Recommendations for a good mortgage broker

[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!

[amy]

wow – this is turning into quite the discussion. FYI, we do have a connection at Wells Fargo that we are talking to, but I also wanted to speak to a couple of mortgage brokers to see what they could do for us, so we can have an broader view of what our options are. So the “get off your rear and go drive” comment was really unnecessary and not very nice – come on, folks, there’s no need to be nasty. I am not a professional in regards to mortgages and different types of lending options, but I want to learn and that’s why I follow the discussions on this site. Hence my request for referrals. Thanks to all of you for the education and the broker names – I really appreciate it & look forward to learning a lot more from you all before we buy a home.

[amy]

wow – this is turning into quite the discussion. FYI, we do have a connection at Wells Fargo that we are talking to, but I also wanted to speak to a couple of mortgage brokers to see what they could do for us, so we can have an broader view of what our options are. So the “get off your rear and go drive” comment was really unnecessary and not very nice – come on, folks, there’s no need to be nasty. I am not a professional in regards to mortgages and different types of lending options, but I want to learn and that’s why I follow the discussions on this site. Hence my request for referrals. Thanks to all of you for the education and the broker names – I really appreciate it & look forward to learning a lot more from you all before we buy a home.

[amy]

wow – this is turning into quite the discussion. FYI, we do have a connection at Wells Fargo that we are talking to, but I also wanted to speak to a couple of mortgage brokers to see what they could do for us, so we can have an broader view of what our options are. So the “get off your rear and go drive” comment was really unnecessary and not very nice – come on, folks, there’s no need to be nasty. I am not a professional in regards to mortgages and different types of lending options, but I want to learn and that’s why I follow the discussions on this site. Hence my request for referrals. Thanks to all of you for the education and the broker names – I really appreciate it & look forward to learning a lot more from you all before we buy a home.

[amy]

wow – this is turning into quite the discussion. FYI, we do have a connection at Wells Fargo that we are talking to, but I also wanted to speak to a couple of mortgage brokers to see what they could do for us, so we can have an broader view of what our options are. So the “get off your rear and go drive” comment was really unnecessary and not very nice – come on, folks, there’s no need to be nasty. I am not a professional in regards to mortgages and different types of lending options, but I want to learn and that’s why I follow the discussions on this site. Hence my request for referrals. Thanks to all of you for the education and the broker names – I really appreciate it & look forward to learning a lot more from you all before we buy a home.

[amy]

wow – this is turning into quite the discussion. FYI, we do have a connection at Wells Fargo that we are talking to, but I also wanted to speak to a couple of mortgage brokers to see what they could do for us, so we can have an broader view of what our options are. So the “get off your rear and go drive” comment was really unnecessary and not very nice – come on, folks, there’s no need to be nasty. I am not a professional in regards to mortgages and different types of lending options, but I want to learn and that’s why I follow the discussions on this site. Hence my request for referrals. Thanks to all of you for the education and the broker names – I really appreciate it & look forward to learning a lot more from you all before we buy a home.

[NotCranky]

Unless your are absolutely sure you understand what the referral folks are selling you and able to compare it somehow with what is the best you probably should comparison shop and make them compete. Loyalty is for after you know what you are doing and someone delivers, sounds like you have a good jump on it. That is no offense to any referral offers posted here.

Someone once posted that it is a good idea to print your own credit report and get a commitment on that upon verification after you have comparison shopped. Sounds like a good idea.

One thing I wonder about , Rich said his colleague is recommendable, in part, because he didn’t do interest only loans. I wonder why selling that kind of loan would impinge someones credibility? I have enjoyed using them in my small time builder/investor deals. I am in school here too, maybe I should look at that again? Yes I will look at my costs much more closely next time around. I will admit sometimes cash flow comfort is the biggest factor and I will eat costs too, just want to be more careful.

[NotCranky]

Unless your are absolutely sure you understand what the referral folks are selling you and able to compare it somehow with what is the best you probably should comparison shop and make them compete. Loyalty is for after you know what you are doing and someone delivers, sounds like you have a good jump on it. That is no offense to any referral offers posted here.

Someone once posted that it is a good idea to print your own credit report and get a commitment on that upon verification after you have comparison shopped. Sounds like a good idea.

