CHICAGO, May 17, 2011 /PRNewswire/ -- Nail Your Mortgage (NYM), a web-based start-up mortgage company, is helping Realtors reduce the overall cost of a home sale for their clients with free mortgages for home buyers in Illinois. NYM's "100 FREE" mortgage promotion, which gives a free mortgage to the first 100 applicants who apply by June 1 and close by June 30, is another free tool recently announced by NYM to help local Realtors save their clients money and close deals more quickly.
Free mortgages make buying a home more affordable, and are being offered at an ideal time for Realtors in Chicago and Illinois who have been hit hard by the nation's housing market crisis. Figures recently reported in Trulia.com's Market Trend data indicate that median home sale prices in Chicago stand at 22.1% lower than one year ago while the number of actual sales of properties is 30.5% less.*
Realtors can introduce their clients to Nail Your Mortgage (www.nailyourmortgage.com) to get wholesale mortgage rates--the lowest mortgage pricing possible. Plus, Realtors also benefit from other free business development tools from NYM such as one-to-one referrals and transaction and status-tracking web apps.
Many Realtors are already solid proponents of NYM, recognizing the company's value in helping them close deals. "Nail Your Mortgage offers an exceptional tool," endorses Ray Zabielski, Charles Rutenberg Realty Managing Broker. "It helps home buyers make the best decision in acquiring a property because it takes the unknown out of the financing options. As a Realtor, I look forward to introducing it to all of my clients."
Free mortgages are rare, if not unheard of, particularly in an industry where the median closing cost charge (fees plus yield spread premium) is 3.2%**. With its regular pricing, NYM saves a customer about $6,000 in closing costs on a $200,000 home purchase. The '100 FREE' mortgage promotion increases that savings to $7,250.
"Every incentive helps, and this is a big one," says Nail Your Mortgage founder and CEO Mark Pickett. He continues, "The savings from a free mortgage could mean the difference between getting approved or not for some buyers."
All Illinois residents are eligible for the '100 FREE' promotion but only the first 100 to close on their mortgage before June 30 will receive the special pricing. An application with required documentation must be submitted by June 1, 2011 to qualify for one of the 100 available free mortgages. Realtors can get more information at http://promos.nailyourmortgage.com/realtor/
Nail Your Mortgage is a subsidiary of OmTelligence, LLC, headquartered in Chicago, IL, and is a licensed Illinois mortgage broker.
*Data shown as of the month ended April 30, 2011, year over year.
**According to the Department of Housing and Urban Development from data provided by the Urban Institute, in a 2010 RESPA (Real Estate Settlement Procedures Act) report.
SOURCE Nail Your Mortgage (NYM)