only use upfront mortgage brokers (UMB) ?

[Wrangler]

I checked out Mortgage Professor’s website (http://www.mtgprofessor.com/A%20-%20Upfront%20Mortgage%20Brokers/dealing_with_an_upfront_mortgage_broker.htm)

Should one only use UMB?
How do people here shop for mortgages? One can try lendingtree, or some local brokers. What’s the best approach you recommend?

[HLS]

Wrangler,,
What are you looking for ?? I do everything that someone on that list does, and more, and I’m local.

You cannot shop rates. It doesn’t work, but it’s what most people do.
You find someone that you trust to do their best job for you, not someone who lies to you about the lowest rates, that you don’t qualify for, to get you started and then starts jerking you around.

You need your options explained to you so you understand what they are, so you can make a decision that is right for you.

There are honest real estate agents on this board that I am sure have lost out on listings because they told the seller the truth about what their house was worth.
A liar got the listing with a higher value and ended up selling it for less than the truth.
I have lost loans because I have told people the truth too.

Many people falsely believe that they know how to get the best deal, and often just get screwed, esp when buying a car.

Nobody can promise you the cheapest price on earth for anything. Nobody is going to get a loan for free, regardless of what they are told. Higher rates and monthly payments come with free loans. The cost is built in.
That does make sense for some people.

I am upfront with my quotes, and hopefully can get you qualified to close, at a fair fee.
I provide a service. It isn’t rocket science.

If anyone wants to comment on Lending Tree experiences, be my guest.

[HLS]

Wrangler,,
What are you looking for ?? I do everything that someone on that list does, and more, and I’m local.

You cannot shop rates. It doesn’t work, but it’s what most people do.
You find someone that you trust to do their best job for you, not someone who lies to you about the lowest rates, that you don’t qualify for, to get you started and then starts jerking you around.

You need your options explained to you so you understand what they are, so you can make a decision that is right for you.

There are honest real estate agents on this board that I am sure have lost out on listings because they told the seller the truth about what their house was worth.
A liar got the listing with a higher value and ended up selling it for less than the truth.
I have lost loans because I have told people the truth too.

Many people falsely believe that they know how to get the best deal, and often just get screwed, esp when buying a car.

Nobody can promise you the cheapest price on earth for anything. Nobody is going to get a loan for free, regardless of what they are told. Higher rates and monthly payments come with free loans. The cost is built in.
That does make sense for some people.

I am upfront with my quotes, and hopefully can get you qualified to close, at a fair fee.
I provide a service. It isn’t rocket science.

If anyone wants to comment on Lending Tree experiences, be my guest.

[Ash Housewares]

Another option similar to Lending Tree is Priceline Mortgage. Just enter some info and watch the banks’ offers come rolling in. I know someone who used this and was very happy with the results, though I didn’t grill them so I don’t know any of the specifics.

[Ash Housewares]

Another option similar to Lending Tree is Priceline Mortgage. Just enter some info and watch the banks’ offers come rolling in. I know someone who used this and was very happy with the results, though I didn’t grill them so I don’t know any of the specifics.

[pertinazzio]

Wrangler wrote: “Should one only use UMB?” This was a new term to me so I spent a little time on at “Professor Mortgage’s” website. How does one get the best deal on a mortgage? Professor Mortgage seems to think that a UMB is a good idea if you get a good one. And what about the pros’ and cons of paying points for lower rates? How does that work out economically?

Beatus ille qui procul negotiis … paterna rura bobus exercet suis, solutus omni fenore….. Horace

[pertinazzio]

Wrangler wrote: “Should one only use UMB?” This was a new term to me so I spent a little time on at “Professor Mortgage’s” website. How does one get the best deal on a mortgage? Professor Mortgage seems to think that a UMB is a good idea if you get a good one. And what about the pros’ and cons of paying points for lower rates? How does that work out economically?

