Ryan Kelley is a Mortgage Bank, quite personally represented by Ryan Kelley himself, with offices in St. Louis, Nashville, Chicago and Indianapolis. The range of loan products available is broad and includes fixed rate mortgages, adjustable rate mortgages, FHA loans, VA loans, jumbo loans, HARP refinance services: mortgage refinancing, cash-out refinancing, new home loans, and reverse mortgages, down payment loans for first time buyers, physicians loans, renovation and construction loans. They point out that as a mortgage bank, their process has been streamlined from start to finish. Having the entire loan process contained under one roof allows them to quickly and efficiently close your loan. There is no discussion about the future servicing of the loan staying in-house. Although it is true that Ryan Kelley will own the loan, that is no guarantee that they won’t sell your loan to an entirely different company.
The Transparency and Accessibility of Information
Most of the information provided on the website comes to the client in bullet-point form. They basically describe some of the benefits of the federal programs they are empowered to offer but say little about what kind of property and financial situation the buyer is in before qualifying. So their sales pitch is basically piggy backing on these very widely offered home loans that most credible lenders are empowered to offer. The language is totally accessible, but dumbed down.
Borrower Beware: Little More than a Long Advertisement
The costs of the loan as far as fees and service charges are not as clearly described or centered in this company’s description of their services. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money it costs to get the loan.