See Instant Live Rates And Closing Costs!
Robert Foss
Individual NMLS #697454
Sr. Loan Officer
Specializing in Lower Balance Mortgage Loans
- $60,000 Minimum Mortgage Amount
- 620 Minimum Credit Score
- 3% Down Payment (First Time Homebuyers Only)
(All Others Require 5% Down)
The smaller the Loan...the Better the Rate!
We Lend in The Following States:
IL, IA, KS, MI, MN, NE, TN, TX, WI
Today's Mortgage Rates - All 30 Year Fixed
Loan Amount:
How can we do this?
In short…we are a 100% backed by 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 Mortgage Forward
Robert Foss has 22 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 16-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!
