter of my company since in the beginning. We did a large room sold-out License Prep Class, and everyone passed, extremely rare. Love Stratis.
Dennis Does An Informative “Weekly Rate And Market Update”
His April 20 issue was excellent, and it covered a small item, but it shows his knowledge.
A client was buying a condo for $575,000 with a twenty percent down payment of $115,000. The loan would be $460,000. Dennis, as all professional State Licensed mortgage loan originators would do, recommended a down payment of $121,900, if possible, making the loan $453,100.
Why You Say?
$453,100 is the maximum conforming loan which gets lower rates than high-balance loans which start at $453,101. The payment on the conforming loan with a rate today of 4.375% would be $2,262 per month while the $460,000 would have a payment of $2,365, a difference of $1,236 per year for 30 years or as I would say in my presentation, $37,080 over the life of the loan.
Remember to see your friendly State Licensed MLO either under the BRE/DRE Department or the Department of Business Oversight. See you all in class.