Home loans-purchase or refinance-get a mortgage broker!
The son of a friend of mine became a mortgage broker, and his rates we AT LEAST on half of one percent lower than any bank I could find. I also think he gave me a good deal, but who knows. The point is that it was the very best rate anywhere that I could find, and then on top of that it was not only 0 (no) points, it was no closing costs AND a no documentation loan. The loan was based solely on credit report score and stated income. Go to a mortgage broker! See if you can find an independent broker, not working with a large mortgage brokerage; they will need to make money on the loan, too. Anyone else with some experiences? |
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| We used a mortgage broker for our first home. We needed to borrow for the down payment. We borrowed it for only 2 years. It was a very painless experience.
Then friends of mine who had a fwe extra bucks actually lent out some money through a mortgage broker. They made some good money on thier investment. The reduced paperwork, red tape etc is great. But, you are always taking your chances when dealing with private money. |
| The mortgage broker I dealt with sells only "conforming" loans; the folks for whom he originates mortgages are all banks and mortgage companies.
My mortgage is with a fairly sizable company, Taylor Bean and Whitaker: http://www.taylorbean.com/offices.html |
| We had the opposite experience, lol When we found our house, we paid the oh..can't think of what it's called now but the fee you pay the mortgage company when you sign the contract. We immediately went to see a mortgage broker. A friend from our church owned the company, so we decided to go there first. Well, the guy asked for several things, but our paperwork sat on his untouched for a month!
Everyone was getting upset it was taking so long, so we decided to go to our bank. In THREE days, our loan was approved and we were in the meeting to sign for our home. The only thing they asked for was copies of my husband's LESs (his paycheck statements) for the last 3 months and a letter from our landlord stating that we always paid on time (neither of us really had much credit as we were only 21 & 23). We didn't pay anything except our first year of homeowner's insurance. We used my husband's VA loan and got a 6% locked 30-year mortgage - which was a great rate at the time. After the initial month of frustration at the other company not doing anything, buying our house was one of the easiest things we've done. We handed them those papers, signed the form, and moved in the next day.  |
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