One thing I wonder about , Rich said his colleague is recommendable, in part, because he didn’t do interest only loans. I wonder why selling that kind of loan would impinge someones credibility? I have enjoyed using them in my small time builder/investor deals. I am in school here too, maybe I should look at that again? Yes I will look at my costs much more closely next time around. I will admit sometimes cash flow comfort is the biggest factor and I will eat costs too, just want to be more careful.

[NotCranky]

Unless your are absolutely sure you understand what the referral folks are selling you and able to compare it somehow with what is the best you probably should comparison shop and make them compete. Loyalty is for after you know what you are doing and someone delivers, sounds like you have a good jump on it. That is no offense to any referral offers posted here.

Someone once posted that it is a good idea to print your own credit report and get a commitment on that upon verification after you have comparison shopped. Sounds like a good idea.

One thing I wonder about , Rich said his colleague is recommendable, in part, because he didn’t do interest only loans. I wonder why selling that kind of loan would impinge someones credibility? I have enjoyed using them in my small time builder/investor deals. I am in school here too, maybe I should look at that again? Yes I will look at my costs much more closely next time around. I will admit sometimes cash flow comfort is the biggest factor and I will eat costs too, just want to be more careful.

[NotCranky]

Unless your are absolutely sure you understand what the referral folks are selling you and able to compare it somehow with what is the best you probably should comparison shop and make them compete. Loyalty is for after you know what you are doing and someone delivers, sounds like you have a good jump on it. That is no offense to any referral offers posted here.

Someone once posted that it is a good idea to print your own credit report and get a commitment on that upon verification after you have comparison shopped. Sounds like a good idea.

One thing I wonder about , Rich said his colleague is recommendable, in part, because he didn’t do interest only loans. I wonder why selling that kind of loan would impinge someones credibility? I have enjoyed using them in my small time builder/investor deals. I am in school here too, maybe I should look at that again? Yes I will look at my costs much more closely next time around. I will admit sometimes cash flow comfort is the biggest factor and I will eat costs too, just want to be more careful.

[NotCranky]

Unless your are absolutely sure you understand what the referral folks are selling you and able to compare it somehow with what is the best you probably should comparison shop and make them compete. Loyalty is for after you know what you are doing and someone delivers, sounds like you have a good jump on it. That is no offense to any referral offers posted here.

Someone once posted that it is a good idea to print your own credit report and get a commitment on that upon verification after you have comparison shopped. Sounds like a good idea.

One thing I wonder about , Rich said his colleague is recommendable, in part, because he didn’t do interest only loans. I wonder why selling that kind of loan would impinge someones credibility? I have enjoyed using them in my small time builder/investor deals. I am in school here too, maybe I should look at that again? Yes I will look at my costs much more closely next time around. I will admit sometimes cash flow comfort is the biggest factor and I will eat costs too, just want to be more careful.

[SD Realtor]

Amy it sounds like you are doing your homework which is very well done. I would call several different brokers and also check with the banks, credit unions even on line lenders to see the differences. Get a good scope of the situation.

Before you look at house number 1 make sure you have the financing aspect totally closed and well understood. To many people do the house part first and the financing part second. Have your financial strategy set before looking fot the home.

SD Realtor

[SD Realtor]

Amy it sounds like you are doing your homework which is very well done. I would call several different brokers and also check with the banks, credit unions even on line lenders to see the differences. Get a good scope of the situation.

Before you look at house number 1 make sure you have the financing aspect totally closed and well understood. To many people do the house part first and the financing part second. Have your financial strategy set before looking fot the home.

SD Realtor

[SD Realtor]

Amy it sounds like you are doing your homework which is very well done. I would call several different brokers and also check with the banks, credit unions even on line lenders to see the differences. Get a good scope of the situation.

Before you look at house number 1 make sure you have the financing aspect totally closed and well understood. To many people do the house part first and the financing part second. Have your financial strategy set before looking fot the home.

SD Realtor

[SD Realtor]

Amy it sounds like you are doing your homework which is very well done. I would call several different brokers and also check with the banks, credit unions even on line lenders to see the differences. Get a good scope of the situation.

Before you look at house number 1 make sure you have the financing aspect totally closed and well understood. To many people do the house part first and the financing part second. Have your financial strategy set before looking fot the home.

SD Realtor

[Author]

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