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Spirited Virgo | It is best to use a mortgage broker or go through the bank for a home loan? |
Is it extra to use a mortgage broker? |
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logic_150
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Go with a bank, but a large bank, that way you can get lots of different options. Wachovia, Bank of America, Countrywide, Wells Fargo Home Mortgage are all good companies. Brokers will simply take your application and shop it all these different places and sometimes others. The rates are not always better and their fees are MUCH higher. Brokers also have this wonderful thing called Yield Spread Premiums. They sell you a higher rate and in turn the lender that gives you your loan gives the broker back a commission. Cut out the middle man and just deal directly with the bank. |
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Fatty
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brokers. we get better pricing, truly. and they have a TON more options than a bank. B of A for example may only have 15 or 20 programs. but a broker, liike myself, has 130 lenders... all with 15 or 20 different programs. and not all lenders are created equal. think of it this way, brokers shop for you so you can have a smooth experience and get the right program... if they are good.
no it is not extra to use a broker, bu that is not to say that some may charge a little more. With brokers, you pay for what they know, not what they do. Like I said, our job is to provide you with a smooth, simple process and provide you with the same loan that we promised in the beginning. The biggest complaint I get from my customers that first tried a bank is that they got calls every other day that "something had changed". For peace of mind... choose a good broker. They will get you a great loan and a hassle free experience. Let me know if I can help any further.
And just so you know logic150: banks have YSP too. It is how they pay their loan officers. They just dont have to show it like we do. |
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Mildred S
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negotiate with both and see where you get the best rate. the broker will make a commission, which tells you if he/she has the lowest rate, then you may be able to find it even lower an cut them out. i figure if the broker can get me a lower rate than i can find or negotiate myself, then what is the harm in doing business with them. everyone has to make money. |
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loanmasterone
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It is best to go through a mortgage broker. If banks can not or do not have a possible loan program you are at the end of the road.
It does not cost any more to go through a mortgage broker than it does to go through a direct lender or bank.
Normally you would have to pay for a credit report and for the appraisal. If you use the bank, then when you go to another source of finding a mortgage you will have to pay for another appraisal and credit report
If you use a mortgage broker, he has many underwriters to fund his loans. If one is unable to do the loan, he simply repackage your loan for another lender using the same appriasal and credit report because it is in his name.
Look in your telephone book find a local mortgage broker, call and set up an appointment so you can complete a mortgage loan application. This is gonna take awhile so prepare yourself.
He will need several documents and lots of information. I will get you started so locate the following and have them available so you can take them into his office or fax them to him
#1 Two years of federal income tax as well as the W-2's
#2 One complete month of pay stubs
#3 Six months of bank statements from each bank you are currently using to include any statements from your 401-k plan.
Once he completes your application he will then run a credit report to find out your credit scores.
Your credit scores will determine your interest rate, the loan program you are qualified for, how much you will have to put down on the property if anything. Some qualify for a 100% mortgage, you might be one.
Now is the time for you and the mortgage broker to sit down and figure out the best mortgage program for you. You guys will discuss the amount a lender will allow you to borrow to purchase a house, the interest rate of the loan you are qualified for and several other things. Make sure you ask all your questions at this point. Once this is done he will then issue you a pre-approval letter.
Once you have your pre-approval letter you are now prepared to find a real estate agent to look for a house to purchase.
When you find a property to purchase the real estate agent and mortgage broker will walk you through the rest of the steps necessary to close. You will sign a purchase contract, an appraisal will be done on the property top prove value.
A few days will go by 7-10 after which you will be called to sign your loan docs so you can now move into your new home.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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VINI Vidi Vici - Drank, saw, hit
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Broker - they will find the best deal and the fee will be small compared to the savings. |
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sammy
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depends on how high your credit score is. Banks offer lower rate and higher fees. Longer term loan, banks are better. |
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John T
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As a Mortgage Advisor/Loan Officer/Realtor I have to say PurpleFlash was a great help to you however one point I will add is this - BE CAREFUL - Either way you go!
Now the difference is this if you go to the Bank no matter the size - a bank is RETAIL...
If you go to a Broker then he/she too is RETAIL most likely and they DO HAVE EXTRA FEES that you dont need to pay - well unless you like to pay x-tra. Fact is that a Broker DOES have more options for you than does a bank this part is true but they also will add x-tra costs to the loan that help them to get paid - I use to work in the capacity of a Broker so this I can say with confidence.
