Welcome to the Integra Mortgage and Investment

As a True Mortgage Broker (unlike Banks or Lenders) we strive to offer each customer a unique tailored solutions with the best combination of rates and program features for their own unique individual situation. Often that means solving specific issues both known and unknown, (credit, title, debt, tax returns, etc...) to dramatically improve the final options available to you. We have worked with literally hundreds of different sources of funding over the past 40 years, each having different rates, different requirements, and options... Just as no two borrowers are the same, their BEST options are also different.   

For Example:
We can Pay all of your closing costs...
Closing cost credit are always available... 
Expected 'Duration' affects your yield and costs...

Closing cost YSP $$ credits to YOU are always available... 
We can structure the loan amortization for any term (i.e. 23 years)...
a $30 credit rescoring could save you $3,000 in closing costs!...
2nd 'Combo-loans' are often cheaper and better then Mortgage Insurance...
Mortgage Insurance can be structured over 10 different ways all with different costs...

Call Us to Understand Your Options and the Benefits of our Solutions!

Special Loans to pay Closing and Insurance costs are available in conjunction with certain programs.

* Special Portfolio Programs are Available on a Restricted Basis *

Loan Programs & Rates "SAMPLE" List:

Current posted rates are in effect as of 01/30/2014 10:26:25 AM Central Time.

5 year Fixed ARM / 30 years
RatePointsAPRLock Days
The APR is calculated using a loan amount of $275,000 and these typical fees.

15 Year Fixed Conforming
RatePointsAPRLock Days
The APR is calculated using a loan amount of $275,000 and these typical fees.

30 Year Fixed Conforming
RatePointsAPRLock Days
The APR is calculated using a loan amount of $275,000 and these typical fees.


Call Us Today to discuss the Financing Solutions we have to offer!

Buy-ups and Buy-downs

Most lenders' rate sheets are structured with 0.125% increments between actual note rates.  For any given RATE there is a COST associated.  It's important to note that a cost can be negative or positive.  This means that some rates with enough "negative cost" allow us to pay some or all of the borrowers' closing costs.  It is almost always the case that higher rates equate with lower costs.  In other words, a borrower may have to pay their own closing costs in one rate quote, whereas we could cover a portion of the closing costs in a quote that was .125-.250% higher.

Conversely, borrowers can opt to pay additional up front costs in order to BUY DOWN the rate.  Dependent upon the cost differential, this may or may not be advisable relative to the borrowers' personal preferences as well as the economic logic and break-even time required for paying the extra costs at closing (instead of paying more interest over time).  In other words, paying more up front means that you'd need to keep a loan for a particular period of time in order to save enough in terms of your financial analysis to break even on the additional up front expense. 

These buy-ups and buy-downs (costs to move higher or lower in rate) can vary greatly from rate to rate, and from lender to lender.  For example, on a $200,000 loan, it may only cost $800 to move to the next .125% lower in rate whereas the next .125% could cost $1600.

Every situation needs to be looked at individually, because the true financial analysis for calculating a break-even period is different for every borrower. Comparative analysis depends upon what you are comparing something to. Is it apples to apples, or apples to oranges? That depends heavily upon real-world factors such as the individuals assets, income, jobs stability, investment philosophy, alternative investment options, and believe it or not personal psychological well being. Philosophically the more risk adverse borrowers tend not to choose to pay points to buy down the rate, when they are often exactly the borrowers who can financially benefit the most from a rate buy-down. When Purchasing a home, and paying to buy-down, there can also be certain beneficial upfront Federal Income Tax issues for borrowers who itemize their expenses (vs standard deductions) which should also be factored into the borrowers' analysis. So, even if you have a degree in finance, you need true experienced professionals with both specific and wide-ranging knowledge to help explain your options and guide you when making investment and borrowing choices.


Best-Execution: The Sweet Spot

We always strive to save our clients money and structure the best mortgage loan for their situation. The variations in the buy-ups and buy-downs create sweet spots where the combination of COST and RATE is more financially efficient at one rate vs another.  While there is some inherent degree of subjectivity in assessing this sweet spot, there are also several objective factors that help determine Best-Execution.

In general, our Best-Execution rate advertised each day will be the most efficient combination of rates and fees at a cost level that typically allows most well-priced lenders to offer a no-closing-cost (at the very least, this means no fees/points charged by the lender) quote for the most ideally qualified borrowers.  However, for your particular situation it may be slightly different dependent upon specifics.

Best-Execution Vs. Day-Over-Day Changes In Rates

Because rates are generally offered in 0.125% increments, covering a basis range of ~0.75 points in wholesale cost, it's uncommon that markets move enough during a given day to cause Best-Execution to adjust to the next eighth higher or lower in rate.  However, markets are always moving up and down subject to many different economic and political factors, and so on any given day the COSTS associated with the RATES are moving.  These floating inter-day and intra-day variations are accounted for by adjusting the points (paid or received) until the application is complete and a given program can be committed to an advance-lock for a set period of time. Locking-in is an advance commitment to hedge against the movement in mortgage bond prices and interest rate changes over a given time until the specific loan can close, fund and be delivered to the end investor. There is always a cost to hedge a locked-application against market movements, and the longer the time period requested the greater the cost. Generally a minimum of 15 or 30 day hedging cost is included in the lender costs associated with a given rate, but hedging costs fluctuate between lenders, with underlying market volatility, and certainly with time. So, determining the best execution today also include some analysis and prediction of likely or probable risk factors which will have influence over the next 15 to 60 days.

 The bottom line is that Best-Execution generally moves up or down in .125% RATE increments when all of the underlying basis costs and expectations have changed enough (generally 0.75 points) that the new Best-Execution rate becomes more efficient than the previous one. 

All About The CHANGE

In the cases of both the Best-Execution rate and the daily changes seen on the mortgage rates page, please keep in mind that there are numerous borrower-specific variables that can affect loan pricing for any given scenario.  The same best-execution will not apply to every borrower in every scenario and advertised rates are generally on the more aggressive side of the market.  They assume an ideal scenario with top tier credit qualifications and 'usual' loan factors and time.

You may have to infer that when we're talking about a .125% improvement in rates that your own starting point may have been different from our Best-Execution starting point.  Unless your scenario falls in that "best case" category.  Above all, your mortgage professional should always be able to show you several options and explain any factors in your scenario that are affecting net pricing of your loan.

On a final note, decisions around best execution are always somewhat subjective, because no one has a crystal ball 100% accurate at predicting the next 60 days, or 30 years (if we find one, then we will invite you to retire on our private island).  So when making a decision today and comparing between multiple quoted un-locked 'estimates', costs today should not be the be-all-end-all deciding factor, even if they're the most important issues for you. 

Great service, expert advice, years of experience
 and well-managed expectations are worth a lot, (that's Integra Mortgage and Investment ) but that's something we can't easily quantify as a $$ figure for you.  A smooth and timely mortgage process, best execution, good advice based in experience, and proactively resolving problems before closing can often times end up saving you more money than the lowest floating quote you can find today.  

At the end of the day, we believe you should always fully understand your options, and make a choice that you are comfortable and happy with. It's our job to manage the entire loan process, structure the best loan for your situation and achieve the best-execution possible for you... that's our promise, it's what we love to do, and it is exactly why we have 35 years worth of satisfied customers!

Current posted rates are in effect as of 01/30/2014 10:26:25 AM Central Time.

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