Contact

Frequently Asked Questions

Find answers to common questions about our fees, the value of our services, the loan process,
and how we can help secure your financial future.

Explore Loan Options
Schedule a Consultation
Who Is Common Cents Lending?

Common Cents Lending is an experienced and professional mortgage broker. Mortgage brokers have a specific license that allows them to shop multiple wholesale lenders on your behalf, and choose a lender based on the most attractive loan terms for the client. Common Cents Lending does not steer clients towards one lender over the other. We are searching for your “perfect deal”, and working hard to earn your trust and referrals. We will present you with multiple loan options, and explain each in depth. The benefit of hiring a broker is having CHOICES without filling out multiple loan applications with multiple lenders. So you can skip the headache and the 17 credit checks. Let us do the leg work for you!

For Traditional & Non-Traditional Loans
Nothing! Common Cents Lending does not charge any upfront fees, lender fees, processing fees, origination fees, points, etc. Yes, you are reading that correctly. Our service costs you nothing. How is that possible? First of all, we aren’t outsourcing labor or “handing you off” to an expensive loan processor. We roll up our sleeves and handle your entire loan from start to finish. This saves you numerous fees up front. In addition, the wholesale lenders we do business with pay us a flat “finder’s fee” after your loan closes. Since wholesale lenders don’t spend thousands of dollars on advertising, marketing, billboards, and brick and mortar locations, they have less overhead than retail mortgage lenders, which allows them to offer lower rates and zero fees. Instead of paying for marketing, they pay finder’s fees to professional brokers like Common Cents Lending. So just to recap, you do not pay money out of pocket for our services.

For Commercial Loans
Commercial lenders generally do not pay brokers anything in the way of a finder’s fee. This is common practice with commercial lenders and commercial loans. Clients seeking commercial loans will pay a broker fee as part of their closing costs, 99% of the time. Our broker fee will be based on the complexity and time involved with your loan file, as well as your established history with Common Cents Lending. Please ask us about commercial loan fees during your initial consultation. Don’t worry, we are very competitive!

Yes, we are available on some evenings and weekends. This is by appointment only. If you have an unorthodox or challenging work schedule, we are happy to accommodate you by scheduling your initial consultation or visual presentation, for an evening or weekend that works best for you. We understand our clients lead busy, demanding lives, and we do our best to work around their life by pre-scheduling appointments in advance.

Well first of all, brokers like Common Cents Lending do not get paid based on your interest rate. That is illegal. Interest rates are calculated based on all the risk factors within your loan file, such as credit score, credit history, amount of savings (reserves), debt ratio (your gross monthly income vs. your monthly debt payments), loan to value (how much of the home value are you trying to borrow), and the list goes on. There are at least 17 different factors that will contribute to the calculation of your specific interest rate for your specific loan. And we intend to show you what that looks like, during your visual presentation. Again, the benefit of using a broker, is having someone shop for the best deal, on your behalf. Common Cents Lending can shop rates across 40 different wholesale lenders, to make sure you are getting the lowest interest rate possible, for your unique financial situation. And the best part is, if we know there are some minor things we can move or change within your situation, to get you a BETTER interest rate and BETTER loan terms, we are going to share that with you, and help you accomplish it! #Strategy

YES! There are loan options available for less than perfect credit. Some government loan programs allow for as low as a 520 credit score, depending on other factors. This is a great reason to have an initial consultation with Rhea, about your personal situation. Rhea has closed many loans for clients with 520 credit scores, and recent derogatory credit history, as an example. But the devil is in the details, as we say here in mortgage world. So, circumstances do matter. Schedule a call with Rhea to discuss your situation. Judgment free zone! 😊 We can even help you with credit repair, if that’s the direction we need to go. We have your back!

YES! As a matter of fact, we SPECIALIZE in self-employed borrowers. Rhea has tremendous experience getting iron-clad loan approvals for entrepreneurs, and business owners. Not all mortgage lenders are skilled at structuring a loan for a self-employed borrower, as it can be very challenging, and requires a high level of experience. Often, getting a loan approval as a self-employed individual involves writing background history on the company, supplying cover letters to the underwriter, uploading multiple financial statements, etc. Rhea simplifies this process for you, and completes all the “hard work” on your behalf. Yet another benefit of hiring an experienced mortgage broker.

