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OpenGate Lending Blog

OpenGate Lending funds loans FAST - and we mean SUPER FAST!

Published by Zack on January 5, 2013 @ 17:10 in Case Studies

A client of ours heard our advertisement on the radio and gave us a call. He told us he what he was trying to do regarding refinancing and he even sent us an email from a major bank that he was getting a quote from.

Take a look at the email below (borrower and bank information has been removed) for their privacy. The bank was telling him it would take 45 - 60 days to close on a home equity line of credit and a refinance transaction could take between 5 - 6 months to close! Let's repeat that... 5 - 6 months to close!

Open Gate Lending has funded loans in as little as 15 business days! NOT 5 - 6 months. Many consumers unfortunately confuse their friendly relationship with their local bank tellers with the reason why they should let their bank refinance their mortgage. But you have to remember a bank processes and functions a variety of transactions (from checking accounts, retirement accounts, cd's, mortgage, etc.) OpenGate Lending ONLY focuses on mortgage transactions - that's what we specialize in. Why be good at a hundred different things when you can be GREAT at 1 specific thing! That's Open Gate Lending's motto - our loans fund in as little as 15 business days.

Remember, just because you have a checking or savings account with a bank doesn't mean you should refinance with them. Also keep in mind that friendly relationship you have with your local bank teller is great, but more than likely they aren't the one processing your mortgage. So let you bank process your paycheck and let OpenGate Lending help you refinance or purchase your property.

But don't take our word for it. See the proof in the email from our client below. Then call us for a free consultation at 1.800.248.1176 to see how much we could possibly save you monthly on your mortgage.

OpenGate Lending funds loans FAST - and we mean SUPER FAST!

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Is a no closing cost mortgage the right option for you?

Published by Zack on December 5, 2012 @ 15:53 in

First and foremost OpenGate Lending has no closing cost loans. But a no closing cost loan isn't right for everyone. Let's explain. Instead of paying thousands of dollars in upfront fees associated with their loan many consumers are electing to wrap those fees into their home loan - essentially this meaning a higher interest rate over the life of the loan. If you don't have the upfront cash to pay those upfront fees to keep your rate as low as possible a no closing cost loan may be your best option. Also if you don't plan on staying in your home for more than 5 years again a no closing cost loan is likely the best and most least expensive route to take. Lastly a no closing cost can be a good option if you are looking for a cash out refinance where you are making home improvements. This is because typically the rate even with the fees included in your loan will still be far better than if a consumer was going to bank to get a small home equity loan or personal loan where the rates can be much higher.

If you're going to stay in your home for over 5 years this is typically the breaking point of when paying the upfront fees and not doing a no closing cost loan makes sense. Because typically once you have reached the five year mark you have recouped the cost of doing the loan and paying the fees upfront. In a no closing cost loan those fees are built into the rate and cover the life of the loan; costing you far more.

OpenGate Lending wants every consumer to have the right loan for them and their specific financial situation. Knowledge is power and we like well educated borrowers. Call today to learn more on whether or not a no closing cost loan is or isn't right for you. The consultation is free and we would be happy to let know you know how much we could possibly save you. Call 800.248.1176.

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What's the difference between Interest Rate and APR?

Published by Zack on November 23, 2012 @ 18:36 in

Have you heard ads advertising interest rates and APR? Many companies advertise this, including Open Gate Lending. It's part of our business to inform our clients of the interest rates and APR on a variety of loan products. Let's talk about each so you have a clear understanding how each one is calculated.

Interest Rate is the percentage of the loan amount that is charged when you borrow money. For example, you borrow $300,000 and your lender charges you a 3.50% interest rate on that money borrowed. An APR (Annual Percentage Rate) is the calculated rate that not only includes the percentage of interest charged to you for borrowing the money but the fees are also included in this percentage for the cost of doing the loan. APR is the lender fees required to finance the loan put into the interest rate. It is simply amortized over the life of the term of your loan; whether you chose a 30 year, 20 year, 15 year or 10 year fixed rate loan.

Mortgage speak doesn't have to be complicated - talk to an OpenGate Lending loan officer to see if you qualify for a 3.125% interest rate, 3.366% APR on a 30 year fixed rate loan today!

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Executives of Companies are in support of the Government Cutting the Deficit - But what about your own debt?

Published by Zack on October 25, 2012 @ 15:06 in Opinions

80 Major Companies in the US released a statement telling Congress to get the federal deficit under control. But what about your debt? Many U.S. consumers have their own debt to worry about such as a mortgage, credit cards, student loans, personal loans, auto loans, the list goes on. But many consumers are capitalizing on the real estate market right now. Rates are at all time lows so not only are consumers getting their mortgage payments reduced by refinancing, they are also using their equity to pay off high interest compounding credit card debt and personal loans as well.

