am i about to get screwed?

[scaredyclassic]

i have this feeling that it’s not a good deal. But let’s say the broker really did try to get me the lowest rate lowest cost laon he could and he put all the profit toward closing costs. Would that amount to very much money?

[AK]

My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.

[AK]

My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.

[AK]

My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.

[AK]

My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.

[AK]

My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.

[urbanrealtor]

[quote=AK]My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.[/quote]
The most effective way to do that is to explicitly ask for a good faith estimate.
Ask it in an email.
The form he should send is one that you can take to other lenders and get an apples-to-apples comparison on cost.
My preferred lender usually asks that buyers get other lenders’ gfe’s prior to asking her to quote so she can beat them.
Its a good strategy.
Also, its your issue, dude but I can’t think of a more faux loyalty than representing a buyer as loan officer when you are listing agent for your brother the seller (is he your agent also?).
Just suggesting that speaks volumes about one’s moral “flexibility”.
My two bits.

[urbanrealtor]

[quote=AK]My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.[/quote]
The most effective way to do that is to explicitly ask for a good faith estimate.
Ask it in an email.
The form he should send is one that you can take to other lenders and get an apples-to-apples comparison on cost.
My preferred lender usually asks that buyers get other lenders’ gfe’s prior to asking her to quote so she can beat them.
Its a good strategy.
Also, its your issue, dude but I can’t think of a more faux loyalty than representing a buyer as loan officer when you are listing agent for your brother the seller (is he your agent also?).
Just suggesting that speaks volumes about one’s moral “flexibility”.
My two bits.

[urbanrealtor]

[quote=AK]My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.[/quote]
The most effective way to do that is to explicitly ask for a good faith estimate.
Ask it in an email.
The form he should send is one that you can take to other lenders and get an apples-to-apples comparison on cost.
My preferred lender usually asks that buyers get other lenders’ gfe’s prior to asking her to quote so she can beat them.
Its a good strategy.
Also, its your issue, dude but I can’t think of a more faux loyalty than representing a buyer as loan officer when you are listing agent for your brother the seller (is he your agent also?).
Just suggesting that speaks volumes about one’s moral “flexibility”.
My two bits.

[urbanrealtor]

[quote=AK]My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.[/quote]
The most effective way to do that is to explicitly ask for a good faith estimate.
Ask it in an email.
The form he should send is one that you can take to other lenders and get an apples-to-apples comparison on cost.
My preferred lender usually asks that buyers get other lenders’ gfe’s prior to asking her to quote so she can beat them.
Its a good strategy.
Also, its your issue, dude but I can’t think of a more faux loyalty than representing a buyer as loan officer when you are listing agent for your brother the seller (is he your agent also?).
Just suggesting that speaks volumes about one’s moral “flexibility”.
My two bits.

[urbanrealtor]

[quote=AK]My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.

I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.

I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.[/quote]
The most effective way to do that is to explicitly ask for a good faith estimate.
Ask it in an email.
The form he should send is one that you can take to other lenders and get an apples-to-apples comparison on cost.
My preferred lender usually asks that buyers get other lenders’ gfe’s prior to asking her to quote so she can beat them.
Its a good strategy.
Also, its your issue, dude but I can’t think of a more faux loyalty than representing a buyer as loan officer when you are listing agent for your brother the seller (is he your agent also?).
Just suggesting that speaks volumes about one’s moral “flexibility”.
My two bits.

[KIBU]

I would not use that broker.

If the loan does not go through for various reasons, in the purchasing agreement, you are responsible to pay fines per day pass the deadline. Which in that case, you probably will rather get another worse loan offer to avoid the penalty (2 bad apples to choose) and to get the house. You won’t have time to do another loan from outside and also in the agreement, you probably HAVE to use this broker in order to get the closing cost reimbursement. You got stuck with the guy’s loan in order to keep the closing cost reimbursement.

I would rather lower the offer price by 9000 and then do your independent loan search, forget about the closing cost request. Or , lower the closing cost coverage request a little as a counter offer.

[KIBU]

I would not use that broker.

If the loan does not go through for various reasons, in the purchasing agreement, you are responsible to pay fines per day pass the deadline. Which in that case, you probably will rather get another worse loan offer to avoid the penalty (2 bad apples to choose) and to get the house. You won’t have time to do another loan from outside and also in the agreement, you probably HAVE to use this broker in order to get the closing cost reimbursement. You got stuck with the guy’s loan in order to keep the closing cost reimbursement.

I would rather lower the offer price by 9000 and then do your independent loan search, forget about the closing cost request. Or , lower the closing cost coverage request a little as a counter offer.

[KIBU]

I would not use that broker.

If the loan does not go through for various reasons, in the purchasing agreement, you are responsible to pay fines per day pass the deadline. Which in that case, you probably will rather get another worse loan offer to avoid the penalty (2 bad apples to choose) and to get the house. You won’t have time to do another loan from outside and also in the agreement, you probably HAVE to use this broker in order to get the closing cost reimbursement. You got stuck with the guy’s loan in order to keep the closing cost reimbursement.

I would rather lower the offer price by 9000 and then do your independent loan search, forget about the closing cost request. Or , lower the closing cost coverage request a little as a counter offer.

[KIBU]

I would not use that broker.

If the loan does not go through for various reasons, in the purchasing agreement, you are responsible to pay fines per day pass the deadline. Which in that case, you probably will rather get another worse loan offer to avoid the penalty (2 bad apples to choose) and to get the house. You won’t have time to do another loan from outside and also in the agreement, you probably HAVE to use this broker in order to get the closing cost reimbursement. You got stuck with the guy’s loan in order to keep the closing cost reimbursement.

I would rather lower the offer price by 9000 and then do your independent loan search, forget about the closing cost request. Or , lower the closing cost coverage request a little as a counter offer.

[Author]

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