A loan process will typically take 30 days from start to finish, for most clients purchasing a property. However, Common Cents Lending is known for closing loans in 2 weeks or less. We do it all the time! This can be a huge advantage when you are in a time crunch, on a deadline, or need to be more competitive when making offers for homes in a competitive market. Some loan programs, such as renovation loans, and construction loans, can take up to 45 days depending on the parties involved, such as the contractor, the inspector, the appraiser, etc. Schedule your initial consultation today, to find out how fast we can close YOUR loan!

Closing costs are all the third-party fees associated with purchasing a home. Closing costs typically include: Title fees, attorney fees, property taxes that are due in the near future, home owner’s insurance premiums, inspection fees, appraisal fees, HOA sign up and transfer fees, document fees, and recording fees with the county. Closing costs are completely separate from your down payment, and are another out of pocket cost, when purchasing a home. The majority of these fees are determined by the third parties that are involved in your home purchase, NOT your lender. Your lender is only required to ESTIMATE those fees (erring towards the worst-case scenario), and provide you with a ballpark estimate of what they believe those fees may be, at the beginning of the loan process. But the reality is, those fees won’t be precise and recorded accurately until the end of your loan process. That is true of all mortgage loans, and all lenders.

Helpful Hint: In the state of North Carolina, you can usually estimate your own closing costs by calculating 3% of the purchase price of the home. That is typically where your closing costs will arrive at, if not less. For example, if you are purchasing a $400,000 home, 3% of $400,000 is $12,000. We know your closing costs will be $12,000 or less, using the 3% calculation method.
Important To Note: The only closing costs a lender can and will influence, are lender fees, and points associated with your interest rate. All other fees will be the same at the end of the loan process, no matter which lender you choose. The lender does not determine your total closing costs

The amount of money you will need to put down on your new home will depend on several factors, including your loan program, whether or not you already own a home, how you intend to use the home, your credit score, and a few other factors. Most loan programs require no more than 5% down on a primary residence, 10% on a secondary residence, and 20% on an investment property. But there are exceptions to those scenarios as well. For a detailed explanation of how much money you need for a down payment, please schedule your initial consultation with Rhea. Remember, it doesn’t cost you anything, and there is no obligation!

YES! We do have down payment assistance programs available at Common Cents Lending. We like to discuss the financial implications of these programs in length with our clients, before deciding on that path. Down payment assistance has some myth and urban legen floating around it. Many home buyers believe down payment assistance is “free money” or a “government grant”. Unfortunately, that is not the case. Down payment assistance programs often come with inflated interest rates, high monthly payments, and restrictions on refinancing the home, in order to lower those monthly payments. Some down payment assistance programs require the money be “paid back” within a certain time frame, which can be burdensome to first-time home buyers. It’s incredibly important to have all the up to date and accurate information about down payment assistance, and what it ACTUALLY costs you. Many times, there are cheaper and better alternatives to these programs. When you work with Common Cents Lending, we will give you the real scoop on down payment assistance programs, and evaluate whether or not they make sense for your family.

Here is yet another urban legend floating around out there in the mortgage space. Many home buyers believe there are special perks and special loan programs designed to assist first-time home buyers. Unfortunately, that is simply not true. There is actually no such thing as a “first- time home buyer program”. It doesn’t exist. Many lenders use this tag line as an advertising or marketing gimmick. It’s designed to reel in prospective home buyers, believing they are getting a “special deal” as a first-time home buyer. The truth is, the only “first-time home buyer” perks being offered by the federal mortgage agencies, are based solely on income level. That acceptable income level is determined by your zip code and county. But for example, in Mecklenberg County, NC, if you make more than 87k per year, you are not eligible for any “first time home buyer perks”. You are automatically disqualified from a discounted interest rate or discounted mortgage insurance, because you make more than the median income for that specific area. Okay, so you make too much money to participate in a “first time home buyer” program. Does that mean you are getting a raw deal? Absolutely not!!! You can still get a fantastic interest rate and discounted mortgage insurance when you work with an experienced broker like Common Cents Lending. Don’t buy into the hype surrounding “first-time home buyer programs”. Because that’s all it is. It’s just HYPE. 😉

100% YES! We LOVE our Veterans, here at Common Cents Lending! Rhea Bryson is a certified VA Loan Specialist, and she also grew up in a military family. Most of Rhea’s childhood was spent living on military bases in Texas, and the Midwest. Both of Rhea’s parents are Veterans, and she is so thrilled to be able to serve the brave men and women who served our country. We give special discounts to Veterans. Please contact us to learn more!