Beatus ille qui procul negotiis … paterna rura bobus exercet suis, solutus omni fenore….. Horace

[Raybyrnes]

I would think that the cons are the fact that even if someone is upfront with you it does not mean they have access to the most competitive programs.

This probably becomes more apparent as you move away from a full documentation confomraing loan.

There are a lot of sub-prime bwrs out there who could have qualified for an FHA or CHAFA loan. If I were an upfront mortgage guy who did not have access to these prograams but provided the very best sub-prime loan that you could qualify for than you would have lost out.

If you are going to use lending tree for your loan you might be well served to get a costco card and participate in the rebate that goes along with using their program.

MOre than likely you are going to get routed back to Etrade.

[Raybyrnes]

I would think that the cons are the fact that even if someone is upfront with you it does not mean they have access to the most competitive programs.

This probably becomes more apparent as you move away from a full documentation confomraing loan.

There are a lot of sub-prime bwrs out there who could have qualified for an FHA or CHAFA loan. If I were an upfront mortgage guy who did not have access to these prograams but provided the very best sub-prime loan that you could qualify for than you would have lost out.

If you are going to use lending tree for your loan you might be well served to get a costco card and participate in the rebate that goes along with using their program.

MOre than likely you are going to get routed back to Etrade.

[michael]

I personally don’t see a need for a mortgage broker…

it’s not rocket science… would you like some cheese with that burger? but we have different types of cheese, it can get complicated? Would you like to super-size that? For here or to-go?

[michael]

I personally don’t see a need for a mortgage broker…

it’s not rocket science… would you like some cheese with that burger? but we have different types of cheese, it can get complicated? Would you like to super-size that? For here or to-go?

[Raybyrnes]

Michael,

I don’t work in the industry but your opinion is pretty short sighted. Yeah if you don’t ahve any welth and you are going for a 30 year fixed there isn’t much need. Put some scratch together, start getting income properties, inherit some real estate that you are looking to cash out and all of a sudden a good broker goes a long way. I would say that hold true for a stock broker, insurance broker, CPA’s etc.

When yoiu don’t have much you don’t have the same need.

[Raybyrnes]

Michael,

I don’t work in the industry but your opinion is pretty short sighted. Yeah if you don’t ahve any welth and you are going for a 30 year fixed there isn’t much need. Put some scratch together, start getting income properties, inherit some real estate that you are looking to cash out and all of a sudden a good broker goes a long way. I would say that hold true for a stock broker, insurance broker, CPA’s etc.

When yoiu don’t have much you don’t have the same need.

[michael]

Raybyrnes,

I don’t know about being short-sighted. I know about value added.

The internal revenue code is complex, CPAs (not tax preparers) provide huge value.

A stockbroker that simply executes trades is pretty worthless also. A Certified Financial Planner, CFP goes beyond executing stock trades and can provide huge value in issues such as estate planning, retirement, taxation and complex asset allocation strategies that involve alternative investments such as structured products, options, managed futures, and hedge funds.

Most insurance brokers push products but there are some very knowledgeable insurance folks working with attorneys that can shed light on issues such as Irrevocable life insurance trusts (ILITs), etc.

Mortgage brokers are mortgage brokers. The math and issues involved are much too simple. Mortgage brokers are useless middlemen.

IMO

[michael]

Raybyrnes,

I don’t know about being short-sighted. I know about value added.

The internal revenue code is complex, CPAs (not tax preparers) provide huge value.

A stockbroker that simply executes trades is pretty worthless also. A Certified Financial Planner, CFP goes beyond executing stock trades and can provide huge value in issues such as estate planning, retirement, taxation and complex asset allocation strategies that involve alternative investments such as structured products, options, managed futures, and hedge funds.

Most insurance brokers push products but there are some very knowledgeable insurance folks working with attorneys that can shed light on issues such as Irrevocable life insurance trusts (ILITs), etc.

Mortgage brokers are mortgage brokers. The math and issues involved are much too simple. Mortgage brokers are useless middlemen.

IMO

[Author]

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