By Ryan Sloan
Observer Correspondent
NORTH ARLINGTON —
Though the rules have significantly changed since the sub-prime loan crisis of 2009, one thing has remained consistent: Keypoint Mortgage is still there for mortgage-seekers, or for those seeking to refinance, without the hassle of having to deal with largescale banks.
And perhaps best of all, Keypoint deals with more than 20 different lenders throughout the country, so the chances of successfully securing a loan are much greater with Keypoint than they are with a single bank, thanks to the variety of choices out there.
Mortgage broker Rob Pezzolla has owned and operated Keypoint Mortgage since 2003. When he first opened the business in North Arlington — there’s now also a branch office in Summit — he did so to make the home-loan process easier for clients.
“When you deal with a bank, you’re dealt with what they have to offer,” Pezzolla said. “When you’re with us, we make the process painless and have considerably more options when it comes to potential lenders.”
Indeed, Keypoint does.
But because of the changes to borrowing guidelines that were instituted after the subprime crisis five years ago, while it’s still easier and more convenient to get a mortgage through his Mortgage Broker, it might not be as easy as it was before the crisis hit.
“That’s because there was a time where people were getting mortgages without any documentation,” Pezzolla said. “Places were approving mortgages without a paystub, or without any paperwork, from borrowers. It doesn’t work that way anymore, but as a broker, we offer the flexibility that a large bank can’t offer.
“We deal with 20 or so banks, they underwrite the file and we present the best deal offered.”
Perhaps the best part of dealing with a broker like Pezzolla — there’s no upfront cost to the consumer. Now, just because the rules have changed, that doesn’t mean people aren’t getting decent mortgages anymore. That’s where Keypoint comes in.
Before contacting any lenders, Pezzolla and Keypoint work with individual clients to set reasonable expectations. He’ll conduct what’s called pre-purchase counseling with anyone seeking a mortgage — where he offers sound advice based on the consumer’s income, assets and equity.
If a customer has no shot at a mortgage, he’ll let the person know.
If he can pull off a spectacularly low interest rate, he’ll let the customer know.
You still may be able to refinance a high rate mortgage.
Saving a bad mortgage
One of the most critical things Pezzolla wants people to know about what he does as a broker actually concerns the refinancing of what might be considered predatory loans.
He says to this very day — and this could very well include you — there are 800,000 Americans who have loans with interest rates at 6% or more that can still be refinanced based on the 2009 market meltdown.
There are two main requirements: The loan had to be issued on or before May 31, 2009 — and the loan has to have come from Fannie Mae or Freddie Mac.
“Not only can mortgage holders refinance under those circumstances, we can often get them from interest rates at 6% or more down to as low as 4.25%,” Pezzolla said. “There’s a myth out there that if you’ve got one of these loans, you’re stuck with it and can’t refinance. That’s not the case at all, and I hope people do realize if they’re in this category, not only can we help, we can make it happen.
“And it doesn’t matter if the consumer is under water. It doesn’t matter if the home’s value has dropped. Regardless of equity, the opportunity is there — and we hope more people will take advantage of the opportunities we can offer them.”
The bottom line, however, in dealing with Keypoint is simple. If you want a mortgage or to refinance — and you qualify — the convenience of Keypoint will truly make what could otherwise be an awful process a much easier and comfortable one.
“We’re the neighborhood guys,” Pezzolla said. “We’re not the ‘no-face banks’ people often deal with. We’re not the correspondent lender in Illinois where you’ll never meet the people in person you’re dealing with. We’re local, we give our clients the time and attention they deserve. And we’ll always be honest and up-front right from the beginning.
“You just don’t get that with large-scale banks, and never will.”
Think you might want to refinance a higher rate mortgage? Looking for a new mortgage? Contact Pezzolla by calling him on his mobile phone at 201-805-4999, by sending him an email to rob@keypointmortgage.com or by visiting www.keypointmortgage.com online.