We do! We also offer HELOANS, which are fixed rate closed ended loans, as compared to HELOCS, which are open ended loans that operate more like a credit card. We can help you decide which option is right for you. But if you are looking to borrow some of the equity in your home, we can help!

Every borrower wants to know how to avoid paying mortgage insurance. But first, let’s talk about what mortgage insurance actually is, and how much it actually costs. Mortgage insurance is insurance that protects the lender, in the event that you stop making your monthly mortgage payments, and default on your loan. The lender takes out an insurance policy that allows them to recoup any losses, stemming from your missed payments or any costs associated with you defaulting on the loan. So as you can imagine, things like credit scores and down payment amounts can affect the amount of monthly mortgage insurance you are required to pay. Mortgage insurance is most commonly associated with conventional loans and FHA loans. FHA loans calculate the same amount of monthly mortgage insurance for all borrowers, no matter their down payment or credit score. It is simply a flat calculation for all FHA loans, and all borrowers. Even if you are able to put down 20% with an FHA loan, you will still pay the same amount of monthly mortgage insurance as someone else who only put down the minimum 3.5% required. The good news is, you don’t have to worry about your down payment amount or credit score affecting your monthly mortgage insurance amount, if you are using an FHA loan. The bad news is, if you have perfect credit and a larger down payment, you aren’t getting any discounts under FHA.

That’s where conventional loans come in! Conventional loans will calculate monthly mortgage insurance based heavily on credit score first, and down payment amount second. Many borrowers assume monthly mortgage insurance is “extremely expensive”, but that is just another urban legend in the mortgage space. A borrower using a conventional loan, with a 720 credit score and a 5% down payment, on a $400,000 house, will most likely pay $60 – $70 per month in monthly mortgage insurance, for approximately 3-5 years. When your total monthly mortgage payment is $2,600 per month, for example, does $60 per month in mortgage insurance sound unreasonable to you? Not really! Pretty inexpensive! 😉 In addition, some traditional AND non-traditional loan programs don’t have monthly mortgage insurance at all! Moral of the story? Don’t stress about monthly mortgage insurance! It’s not a crushing financial burden, and it can even be avoided altogether in some situations. Contact us to learn more!

Absolutely! I have plenty of lenders who offer loans on manufactured and modular homes. Important To Note: To be considered a primary residence eligible for a traditional mortgage loan, a manufactured home should be affixed to a permanent foundation, and should be newer than 1976. Contact Rhea for more information about financing your manufactured or modular home!

YES! There are a multitude of different ways to finance the upcoming renovations on your home. Which option is best for you, will depend on the scale of the renovations, the cost, the length of time they will take, how much you owe on your current mortgage, etc. But not to worry, we have OPTIONS! Schedule a consult with Rhea today, to find out which option is best for your upcoming renovation.

Unless there is a construction loan being used to purchase the land, and construction will begin shortly, then the answer is no. We do not have land loan programs in house. But we DO have great referral partners that finance raw land, and we would be happy to connect you with them!

We would love to refinance your mortgage! Refinances are generally fast, easy, painless, and incur no out of pocket expenses. If you are looking to save money on your monthly mortgage payment, and want a hassle-free loan process, please schedule a consultation with us today, to learn more!

Gosh, we could probably fill an entire 400-page binder with that list of benefits! 😉 But let’s settle for a few main bullet points.

  • Our Level Of Experience = Easiest Loan Process You’ve Ever Had!
  • Low, competitive interest rates – We shop for the best deal
  • No lender or broker fees – Save $$ on closing costs
  • More loan options to choose from – Which loan suits you best? 
  • White glove service – Old school customer service, start to finish
  • A comprehensive mortgage education – Get the real scoop
  • Multiple In-depth consultations – Know your loan inside and out before it even begins!
  • A+ Rated with the Better Business Bureau – Trusted business
  • 5-Star client reviews across the board – Our clients love us!
  • Lender for Life – We are here even after your loan closes

    In other words, WE ARE ALL AROUND AWESOME! 😊