Even if you are upside on your home (meaning you owe more than you home is worth) give OpenGate Lending a call today 800 248 1176. There are government programs specifically designed for consumers facing this mortgage scenario - meaning if you qualify you may have your rate significantly reduced. Who couldn't use more savings these days?

http://online.wsj.com/article/SB10001424052970204076204578078560907325012.html?mod=WSJ_hpp_LEFTTopStories

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What do our Presidential Candidates stand for when it comes to the housing market?

Published by Zack on October 12, 2012 @ 16:20 in Opinions

Okay, soon enough we will be going to vote for our next President. Have you decided who you are voting for yet? Open Gate Lending found this informative article about the positions both candidates take when it comes to the mortgage and housing sector. Remember too those brave men and women who fight every day in our military for the right for us to have these freedoms - regardless of who you choose; honor them by taking the time to vote.

http://ires-net.com/2012/10/01/presidential-candidates-differ-on-realtor-issues/

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Open Gate Lending thinks Biweekly Payment Plan option a smart choice

Published by Zack on October 3, 2012 @ 14:58 in Mortgage News

Most of us have heard about loan products that give you the ability to make biweekly payments on your mortgage. So what's the advantage? Open Gate Lending will let the math do the talking. See how much you can save in interest and how much sooner you can pay off your mortgage. Assume you have a $250,000 loan amount with a 6.25% interest rate for 30 years. By making that 1 extra monthly mortgage payment per year look at the savings:

For the given values:

- Principal = $ 250000 
- Interest Rate = 6.25 % 
- Term = 30 years

Amortization Comparison

 

Principal Remaining

Year

Monthly

Biweekly

1

247,070.51

245,531.22

2

243,952.59

240,775.00

3

240,634.12

235,712.84

4

237,102.20

230,325.09

5

233,343.10

224,590.78

6

229,342.21

218,487.63

7

225,083.98

211,991.91

8

220,551.84

205,078.38

9

215,728.20

197,720.16

10

210,594.28

189,888.64

11

205,130.15

181,553.39

12

199,314.55

172,682.00

13

193,124.88

163,239.98

14

186,537.08

153,190.64

15

179,525.54

142,494.90

16

172,063.00

131,111.20

17

164,120.46

118,995.27

18

155,667.05

106,100.03

19

146,669.89

92,375.34

20

137,094.02

77,767.85

21

126,902.21

62,220.78

22

116,054.85

45,673.70

23

104,509.77

28,062.28

24

92,222.08

9,318.06

25

79,144.03

0.00

26

65,224.78

0.00

27

50,410.21

0.00

28

34,642.74

0.00

29

17,861.09

0.00

30

-0.00

0.00

You could pay off your mortgage 5 years early! 5 years! Look at all the interest too you are saving by making that extra payment. Now keep in mind if you didn't chose a biweekly payment option when you refinanced your home or purchased your property be careful about being lured in by offers that charge you huge upfront fees to switch over to this option. You don't have to do that. All you have to do is simply make 1 extra monthly mortgage payment per year. That's it. So if your mortgage payment was $2,000 a month - you need to add $167.00 in principal to your monthly mortgage payment each month for a year to have the same desired effect as a biweekly payment option. Obviously we all like convenience of the payment being drafted and such; but if you have to pay hundreds in upfront fees think about how many payments that equals to! You can do it - it's not that difficult. To learn more about bi-weekly payment plan options and if you're looking to refinance your home to a super low rate - give Open Gate Lending a call today at 800 248 1176.

Check out our free online calculators as well - see how much a biweekly payment option can save you: calculators.html

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So what's the difference between OpenGate Lending and your bank? A lot!

Published by Zack on September 28, 2012 @ 17:09 in
  1. Why wait in line when all you have to do is pick up the phone to speak to a loan officer at OpenGate at 800 248 1176. The consultation is always 100% free.
  2. You don't have schedule an appointment to speak to a representative regarding your home loan (compared to many banks). Call 800 248 1176 so we can assist you right away.
  3. OpenGate Lending only has 1 centralized branch compared to your bank that has hundreds if not thousands of branches. Who do you think pays for all that overhead? That's right you do! Almost everything can be done over the phone. The more we save - the more savings we can pass to our clients.
  4. Isn't my bank going to give me better service? Most likely not. A bank does checking, savings, investment plans, etc. OpenGate Lending specializes in one specific product - home loans. Why be good at a whole bunch of things when you can be EXCELLENT at just one! Just because you have a checking account with your bank doesn't mean they should earn your mortgage business.
  5. Speak to one person start to finish with your loan here at OpenGate Lending. Why have your file transferred from one department to the next like many banks do. After you call in to OpenGate our phone routing system should always forward you directly to your representative. We make it that easy.

These are just a few example of why you should go with OpenGate Lending rather than your bank. Discover true customer service and how home loans should be done by calling OpenGate Lending at 800 248 1176.

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