CHICAGO, April 29, 2011 /PRNewswire/ -- Nail Your Mortgage (NYM), a web-based start-up and pro-consumer mortgage company, is making waves in the stodgy industry with the announcement of its recent promotion, "100 FREE," which gives a free mortgage to the first 100 applicants who close by June 30. Illinois residents—both purchasers and refinancers—are eligible, and must have an application with required documentation submitted by June 1, 2011 to qualify for one of the 100 available free mortgages.
According to Nail Your Mortgage founder and CEO Mark Pickett, the purpose of the splashy '100 FREE' promotion is two-fold. "We hope to reward customers who have shown us loyalty in our initial start-up period, as well make a strong declaration about our purpose and mission." He goes on to say, "We are changing the way mortgages will be priced, purchased, and perceived forever, and we want to get the word out in a fun way that benefits consumers."
NYM (www.nailyourmortgage.com) connects mortgage applicants directly with wholesale lenders through a simple but sophisticated web application. Mortgages are offered at wholesale interest rates with zero margin or markup. Via a comparison shopping tool on the app, consumers are able to view, sort, select, and apply directly for the mortgage that's best for them.
Zero margin mortgages are ground-breaking, but free mortgages are (until now) unheard of, particularly in an industry where the national average commission for a mortgage broker is 3.2%. On a $200,000 home purchase or refinance, NYM saves a customer about $6,000 in average closing costs, plus thousands more over the life of their loan, because of the zero margin interest rate.
"One of our biggest challenges at Nail Your Mortgage has been educating consumers on the difference between a 'free' mortgage and a 'no-cost' mortgage," declares Pickett. "No-cost mortgages convert fees paid upfront to costs paid over time. Free, on the other hand, eliminates those fees entirely. Free pricing is something only we are promoting. Our hope is that '100 FREE' will generate excitement and buzz amongst consumers and Realtors, and legitimize both our mission and business model. We want the startling nature of this promotion to put the spotlight on our already terrific mortgage offering, which has the lowest rate and fee combination in the industry."
Throughout the month of May, NYM will market 100 FREE to Realtors and consumers in Illinois through electronic and traditional channels. They anticipate a large influx of mortgage applications on their website, www.nailyourmortgage.com, during the promotional period May 1 through June 1. Only the first 100 Illinois residents to close on their mortgage before June 30 will receive the free mortgage pricing, so customers are advised to move quickly if they are thinking of refinancing or purchasing.
Nail Your Mortgage is a subsidiary of OmTelligence, LLC, headquartered in Chicago, IL, and is a licensed Illinois mortgage broker.
SOURCE Nail Your Mortgage (NYM)