Best Mortgage?

[McNabbs]

Hi All,

A long time lurker, first time poster here.

Is there any difference between getting a mortgage from an online bank vs. using a local loan broker? What are advantages and disadvantages of each approach? What would the wise piggs choose?

I haven’t decided to pull the trigger yet, but current rate quotes look sooo tempting… I just want to understand whether they are to be trusted.

[infoseeker]

Would prefer an honest & sincere local loan broker to an online bank for the following reasons.

1. YSP will be disclosed without any excuse
2. Easily reachable and in-loop during every step in the escrow process
3. On top of things when it comes to locking rate (my broker monitored rates and saved me $1000 by locking 7 min before the wholesale lender increased the rates)
4. Not expensive compared to online banks given that online banks also add costs that is invisible. Also the broker has multiple sources to shop for best rates.

[infoseeker]

Would prefer an honest & sincere local loan broker to an online bank for the following reasons.

1. YSP will be disclosed without any excuse
2. Easily reachable and in-loop during every step in the escrow process
3. On top of things when it comes to locking rate (my broker monitored rates and saved me $1000 by locking 7 min before the wholesale lender increased the rates)
4. Not expensive compared to online banks given that online banks also add costs that is invisible. Also the broker has multiple sources to shop for best rates.

[infoseeker]

Would prefer an honest & sincere local loan broker to an online bank for the following reasons.

1. YSP will be disclosed without any excuse
2. Easily reachable and in-loop during every step in the escrow process
3. On top of things when it comes to locking rate (my broker monitored rates and saved me $1000 by locking 7 min before the wholesale lender increased the rates)
4. Not expensive compared to online banks given that online banks also add costs that is invisible. Also the broker has multiple sources to shop for best rates.

[infoseeker]

Would prefer an honest & sincere local loan broker to an online bank for the following reasons.

1. YSP will be disclosed without any excuse
2. Easily reachable and in-loop during every step in the escrow process
3. On top of things when it comes to locking rate (my broker monitored rates and saved me $1000 by locking 7 min before the wholesale lender increased the rates)
4. Not expensive compared to online banks given that online banks also add costs that is invisible. Also the broker has multiple sources to shop for best rates.

[infoseeker]

Would prefer an honest & sincere local loan broker to an online bank for the following reasons.

1. YSP will be disclosed without any excuse
2. Easily reachable and in-loop during every step in the escrow process
3. On top of things when it comes to locking rate (my broker monitored rates and saved me $1000 by locking 7 min before the wholesale lender increased the rates)
4. Not expensive compared to online banks given that online banks also add costs that is invisible. Also the broker has multiple sources to shop for best rates.

[UCGal]

I’ve had experiences with banks and with brokers.

My first purchase – back in the early 90’s (yes, I’m old) I financed with WAMU – back when WAMU was a local bank in the NorthWest states. (I lived in WA at the time.) It was a good experience, good communication with the bank, etc.

I’ve had 1 ‘meh’ experience with a broker, when I bought in PA. He got it done, but wasn’t super communicative.

I’ve had 1 AWFUL experience with a broker – when we bought our current home. She lost our paperwork multiple times, she tried to not honor the agreed fees noted on the truth in lending statement. I found out afterwards she had a drinking problem and was on a bender when my loan *should* have been closing.

I’ve had one pain-free excellent experience with a broker… that’s my refi from earlier this year with Sheldon (HLS). He got it done. He communicated. He didn’t push (we had a lien issue to clear up first.)

but to me – it comes down to price… The total costs – fees, the interest rates, etc. I’m cheap.

[UCGal]

I’ve had experiences with banks and with brokers.

My first purchase – back in the early 90’s (yes, I’m old) I financed with WAMU – back when WAMU was a local bank in the NorthWest states. (I lived in WA at the time.) It was a good experience, good communication with the bank, etc.

I’ve had 1 ‘meh’ experience with a broker, when I bought in PA. He got it done, but wasn’t super communicative.

I’ve had 1 AWFUL experience with a broker – when we bought our current home. She lost our paperwork multiple times, she tried to not honor the agreed fees noted on the truth in lending statement. I found out afterwards she had a drinking problem and was on a bender when my loan *should* have been closing.

I’ve had one pain-free excellent experience with a broker… that’s my refi from earlier this year with Sheldon (HLS). He got it done. He communicated. He didn’t push (we had a lien issue to clear up first.)

but to me – it comes down to price… The total costs – fees, the interest rates, etc. I’m cheap.

[UCGal]

I’ve had experiences with banks and with brokers.

