Recommendations for a good mortgage broker

[Rich Toscano]

You already got some suggestions but I will throw in one more — my colleague from my “day job” is a mortgage broker among other things. John Simon, [email protected]. He’s extremely honorable and smart, and he’s never written a neg-am or IO loan (and I think maybe only one or two adjustable rate loans).

Rich

[j]

Why pay for a broker? Go straight to the bank and save money. Most mortgage brokers would have a hard time passing a basic algebra class, all most brokers know how to do is calculate their commission.

[j]

Why pay for a broker? Go straight to the bank and save money. Most mortgage brokers would have a hard time passing a basic algebra class, all most brokers know how to do is calculate their commission.

[j]

Why pay for a broker? Go straight to the bank and save money. Most mortgage brokers would have a hard time passing a basic algebra class, all most brokers know how to do is calculate their commission.

[j]

Why pay for a broker? Go straight to the bank and save money. Most mortgage brokers would have a hard time passing a basic algebra class, all most brokers know how to do is calculate their commission.

[j]

Why pay for a broker? Go straight to the bank and save money. Most mortgage brokers would have a hard time passing a basic algebra class, all most brokers know how to do is calculate their commission.

[SDHousehunter]

A mortgage broker is a waste of money.

Imagine if you are a business (bank) selling lemons (loans). You have employees (Loan officers) who prepare the lemons (loans). One day you decidedyou want more business (loans) so you advertise in the paper for salesmen (mortgage brokers) to sell your lemons (loans) in exchange for a fee (yield spread premium). That way it would be cheaper than hiring more employees (loan officers).

My advice, why not get off you rear and drive and talk to bankers. . . .if you save 1.5% on a $400,000 home annually. . .well do the math.

Would you pay an extra 1.5% on your car loan if I drove you to a car lot to introduce you to the salesman and I kept the 1.5%?

Now imagine if you made 3-5 percent of a neg-am loan of $400,000 or an adjustable ARM as a broker? Can you see why all these brokers blew their money on cars, whores and cocaine 🙂 Imagine if you did 6 deals a month on refis?

Enough said.

[SDHousehunter]

A mortgage broker is a waste of money.

Imagine if you are a business (bank) selling lemons (loans). You have employees (Loan officers) who prepare the lemons (loans). One day you decidedyou want more business (loans) so you advertise in the paper for salesmen (mortgage brokers) to sell your lemons (loans) in exchange for a fee (yield spread premium). That way it would be cheaper than hiring more employees (loan officers).

My advice, why not get off you rear and drive and talk to bankers. . . .if you save 1.5% on a $400,000 home annually. . .well do the math.

Would you pay an extra 1.5% on your car loan if I drove you to a car lot to introduce you to the salesman and I kept the 1.5%?

Now imagine if you made 3-5 percent of a neg-am loan of $400,000 or an adjustable ARM as a broker? Can you see why all these brokers blew their money on cars, whores and cocaine 🙂 Imagine if you did 6 deals a month on refis?

Enough said.

[SDHousehunter]

A mortgage broker is a waste of money.

Imagine if you are a business (bank) selling lemons (loans). You have employees (Loan officers) who prepare the lemons (loans). One day you decidedyou want more business (loans) so you advertise in the paper for salesmen (mortgage brokers) to sell your lemons (loans) in exchange for a fee (yield spread premium). That way it would be cheaper than hiring more employees (loan officers).

My advice, why not get off you rear and drive and talk to bankers. . . .if you save 1.5% on a $400,000 home annually. . .well do the math.

Would you pay an extra 1.5% on your car loan if I drove you to a car lot to introduce you to the salesman and I kept the 1.5%?

Now imagine if you made 3-5 percent of a neg-am loan of $400,000 or an adjustable ARM as a broker? Can you see why all these brokers blew their money on cars, whores and cocaine 🙂 Imagine if you did 6 deals a month on refis?

Enough said.

[SDHousehunter]

A mortgage broker is a waste of money.

Imagine if you are a business (bank) selling lemons (loans). You have employees (Loan officers) who prepare the lemons (loans). One day you decidedyou want more business (loans) so you advertise in the paper for salesmen (mortgage brokers) to sell your lemons (loans) in exchange for a fee (yield spread premium). That way it would be cheaper than hiring more employees (loan officers).

My advice, why not get off you rear and drive and talk to bankers. . . .if you save 1.5% on a $400,000 home annually. . .well do the math.

Would you pay an extra 1.5% on your car loan if I drove you to a car lot to introduce you to the salesman and I kept the 1.5%?

Now imagine if you made 3-5 percent of a neg-am loan of $400,000 or an adjustable ARM as a broker? Can you see why all these brokers blew their money on cars, whores and cocaine 🙂 Imagine if you did 6 deals a month on refis?

