Need a mortgage broker

[NotCranky]

esmith,

What are the questions he won’t answer? If he is not answering all you question maybe it is because he is not ready to have you squeeze his best pricing out of him. Maybe he is just a dope. Who knows?

In any case,why work with only one?

Maybe some referrals will give you the best pricing without competion but that doesn’t always seem like the norm. Anyway, if you choose to get loan originators to compete, timing the crux of the negotiation with the opening of escrow seems to be most effective, as you have the leverage at that point.
I know most piggs probably understand what constitutes pricing in mortgages but if you don’t, try to get a clear picture before starting.

My last client knocked off 1/2 pt. and locked a great rate on a dip using this method. Not everyone wants to go to the trouble of course. It was $2500 in his case.He went with the person who took the original application and didn’t need to submit a second one to get the break. I don’t know if he got the best deal in the world but he has $2500 he wouldn’t and affected his destiny favorably regarding rate.He got great service during escrow too.

Disclaimer: Feel free to improve on this piggs I am not a mortage broker.

[peterb]

Ask to see their rate sheet on whatever product you decide to go with. Ask this up front, it will weed out the one’s you dont want. And there are plenty of them. I’ve done it several times. It works well.

Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.

[peterb]

Ask to see their rate sheet on whatever product you decide to go with. Ask this up front, it will weed out the one’s you dont want. And there are plenty of them. I’ve done it several times. It works well.

Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.

[peterb]

Ask to see their rate sheet on whatever product you decide to go with. Ask this up front, it will weed out the one’s you dont want. And there are plenty of them. I’ve done it several times. It works well.

Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.

[peterb]

Ask to see their rate sheet on whatever product you decide to go with. Ask this up front, it will weed out the one’s you dont want. And there are plenty of them. I’ve done it several times. It works well.

Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.

[peterb]

Ask to see their rate sheet on whatever product you decide to go with. Ask this up front, it will weed out the one’s you dont want. And there are plenty of them. I’ve done it several times. It works well.

Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.

[Eugene]

[quote]What are the questions he won’t answer? If he is not answering all you question maybe it is because he is not ready to have you squeeze his best pricing out of him. Maybe he is just a dope. Who knows?[/quote]

I’m trying to understand what’s involved in getting a new higher-limit conforming loan. Can I apply for one now, and what kind of interest rate I’d get? (online sites such as aimloan.com are purporting to show higher-limit conforming interest rates in the 7’s) Should I hold off opening escrow till early December, or perhaps early January? My understanding is, I’ll have to close escrow within 30 days or I’ll have to pay sizable per diem penalties to the bank. Therefore I need to work out these issues before I go all-in.

If someone has any insight into all this, you’re welcome.

The broker I talked to does not like answering general questions. The best I could get out of him was, literally: “At this juncture, for a $540,000 purchase and 10%-20% down, you will need something called a non-conforming loan, also called a jumbo loan.”

[quote]Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.[/quote]

What is the best way to have approached the purchase? Should I look into funding 2 weeks after I open escrow?

[Eugene]

[quote]What are the questions he won’t answer? If he is not answering all you question maybe it is because he is not ready to have you squeeze his best pricing out of him. Maybe he is just a dope. Who knows?[/quote]

I’m trying to understand what’s involved in getting a new higher-limit conforming loan. Can I apply for one now, and what kind of interest rate I’d get? (online sites such as aimloan.com are purporting to show higher-limit conforming interest rates in the 7’s) Should I hold off opening escrow till early December, or perhaps early January? My understanding is, I’ll have to close escrow within 30 days or I’ll have to pay sizable per diem penalties to the bank. Therefore I need to work out these issues before I go all-in.

If someone has any insight into all this, you’re welcome.

The broker I talked to does not like answering general questions. The best I could get out of him was, literally: “At this juncture, for a $540,000 purchase and 10%-20% down, you will need something called a non-conforming loan, also called a jumbo loan.”

[quote]Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.[/quote]

What is the best way to have approached the purchase? Should I look into funding 2 weeks after I open escrow?

[Eugene]

[quote]What are the questions he won’t answer? If he is not answering all you question maybe it is because he is not ready to have you squeeze his best pricing out of him. Maybe he is just a dope. Who knows?[/quote]

I’m trying to understand what’s involved in getting a new higher-limit conforming loan. Can I apply for one now, and what kind of interest rate I’d get? (online sites such as aimloan.com are purporting to show higher-limit conforming interest rates in the 7’s) Should I hold off opening escrow till early December, or perhaps early January? My understanding is, I’ll have to close escrow within 30 days or I’ll have to pay sizable per diem penalties to the bank. Therefore I need to work out these issues before I go all-in.

If someone has any insight into all this, you’re welcome.

The broker I talked to does not like answering general questions. The best I could get out of him was, literally: “At this juncture, for a $540,000 purchase and 10%-20% down, you will need something called a non-conforming loan, also called a jumbo loan.”

[quote]Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.[/quote]

What is the best way to have approached the purchase? Should I look into funding 2 weeks after I open escrow?

[Eugene]

[quote]What are the questions he won’t answer? If he is not answering all you question maybe it is because he is not ready to have you squeeze his best pricing out of him. Maybe he is just a dope. Who knows?[/quote]

I’m trying to understand what’s involved in getting a new higher-limit conforming loan. Can I apply for one now, and what kind of interest rate I’d get? (online sites such as aimloan.com are purporting to show higher-limit conforming interest rates in the 7’s) Should I hold off opening escrow till early December, or perhaps early January? My understanding is, I’ll have to close escrow within 30 days or I’ll have to pay sizable per diem penalties to the bank. Therefore I need to work out these issues before I go all-in.

If someone has any insight into all this, you’re welcome.

The broker I talked to does not like answering general questions. The best I could get out of him was, literally: “At this juncture, for a $540,000 purchase and 10%-20% down, you will need something called a non-conforming loan, also called a jumbo loan.”

[quote]Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.[/quote]

What is the best way to have approached the purchase? Should I look into funding 2 weeks after I open escrow?

[Eugene]

[quote]What are the questions he won’t answer? If he is not answering all you question maybe it is because he is not ready to have you squeeze his best pricing out of him. Maybe he is just a dope. Who knows?[/quote]

I’m trying to understand what’s involved in getting a new higher-limit conforming loan. Can I apply for one now, and what kind of interest rate I’d get? (online sites such as aimloan.com are purporting to show higher-limit conforming interest rates in the 7’s) Should I hold off opening escrow till early December, or perhaps early January? My understanding is, I’ll have to close escrow within 30 days or I’ll have to pay sizable per diem penalties to the bank. Therefore I need to work out these issues before I go all-in.

If someone has any insight into all this, you’re welcome.

The broker I talked to does not like answering general questions. The best I could get out of him was, literally: “At this juncture, for a $540,000 purchase and 10%-20% down, you will need something called a non-conforming loan, also called a jumbo loan.”

[quote]Looking into funding 2 weeks before you want to open escrow is not the best way to have approached a purchase as it is a critical part of the process if you dont have all cash.[/quote]

What is the best way to have approached the purchase? Should I look into funding 2 weeks after I open escrow?

[peterb]

duplicate

[peterb]

duplicate

[peterb]

duplicate

[peterb]

duplicate

[Author]

Posts