New mortgage broker opens shop
A new mortgage broker in town said that many radio, television and Internet ads for mortgages sound tempting to consumers, but they concern her.
Leisa Bray, mortgage specialist at Oak Creek Mortgage Services, 221 E. U.S. Highway 24-40, Tonganoxie, said there are plenty of opportunities to get mortgage loans, but sometimes consumers may get burned. At some mortgage companies, Bray said rates may be alarmingly higher than they should be.
"People need to really be afraid," Bray said.
Bray said she works with more than 40 investors, and based on the applicant's income, credit record and work history, determines which investment program best fits the applicant.
"We have loans we can arrange where the buyer borrows 100 percent of the money," Bray said. "In some cases, the interest rate is slightly higher than at the bank, but they can always refinance in a couple of years."
Bray, who started the mortgage brokerage company from her home a year ago, has opened a business in the Laming Tice and Shepek building. Her husband, David Bray, is working with her.
Through their company, consumers may obtain mortgages for purchases, refinancing, construction of new homes, purchase of manufactured and modular homes, second mortgages and commercial loans.
It's not a very complicated process for the applicant, she said.
"We do all of the lending, processing and closings out of this office," she said.
She said she derives a joy out of her work that comes from helping people buy a home.
"People think that if they can't get approved for a bank loan and that if they don't have money for a down payment, they can't get approved for a mortgage loan," she said. "But that's a misconception they can get a loan."