Enough said.

[SDHousehunter]

A mortgage broker is a waste of money.

Imagine if you are a business (bank) selling lemons (loans). You have employees (Loan officers) who prepare the lemons (loans). One day you decidedyou want more business (loans) so you advertise in the paper for salesmen (mortgage brokers) to sell your lemons (loans) in exchange for a fee (yield spread premium). That way it would be cheaper than hiring more employees (loan officers).

My advice, why not get off you rear and drive and talk to bankers. . . .if you save 1.5% on a $400,000 home annually. . .well do the math.

Would you pay an extra 1.5% on your car loan if I drove you to a car lot to introduce you to the salesman and I kept the 1.5%?

Now imagine if you made 3-5 percent of a neg-am loan of $400,000 or an adjustable ARM as a broker? Can you see why all these brokers blew their money on cars, whores and cocaine 🙂 Imagine if you did 6 deals a month on refis?

Enough said.

[HLS]

^Your analogy is flawed.

Wholesale rates are available to brokers that are not available to you walking into the retail desk at a branch.
The question really is how much will a broker charge you to get that wholesale rate.

You think that you know what you are talking about, but don’t.

You may or may not get a better deal from the salesperson at the bank who might be on commission.

A neg am loan from a bank was not necessarily a cheaper or better loan than from a broker. Either way, it was a crappy loan, and it wasn’t cheaper to you if you went to the bank.

Try finding an honest mortgage broker shop that gives you the par rate for a fair fee. You might just get a better loan and find out that going to a bank can be a waste of money.

You probably would suggest defending yourself in court rather than hiring an attorney, and you probably fix your own car instead of paying a mechanic, etc.
That’s fine if you know what you are doing. When it comes to loans, most people don’t really know what they are doing, including many of those that think they do, and don’t get the best loan that they could have, from a broker OR bank.

Ignorance is bliss.

[HLS]

^Your analogy is flawed.

Wholesale rates are available to brokers that are not available to you walking into the retail desk at a branch.
The question really is how much will a broker charge you to get that wholesale rate.

You think that you know what you are talking about, but don’t.

You may or may not get a better deal from the salesperson at the bank who might be on commission.

A neg am loan from a bank was not necessarily a cheaper or better loan than from a broker. Either way, it was a crappy loan, and it wasn’t cheaper to you if you went to the bank.

Try finding an honest mortgage broker shop that gives you the par rate for a fair fee. You might just get a better loan and find out that going to a bank can be a waste of money.

You probably would suggest defending yourself in court rather than hiring an attorney, and you probably fix your own car instead of paying a mechanic, etc.
That’s fine if you know what you are doing. When it comes to loans, most people don’t really know what they are doing, including many of those that think they do, and don’t get the best loan that they could have, from a broker OR bank.

Ignorance is bliss.

[HLS]

^Your analogy is flawed.

Wholesale rates are available to brokers that are not available to you walking into the retail desk at a branch.
The question really is how much will a broker charge you to get that wholesale rate.

You think that you know what you are talking about, but don’t.

You may or may not get a better deal from the salesperson at the bank who might be on commission.

A neg am loan from a bank was not necessarily a cheaper or better loan than from a broker. Either way, it was a crappy loan, and it wasn’t cheaper to you if you went to the bank.

Try finding an honest mortgage broker shop that gives you the par rate for a fair fee. You might just get a better loan and find out that going to a bank can be a waste of money.

You probably would suggest defending yourself in court rather than hiring an attorney, and you probably fix your own car instead of paying a mechanic, etc.
That’s fine if you know what you are doing. When it comes to loans, most people don’t really know what they are doing, including many of those that think they do, and don’t get the best loan that they could have, from a broker OR bank.

Ignorance is bliss.

[HLS]

^Your analogy is flawed.

Wholesale rates are available to brokers that are not available to you walking into the retail desk at a branch.
The question really is how much will a broker charge you to get that wholesale rate.

You think that you know what you are talking about, but don’t.

You may or may not get a better deal from the salesperson at the bank who might be on commission.

A neg am loan from a bank was not necessarily a cheaper or better loan than from a broker. Either way, it was a crappy loan, and it wasn’t cheaper to you if you went to the bank.

Try finding an honest mortgage broker shop that gives you the par rate for a fair fee. You might just get a better loan and find out that going to a bank can be a waste of money.

You probably would suggest defending yourself in court rather than hiring an attorney, and you probably fix your own car instead of paying a mechanic, etc.
That’s fine if you know what you are doing. When it comes to loans, most people don’t really know what they are doing, including many of those that think they do, and don’t get the best loan that they could have, from a broker OR bank.

Ignorance is bliss.

[Author]

Posts