Small Mortgage Loan

See Instant Live Rates And Closing Costs!

Robert FossRobert Foss

Individual NMLS #697454
Sr. Loan Officer
Specializing in Lower Balance Mortgage Loans

Call me Today!

(All Others Require 5% Down)

The smaller the Loan...the Better the Rate!

We Lend in All States Except:

AK, HI, NC & NY

Today's Mortgage Rates - All 30 Year Fixed

As of: May 28, 2024

Loan Amount:

$75,000 - $85,000
6.250% Rate
6.579% APR
$85,001 - $110,000
6.375% Rate
6.652% APR
$110,001 - $150,000
6.500% Rate
6.730% APR
$150,001 - $200,000
6.500% Rate
6.697% APR

How can we do this?

In short…we are a Credit Union!

Members of a credit union are part owners of the institution (not-for-profit institution) while investors of banks are part owners and have a say in how the bank is run depending on their number of shares (for-profit institution).

Credit Unions operate to promote the well-being of their members.  Profits made by Credit Unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.

What are the benefits of working with a Credit Union?

  • Lower Interest Rates
  • Lower mortgage insurance rates than banks (when mortgage insurance is required)
  • A Credit Union’s primary purpose is meeting its member’s needs

Why is it so hard to get a good rate on a small loan?

It’s simple…Banks do not make as much money.

On average, it costs a lender over $10,000 to originate a loan, no matter the size of that loan.  Because the lending industry is based on charging interest, a lender stands to make far less of that money back with a small loan.

After the 2007-2008 financial crisis, Congress passed the Dodd-Frank Act in order to prevent some of the predatory mortgage lending practices that had generated the housing bubble that fueled the crisis. The act increased some of the fixed costs that lenders must pay in order to originate loans.

The Consumer Financial Protection Bureau protects borrowers by limiting how many points and fees a lender is allowed to charge.  If lenders exceed these limits, the loan becomes a “non-qualified loan” and can’t be backed by government agencies (Fannie Mae, Freddie Mac, HUD), which in turn makes it riskier to issue.  Lenders are therefore not allowed to charge more for smaller loans, so many lenders do not want to originate smaller loans as they are not allowed to make the money that they are used to on larger loans.

What to expect when working with Robert Foss at Great Lakes Credit Union

Robert Foss has 21 years of experience as a residential mortgage loan officer and is very knowledgeable about a variety of loan programs. Whether you are a first-time homebuyer or a seasoned homeowner, he will walk you through the mortgage process and answer your questions, big or small.

Throughout his mortgage career, Robert has helped many clients secure the financing they need to purchase, renovate, build, or refinance their dream homes. Prior to being in the mortgage industry, his family business was in the residential construction industry – Robert is well-versed in the residential construction process.  Because his business is built on referrals, Robert guarantees to make your mortgage experience a great one! Robert currently lives in Lake Zurich, IL with his wife and 15-year-old son. He is a graduate of Northern Illinois University and his passion is hockey.  You can always catch Robert at the local rinks late at night playing in the adult leagues!

Rate Assumptions and Lender’s Closing
Costs used in APR calculation:

*Appraisal fee might be higher depending on the property state.

** Exact amount of discount fee will higher or lower depending on the actual loan amount.

Today’s purchase rates are based on the purchase of a single-family, primary residence with a 45-day lock period on a $125,000 loan amount with 20% down. This rate assumes a credit score of 760 with 1.00 discount points. An escrow account is required for all loans greater than 80% loan to value. Rates and Pricing are subject to change due to market fluctuation until locked.