Next there is Lenders that are similar to Brokers, yes they are 3rd party like Brokers but they do NOT charge the fees because they dont have too and here is why. Although they have the flexibilty to shop for your BEST Mortgage they get their Interest Rates at WHOLESALE PRICING and not retail like a Bank or Broker. I personally am a Wholesale Lender and this provides me with Lower closing costs, lower interest rates because I work directly with the big boys like SunTrust, Countrywide, GMAC, etc and I sell my loans in bulk to them BUT I have a warehouse line that funds your loan thus keeping my costs down. Think of it as the difference between your local Grocery store and say a Costco, or Sams Club or BJ's which are all wholesale.
Now again fact is that at closing you will end up with a large lender such as Countrywide, SunTrust, GMAC, etc and you will know at closing who to make your future payments too so it is not like your loan/note is sold time after time or right after closing as that is not the case here. Again you can not go to these large lenders on your own as a consumer and get the same rate I quote because you are ALWAYS going to be directed to the retail side of the company whereas I am wholesale allowing a little better pricing and lower closing costs, even lower than your local banker.
And that my friend is the Mortgage Industry in a nut shell - I hope this helps and if you have further questions, comments or concerns feel free to see my sites below, both are educational, but if you like feel free to call me and I will gladly speak with you directly. |
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lachelle
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I think its best to go through a bank, Bank of America is my favorite, you dont have to bank there to get financing. Im a Realtor and have noticed that your intrest rate is always lower at this bank that through others and mortgage brokers. |
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walkinandrockin
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It's a funny thing - nearly 70% of all home loans are done through brokers, not banks. Why does everyone think that brokers cost more? Mostly because with loans that the banks won't do, the broker has to do at an increased cost due to placing a higher risk loan.
For solid A paper loans, usually a broker costs less overall than a bank. A bank figures they have a built in audience. I have bankers all the time complaining about how much higher their costs are than mine |
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alien
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Try your local credit union, or both. Make sure that whoever you go through has the impression you are "SHopping around" for the best deal. |
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PurpleFlash
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I believe that it is best to use a mortgage broker, AS LONG AS THE BROKER IS REPUTABLE AND IS LOOKING AFTER YOUR INTERESTS - the best loan for you in your situation and not just what gives him the biggest commission. A good mortgage broker has access to many different loan programs that can be used for different purposes, whereas the bank (any bank) can only offer you the limited amount of programs that their bank offers. (these can be good loans for you, as long as what they have fits your situation).
Again, a good mortgage broker will do the following:
1) Care about you more than his commission (he can make enough money on any loan that he gives you).
2) Analyze your particular needs and situation to figure out what the best type of loan for you is and present you those best options.
3) Whatever the loan is that he presents to you, he will FULLY EXPLAIN TO YOU HOW IT WORKS, what will the the loan look like for you as the years go on (especially if it is an adjustable - and there are responsible times when an adjustable is good to have and there are situations when they are not), The risks, the benefits, and the worst case scenario as time goes on). (The current sub-prime lending crash which have now resulted in many foreclosures has been caused at least in part by mortgage brokers-Loan Officers who did not do this for their clients -either they were incompetent (possibly inexperienced) and didn't know how to or that they were supposed to or selfish (I believe unethical) and didn't because they could make more money by putting you into that loan and not really explaining it to you because if they did, then maybe you wouldn't do it.
A mortgage broker/ loan Officer and a Bank loan Officer both have what's know as a "Fiduciary Responsibility" to You, their client, which means that they are SERVING YOU and have to look out for your best interests. Sadly, many Mortgage Brokers have not, BUT MANY HAVE. So you must find the one who will
Finally, it is YOU the borrower who must take the responsibility to LEARN What is best for you. Don't just take anything anyone justs presents to you. MAKE SURE YOU UNDERSTAND IT. (If your mortgage broker doesn't want to really take the time to explain it to you, then that's a good sign he or she is not the one you should be working with. If he or she only presents one program possibility, then ask them why and ask if there are any other alternatives).
So I say that It is best to use a Mortgage Broker but he or she must be:
1) Experienced (or work with an organization that is experienced).
2) Not pushing just one loan product on everybody. Again the purpose of going to a Mortgage Broker is so that he or she has access to many different programs to be able to find the best options for you).
3) Possibly can provide you references.
4) Will take the time (without you asking) to explain everything about the loan he or she reccommends. |
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network marketing helper
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I suggest going through a bank if you have that option, if you go through a broker you need to pay more fees and commissions
Tyler..
Executive Director
guide to steady income online
http://www.workathomefree.ws |
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hi91977
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2 options
1) save $ & go to the bank
2) spend $ with a broker (you'll see it on the good faith estimate) |
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