My first purchase – back in the early 90’s (yes, I’m old) I financed with WAMU – back when WAMU was a local bank in the NorthWest states. (I lived in WA at the time.) It was a good experience, good communication with the bank, etc.

I’ve had 1 ‘meh’ experience with a broker, when I bought in PA. He got it done, but wasn’t super communicative.

I’ve had 1 AWFUL experience with a broker – when we bought our current home. She lost our paperwork multiple times, she tried to not honor the agreed fees noted on the truth in lending statement. I found out afterwards she had a drinking problem and was on a bender when my loan *should* have been closing.

I’ve had one pain-free excellent experience with a broker… that’s my refi from earlier this year with Sheldon (HLS). He got it done. He communicated. He didn’t push (we had a lien issue to clear up first.)

but to me – it comes down to price… The total costs – fees, the interest rates, etc. I’m cheap.

[UCGal]

I’ve had experiences with banks and with brokers.

My first purchase – back in the early 90’s (yes, I’m old) I financed with WAMU – back when WAMU was a local bank in the NorthWest states. (I lived in WA at the time.) It was a good experience, good communication with the bank, etc.

I’ve had 1 ‘meh’ experience with a broker, when I bought in PA. He got it done, but wasn’t super communicative.

I’ve had 1 AWFUL experience with a broker – when we bought our current home. She lost our paperwork multiple times, she tried to not honor the agreed fees noted on the truth in lending statement. I found out afterwards she had a drinking problem and was on a bender when my loan *should* have been closing.

I’ve had one pain-free excellent experience with a broker… that’s my refi from earlier this year with Sheldon (HLS). He got it done. He communicated. He didn’t push (we had a lien issue to clear up first.)

but to me – it comes down to price… The total costs – fees, the interest rates, etc. I’m cheap.

[UCGal]

I’ve had experiences with banks and with brokers.

My first purchase – back in the early 90’s (yes, I’m old) I financed with WAMU – back when WAMU was a local bank in the NorthWest states. (I lived in WA at the time.) It was a good experience, good communication with the bank, etc.

I’ve had 1 ‘meh’ experience with a broker, when I bought in PA. He got it done, but wasn’t super communicative.

I’ve had 1 AWFUL experience with a broker – when we bought our current home. She lost our paperwork multiple times, she tried to not honor the agreed fees noted on the truth in lending statement. I found out afterwards she had a drinking problem and was on a bender when my loan *should* have been closing.

I’ve had one pain-free excellent experience with a broker… that’s my refi from earlier this year with Sheldon (HLS). He got it done. He communicated. He didn’t push (we had a lien issue to clear up first.)

but to me – it comes down to price… The total costs – fees, the interest rates, etc. I’m cheap.

[j]

You should try a local credit union or bank. Mortgage brokers are a very dangerous way to go. You NEED to know the total price you are paying the broker for the loan including the YSP or rebate. If you do not KNOW that number is, do NOT sign the papers until you KNOW that number. You can go to a CPA or similar financial professional for maybe $300 and get that. That $300 can save $10,000 to $20,000 in many cases.

Don’t pay a mortgage broker $20,000 to $30,000 for one day’s work, because you do not know what you are signing.

[j]

You should try a local credit union or bank. Mortgage brokers are a very dangerous way to go. You NEED to know the total price you are paying the broker for the loan including the YSP or rebate. If you do not KNOW that number is, do NOT sign the papers until you KNOW that number. You can go to a CPA or similar financial professional for maybe $300 and get that. That $300 can save $10,000 to $20,000 in many cases.

Don’t pay a mortgage broker $20,000 to $30,000 for one day’s work, because you do not know what you are signing.

[j]

You should try a local credit union or bank. Mortgage brokers are a very dangerous way to go. You NEED to know the total price you are paying the broker for the loan including the YSP or rebate. If you do not KNOW that number is, do NOT sign the papers until you KNOW that number. You can go to a CPA or similar financial professional for maybe $300 and get that. That $300 can save $10,000 to $20,000 in many cases.

Don’t pay a mortgage broker $20,000 to $30,000 for one day’s work, because you do not know what you are signing.

[j]

You should try a local credit union or bank. Mortgage brokers are a very dangerous way to go. You NEED to know the total price you are paying the broker for the loan including the YSP or rebate. If you do not KNOW that number is, do NOT sign the papers until you KNOW that number. You can go to a CPA or similar financial professional for maybe $300 and get that. That $300 can save $10,000 to $20,000 in many cases.

Don’t pay a mortgage broker $20,000 to $30,000 for one day’s work, because you do not know what you are signing.

[Author]

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