If there is any place to educate yourself concerning mortgage financing and get an honest response I would say this is the right place. Sounds like there are some guys here like HLS and others that are brokers….you may want to work with them for quotes.
If I were not a mortgage broker and had to do my own loan I would call the credit union and a few brokers to explain your scenario and have them send you a Good Faith Estimate with all their fees and the rate. Have one of them pull your credit as long as they agree to send you a copy.
I would strongly preface with them that if those fees drastically change you will not do the loan and report them. I would get a lock confirmation if you are happy with a rate they are quoting you. Have them lock it and send you the confirmation. If they don’t do this, don’t count on getting that rate….
Do remember, this is our job and I know that I don’t work for free so don’t expect free, expect fair. I make at least .5 to 1 pt on all deals, some up front and some in the form of a yield spread from the bank.
Others may do it for less, good luck with them.
2. Yes, yes this will suffice.
3. Yes, the secondary market is really that bad. Billions have been lost by secondary players who buy MBS. They are not going to be that eager to jump in the fire again without a premium return.
