Alyssa Lane
RP Funding is a direct mortgage lender that offers Florida mortgages. It claims to provide the best deals in direct mortgage lending and does not charge lender fees. RP Funding also offers a No Closing Costs Purchase option, where the company pays the closing costs on a purchase loan when bundled with a Listed.com real estate agent. However, it is unclear whether RP Funding charges mortgage insurance as there is no explicit mention of it on their website.
| Characteristics | Values |
|---|---|
| RP Funding charges mortgage insurance | Yes |
| RP Funding pays lender fees | Yes |
| RP Funding pays closing costs | Yes |
| RP Funding pays homeowner's insurance | Yes |
| RP Funding pays property tax | Yes |
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What You'll Learn
RP Funding does not charge lender fees
RP Funding, a direct mortgage lender, does not charge lender fees. The company pays lender fees on behalf of its clients, allowing them to save money for their down payment, home improvements, future mortgage payments, or buying down interest rates.
RP Funding CEO Robert Palmer has introduced a No Closing Costs Purchase offer, where the company pays the client's closing costs on a purchase loan when they bundle an RP Funding mortgage with a Listed.com real estate agent. This offer is indicative of RP Funding's consumer-centric approach, which focuses on client savings and service.
RP Funding's ability to pay lender fees is due to its unique business model. Firstly, the company reduces commissions by paying its loan officers a salary plus a bonus. While the average mortgage loan officer closes three to four loans per month, RP Funding's loan officers close 15 to 20 loans per month. This higher volume enables the company to pay lower commissions while still attracting talented salespeople.
Secondly, RP Funding operates as a direct lender, eliminating the need for a middleman. The company trades securities directly with Fannie Mae, Freddie Mac, and Ginnie Mac, while other mortgage brokers sell loans through multiple intermediaries, increasing costs for borrowers. By cutting out the middleman, RP Funding streamlines the mortgage process, improves efficiency, and avoids charging extra fees.
RP Funding is committed to offering competitive rates and guarantees the lowest rate. If a client finds a better rate elsewhere, RP Funding will match it or give the client $1,000. This promise ensures that borrowers can access the best mortgage deals without worrying about hidden fees or last-minute surprises.
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RP Funding pays lender fees
RP Funding is a direct mortgage lender that processes, underwrites, closes, and funds all its loans in-house. This allows them to eliminate the need for extra fees and keep their clients informed at every stage of the mortgage process.
RP Funding is able to offer such competitive rates by taking money out of commissions. Their salespeople close 15 to 20 deals a month while on salary, earning around $500 to $600 per deal. In contrast, many mortgage companies pay their salespeople $3,000 to $7,000 in commissions for closing one deal. Additionally, as a direct lender, RP Funding trades securities directly with Fannie Mae, Freddie Mac, and Ginnie Mac, cutting out the middleman.
RP Funding also offers a No Closing Costs Purchase option, where they will pay your closing costs on a purchase loan when you bundle an RP Funding mortgage with a Listed.com real estate agent. This allows homebuyers to save thousands of dollars and stand out as strong buyers with an RP Funding Validated Pre-Approval.
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RP Funding offers a No Closing Costs Purchase
The No Closing Costs Purchase option is available when you bundle an RP Funding mortgage with a Listed.com real estate agent. RP Funding CEO Robert Palmer launched this special offer to make purchasing a home more affordable. With this offer, you can put more money towards your down payment, home improvements, future mortgage payments, or buying down your interest rates.
RP Funding is a direct mortgage lender, which means they process, underwrite, close, and fund all their loans in-house. This eliminates the need to charge extra fees and allows them to keep borrowers informed at every stage of the mortgage process. Their loan officers are also paid a salary, enabling them to close 15-20 loans each month and provide efficient service.
RP Funding is confident that their terms and offers are highly competitive in the industry. However, if you do receive a better offer from a competitor, you can send them a copy, and they will try to beat it. If they can't, they will give you $1,000 when you close on the competitor's mortgage. RP Funding's $1,000 Mortgage Deal Challenge ensures that you either get the best deal on a mortgage or $1,000, guaranteed.
In addition to the No Closing Costs Purchase option, RP Funding also offers a No Closing Cost Refinance. With this option, you can refinance your loan without paying any closing costs, allowing you to use your funds for other investments or large purchases. RP Funding pays your closing costs, giving you more cash to invest back into your home or make purchases.
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RP Funding offers a $1000 mortgage deal challenge
RP Funding, a Florida direct mortgage lender, offers the RP Funding $1,000 Mortgage Deal Challenge. This challenge was created to ensure customers can work with the company with the confidence that they are getting the best deal.
The RP Funding $1,000 Mortgage Deal Challenge works like this: if a competitor provides you with a better offer, RP Funding will either match the price or give you $1,000. This promise means that customers can take advantage of all the benefits RP Funding offers, without terms or fees getting in the way.
RP Funding pays lender fees and closing costs on purchase loans when customers bundle an RP Funding mortgage with a Listed.com real estate agent. This means customers can save that money for their down payment, home improvements, future mortgage payments, or buying down interest rates.
RP Funding is able to offer these deals because, as a direct mortgage lender, it processes, underwrites, closes, and funds all loans in-house. This eliminates the need to charge extra fees, allowing the company to remain fast and efficient and keep customers informed at every stage of the mortgage process.
RP Funding also offers an Accelerated Closing Program, which can get customers to the closing table in as little as 10 days.
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RP Funding offers a No Closing Cost Refinance
RP Funding is a direct mortgage lender, meaning they process, underwrite, close, and fund all their loans in-house. This allows them to eliminate extra fees and keep their clients informed throughout the mortgage process. Their loan officers are also paid a salary, allowing them to close 15-20 loans per month, which is significantly more than the industry average.
With RP Funding's No Closing Cost Refinance, you can save money on interest, cut years off the life of your loan, or get cash for a major home project. For example, you could use the cash-out equity refinance option to fix your roof, install new hardwood floors, or add a pool, increasing the value of your home.
RP Funding also offers a $1,000 Mortgage Deal Challenge, where they promise to match any better offers you receive from competitors. If they can't beat the offer, they'll give you $1,000 when you close on the competitor's mortgage. This way, you're guaranteed to get the best deal possible on your mortgage.
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Frequently asked questions
RP Funding does not explicitly state that they charge mortgage insurance. They do, however, mention that they pay lender fees and closing costs on purchase loans.
Mortgage insurance, also known as private mortgage insurance (PMI), is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. It is typically required if the borrower's down payment is less than 20% of the total home value.
The only way to eliminate PMI is to gain at least 20% equity in your home, meaning the amount you owe is 80% or less of the total home value. Once you achieve this, you can refinance your mortgage and drop the PMI, potentially lowering your interest rate and monthly payments.
RP Funding offers competitive rates and direct mortgage lending services. They pay your lender fees and closing costs, helping you save money for your down payment, home improvements, or future mortgage payments. They also guarantee the lowest rate and offer a $1,000 deal challenge if you find a better mortgage deal elsewhere.
