Recommendations for a good mortgage broker

[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.

[cooperthedog]

I assume you want the lowest rate and fees possible? If so, I would listen HLS and go with a broker vs. the retail arm of a large bank.

I would contact several brokers (such as the personal recommendations given above) and get a GFE from each, on the *same day* (to compare rates). Request par rates (no points), and compare using APR in relation to fees listed in the 800 block (these fees are related to the broker, vs. third party fees).

Also, a lower rate and higher fees may give a “low” APR, but if you don’t hold the loan to term (e.g. 30 years), your true APR could be much higher. Also, a “no-cost” loan generally means you are paying the fees in the rate – no free lunch…

[cooperthedog]

I assume you want the lowest rate and fees possible? If so, I would listen HLS and go with a broker vs. the retail arm of a large bank.

I would contact several brokers (such as the personal recommendations given above) and get a GFE from each, on the *same day* (to compare rates). Request par rates (no points), and compare using APR in relation to fees listed in the 800 block (these fees are related to the broker, vs. third party fees).

Also, a lower rate and higher fees may give a “low” APR, but if you don’t hold the loan to term (e.g. 30 years), your true APR could be much higher. Also, a “no-cost” loan generally means you are paying the fees in the rate – no free lunch…

[cooperthedog]

I assume you want the lowest rate and fees possible? If so, I would listen HLS and go with a broker vs. the retail arm of a large bank.

I would contact several brokers (such as the personal recommendations given above) and get a GFE from each, on the *same day* (to compare rates). Request par rates (no points), and compare using APR in relation to fees listed in the 800 block (these fees are related to the broker, vs. third party fees).

Also, a lower rate and higher fees may give a “low” APR, but if you don’t hold the loan to term (e.g. 30 years), your true APR could be much higher. Also, a “no-cost” loan generally means you are paying the fees in the rate – no free lunch…

[cooperthedog]

I assume you want the lowest rate and fees possible? If so, I would listen HLS and go with a broker vs. the retail arm of a large bank.

I would contact several brokers (such as the personal recommendations given above) and get a GFE from each, on the *same day* (to compare rates). Request par rates (no points), and compare using APR in relation to fees listed in the 800 block (these fees are related to the broker, vs. third party fees).

Also, a lower rate and higher fees may give a “low” APR, but if you don’t hold the loan to term (e.g. 30 years), your true APR could be much higher. Also, a “no-cost” loan generally means you are paying the fees in the rate – no free lunch…

[cooperthedog]

I assume you want the lowest rate and fees possible? If so, I would listen HLS and go with a broker vs. the retail arm of a large bank.

I would contact several brokers (such as the personal recommendations given above) and get a GFE from each, on the *same day* (to compare rates). Request par rates (no points), and compare using APR in relation to fees listed in the 800 block (these fees are related to the broker, vs. third party fees).

Also, a lower rate and higher fees may give a “low” APR, but if you don’t hold the loan to term (e.g. 30 years), your true APR could be much higher. Also, a “no-cost” loan generally means you are paying the fees in the rate – no free lunch…

[Chris Scoreboard Johnston]

Paramount,

Maybe you are not aware of this, but you will get a lower rate through a broker than a bank every time, that is the reason to use them. If you want to pay more, by all means go to a bank directly.

Also, no cost does not mean you are paying more, many brokers take the money out of their fees to pay things, and just make less per loan. That is one of the lies propogated by mortgage brokers to keep their commissions up. They can just choose to make a lower fee, Anica has done this for me over and over again over the years.

[Chris Scoreboard Johnston]

Paramount,

Maybe you are not aware of this, but you will get a lower rate through a broker than a bank every time, that is the reason to use them. If you want to pay more, by all means go to a bank directly.

Also, no cost does not mean you are paying more, many brokers take the money out of their fees to pay things, and just make less per loan. That is one of the lies propogated by mortgage brokers to keep their commissions up. They can just choose to make a lower fee, Anica has done this for me over and over again over the years.

[Chris Scoreboard Johnston]

Paramount,

Maybe you are not aware of this, but you will get a lower rate through a broker than a bank every time, that is the reason to use them. If you want to pay more, by all means go to a bank directly.

Also, no cost does not mean you are paying more, many brokers take the money out of their fees to pay things, and just make less per loan. That is one of the lies propogated by mortgage brokers to keep their commissions up. They can just choose to make a lower fee, Anica has done this for me over and over again over the years.

[Chris Scoreboard Johnston]

Paramount,

Maybe you are not aware of this, but you will get a lower rate through a broker than a bank every time, that is the reason to use them. If you want to pay more, by all means go to a bank directly.

Also, no cost does not mean you are paying more, many brokers take the money out of their fees to pay things, and just make less per loan. That is one of the lies propogated by mortgage brokers to keep their commissions up. They can just choose to make a lower fee, Anica has done this for me over and over again over the years.

[Chris Scoreboard Johnston]

Paramount,

Maybe you are not aware of this, but you will get a lower rate through a broker than a bank every time, that is the reason to use them. If you want to pay more, by all means go to a bank directly.

Also, no cost does not mean you are paying more, many brokers take the money out of their fees to pay things, and just make less per loan. That is one of the lies propogated by mortgage brokers to keep their commissions up. They can just choose to make a lower fee, Anica has done this for me over and over again over the years.

[HLS]

Chris, Chris, Chris, No cost DOES mean that you are paying more, each and every month for the life of that loan.
There is NO other possibility.

Getting a GFE is fine, but until you are locked in AND approved, talking about the rate is like talking about the weather. It changes.

Chris, if you are getting loans to keep longer than 5 years, in most cases that no cost loan is a HUGE mistake.

