RockBottom Mortgage Philosophy
RockBottom Mortgage™ was created to offer consumers the lowest rates with the lowest fees as a substitute for the higher priced commission-based companies in the industry. Other commission-based structures are typically encouraged to sell higher interest rates and/or higher fees in order to increase their income and ultimately cost consumers thousands more in interest and/or fees. At RockBottom Mortgage™ WE DO THE OPPOSITE as our business is Bringing You Home for Less™.
Many if not all retail banks and mortgage companies post interest rates for their loan representative (Loan Officers) to sell to consumers at already inflated prices as they need to retain profits in the form of Yield Spread Premium (YSP - this is a percent of the loan amount that increases at the interest rate increases) to cover their high overhead. Furthermore, the loan representative (Loan Officer) has to either sell you (the Borrower) an even higher interest rate (in order to make higher YSP) or charge you higher fees so they can make their percent commission of that total amount. WE DO THE OPPOSITE.
Our approach is straight forward and transparent. WE EARN A FLAT FEE PER LOAN. This FIXED AMOUNT is the SAME for EVERYONE. We are paid by the bank just like all other companies through YSP. After our flat fee is deducted from the YSP, you (the BORROWER) are given the difference as a closing cost credit to pay for some or ALL of your third-party fees (Lender, Appraisal and Title Fees). WE DO NOT CHARGE ANY OTHER FEES. There is NO application fee. There is NO credit report fee.