Michael YoungLO NMLS # 92724 Company ID # 35972 Infinity Mortgage Group
Michael Young is the President and a founder of Infinity Mortgage Group. Mike is a graduate of Seattle Pacific University. Mike has 29 years of experience in the mortgage industry having managed mortgage companies in Washington, Arizona, Colorado, Oregon and Illinois.
Mike was the 2011 Broker Council Chairman for the Washington Association of Mortgage Professionals and he was a WAMP board member for nearly ten years. Mike has served as the President for the KING County Chapter on two occassions.
Mike was awarded the 2017, 2016,2015,2014,2013,2012 and 2009 5 Star Mortgage Professional Award based on customer satisfaction. The Award was given to only a small number of mortgage professionals in the Seattle area. The award list for 2017 will be published in the December 2017 issue of Seattle Magazine.
Mike believes in educating his clients to pick the right product and pricing for their needs. Sometimes it makes sense to pay points to buy down to a lower rate but often circumstances can dictate other options such as lender paid financing where the bank or lender provides the borrower with the funds to pay the broker fee and in some cases – the 3rd party fees makes sense.
Mike explains that within the last several years the way that a mortgage broker is paid has changed. Brokers in the past would receive what is called a Yield Spread Premium. The lender issued a YSP to the Loan Originator to cover their fee – and that credit could vary from loan to loan. Some mortgage companies would use part of the YSP from the bank/lender to cover the borrowers fees. This is what IMG routinely did. This is how we came up with our website name – wepaythefees.com.
Now – our pricing that a bank pays us with Lender Paid Compensation is the same percentage of the loan amount for each borrower – with a particular lender. No matter which option a client chooses – our profit does not change with the lender that is used. Any YSP or lender credit that is above our compensation – goes to you – our client – to use for fees and pre-paid items. Instead we pay the fees – it is now the lender paying you a credit to cover the fees. Why would they do this? The exchange is typically a slightly higher rate.
I pride myself on showing my borrowers all of the options that they are interested in and allow them to choose the best fit for their situation.
It has been pointed out to us that a loan that has a lender credit to the borrower will have a slightly higher rate than a loan with a discount point or 3rd party fees that the borrower is paying from their own pocket. That is true. The key is how long does it take to re-coup the costs and will you be in the property long enough to do so? You may be surprised in the difference in the payment and the pay back period. I am happy to go over the details on all of our options.
There are times when it does make sense to pay fees to get the lowest rate that we have available and Mike has the knowledge and experience to show you all of your options.
“I enjoy my job. The fact that I am able to build relationships with my clients and assist them with one of the largest investments that they have is very rewarding.”
Mike lives in the Seattle area with his wife and two children. When he is not working he enjoys golf, skiing and traveling.