It ABSOLUTELY, positively DOES mean that you are paying a higher rate and higher monthly payment for the life of the loan.
It’s comments like yours from people who THINK that they know what they are talking about but obviously haven’t got a clue, that just make me laugh.

A $5000 rebate to the broker might mean $150 a month in higher payments, which is $1800 a year net cost to you.
FOR THE LIFE OF THAT LOAN.
The ONLY way that there is a commission is when the borrower is charged a higher rate than they actually qualify for.

There is NO commission at the PAR rate, not a penny.
If you don’t understand this, then you’ve been lied to.

The par rate for a 30 YR fixed was 5.50% last week. It was 5.875% yesterday. Your friend with the no cost loans was probably well over 6% last week.

It’s obvious that she’s got you fooled, and here you are recommending her like you are an expert, but you don’t even know what you are talking about.

Welcome to America!

PS: I am in the biz, and don’t lie to people about what the best rates are or fool them into believing that a no cost loan isn’t costing them anything.
Many/most people in the biz will lie to you, and it does amaze me that they still get referred to.
Your friend may or may not be on the level, but from what you appear to know, I’m not so sure that you got the best rates that you could have.

Ignorance is bliss!

[HLS]

Chris, Chris, Chris, No cost DOES mean that you are paying more, each and every month for the life of that loan.
There is NO other possibility.

Getting a GFE is fine, but until you are locked in AND approved, talking about the rate is like talking about the weather. It changes.

Chris, if you are getting loans to keep longer than 5 years, in most cases that no cost loan is a HUGE mistake.

It ABSOLUTELY, positively DOES mean that you are paying a higher rate and higher monthly payment for the life of the loan.
It’s comments like yours from people who THINK that they know what they are talking about but obviously haven’t got a clue, that just make me laugh.

A $5000 rebate to the broker might mean $150 a month in higher payments, which is $1800 a year net cost to you.
FOR THE LIFE OF THAT LOAN.
The ONLY way that there is a commission is when the borrower is charged a higher rate than they actually qualify for.

There is NO commission at the PAR rate, not a penny.
If you don’t understand this, then you’ve been lied to.

The par rate for a 30 YR fixed was 5.50% last week. It was 5.875% yesterday. Your friend with the no cost loans was probably well over 6% last week.

It’s obvious that she’s got you fooled, and here you are recommending her like you are an expert, but you don’t even know what you are talking about.

Welcome to America!

PS: I am in the biz, and don’t lie to people about what the best rates are or fool them into believing that a no cost loan isn’t costing them anything.
Many/most people in the biz will lie to you, and it does amaze me that they still get referred to.
Your friend may or may not be on the level, but from what you appear to know, I’m not so sure that you got the best rates that you could have.

Ignorance is bliss!

[HLS]

Chris, Chris, Chris, No cost DOES mean that you are paying more, each and every month for the life of that loan.
There is NO other possibility.

Getting a GFE is fine, but until you are locked in AND approved, talking about the rate is like talking about the weather. It changes.

Chris, if you are getting loans to keep longer than 5 years, in most cases that no cost loan is a HUGE mistake.

It ABSOLUTELY, positively DOES mean that you are paying a higher rate and higher monthly payment for the life of the loan.
It’s comments like yours from people who THINK that they know what they are talking about but obviously haven’t got a clue, that just make me laugh.

A $5000 rebate to the broker might mean $150 a month in higher payments, which is $1800 a year net cost to you.
FOR THE LIFE OF THAT LOAN.
The ONLY way that there is a commission is when the borrower is charged a higher rate than they actually qualify for.

There is NO commission at the PAR rate, not a penny.
If you don’t understand this, then you’ve been lied to.

The par rate for a 30 YR fixed was 5.50% last week. It was 5.875% yesterday. Your friend with the no cost loans was probably well over 6% last week.

It’s obvious that she’s got you fooled, and here you are recommending her like you are an expert, but you don’t even know what you are talking about.

Welcome to America!

PS: I am in the biz, and don’t lie to people about what the best rates are or fool them into believing that a no cost loan isn’t costing them anything.
Many/most people in the biz will lie to you, and it does amaze me that they still get referred to.
Your friend may or may not be on the level, but from what you appear to know, I’m not so sure that you got the best rates that you could have.

Ignorance is bliss!

[HLS]

Chris, Chris, Chris, No cost DOES mean that you are paying more, each and every month for the life of that loan.
There is NO other possibility.

Getting a GFE is fine, but until you are locked in AND approved, talking about the rate is like talking about the weather. It changes.

Chris, if you are getting loans to keep longer than 5 years, in most cases that no cost loan is a HUGE mistake.

It ABSOLUTELY, positively DOES mean that you are paying a higher rate and higher monthly payment for the life of the loan.
It’s comments like yours from people who THINK that they know what they are talking about but obviously haven’t got a clue, that just make me laugh.

A $5000 rebate to the broker might mean $150 a month in higher payments, which is $1800 a year net cost to you.
FOR THE LIFE OF THAT LOAN.
The ONLY way that there is a commission is when the borrower is charged a higher rate than they actually qualify for.

There is NO commission at the PAR rate, not a penny.
If you don’t understand this, then you’ve been lied to.

The par rate for a 30 YR fixed was 5.50% last week. It was 5.875% yesterday. Your friend with the no cost loans was probably well over 6% last week.

It’s obvious that she’s got you fooled, and here you are recommending her like you are an expert, but you don’t even know what you are talking about.

Welcome to America!

PS: I am in the biz, and don’t lie to people about what the best rates are or fool them into believing that a no cost loan isn’t costing them anything.
Many/most people in the biz will lie to you, and it does amaze me that they still get referred to.
Your friend may or may not be on the level, but from what you appear to know, I’m not so sure that you got the best rates that you could have.

Ignorance is bliss!

[Author]

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