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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Heard of/used Garden City Mortgage?
I am a little weary, someone from there is giving me a 30-Year fixed rate with no points of 6.50% and every other place I am speaking with (with a reputation) is telling me 6.75%. What could the catch be?
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Posted 7/17/06 4:20 PM  |
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Prudential Douglas Elliman Real Estate
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Heard of/used Garden City Mortgage?
do you know what the closing costs are going to be??
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| Posted 7/17/06 4:23 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Heard of/used Garden City Mortgage?
DJpill used them
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| Posted 7/17/06 4:24 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
Not sure of the closing costs - I will ask.
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| Posted 7/17/06 4:37 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Heard of/used Garden City Mortgage?
im usually one of those "if it sounds too good to be true...." type people. I would find out the closing costs, they might be getting you there.
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| Posted 7/17/06 4:42 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Heard of/used Garden City Mortgage?
Posted by Meaghan729
im usually one of those "if it sounds too good to be true...." type people. I would find out the closing costs, they might be getting you there.
I agree... ask for a good faith estimate
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| Posted 7/17/06 4:42 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
Strange, I got the good faith estimate and closing costs are lower than my previous quotes. He has $7,500 instead of the usual $13,000.
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| Posted 7/17/06 4:45 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Heard of/used Garden City Mortgage?
hmmm.....i think I want their phone ##!!
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| Posted 7/17/06 4:46 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
I double checked and asked if the closing costs are accurate and he said yes. What is the catch here???
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| Posted 7/17/06 4:47 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Heard of/used Garden City Mortgage?
I looked on their website...they are brokers...maybe ask Beth? Her husband is a mortgage broker, maybe he has some info on this co?
nothing came up on the BB Bureau website.
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| Posted 7/17/06 4:50 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
Posted by Meaghan729
I looked on their website...they are brokers...maybe ask Beth? Her husband is a mortgage broker, maybe he has some info on this co?
nothing came up on the BB Bureau website.
Thanks so much for looking for me. I'm so weary. How can someone get a much lower rate than another person?
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| Posted 7/17/06 4:52 PM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: Heard of/used Garden City Mortgage?
Posted by Kitkat
Posted by Meaghan729
I looked on their website...they are brokers...maybe ask Beth? Her husband is a mortgage broker, maybe he has some info on this co?
nothing came up on the BB Bureau website.
Thanks so much for looking for me. I'm so weary. How can someone get a much lower rate than another person?
dont know anything about this co. but just wanted to say that the mortgage broker/co. we used got us a much lower rate than banks and slightly lower than other mortgage companies and there was nothing shady about it. Everything worked out well for us. So definitely do your research but dont let the low rate automatically make you think there is something wrong with this co.
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| Posted 7/17/06 4:56 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Heard of/used Garden City Mortgage?
We used a broker. We asked are there any points and they told us no. When we goto the closing table our lawyer told us we had 1 point. And this was a friend of my DH who got the mortgage for us. Just becareful with brokers!
Message edited 7/17/2006 4:57:59 PM.
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| Posted 7/17/06 4:57 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Heard of/used Garden City Mortgage?
Posted by Kitkat
Posted by Meaghan729
I looked on their website...they are brokers...maybe ask Beth? Her husband is a mortgage broker, maybe he has some info on this co?
nothing came up on the BB Bureau website.
Thanks so much for looking for me. I'm so weary. How can someone get a much lower rate than another person?
brokers get their rates at wholesale from several banks and then sell it. some mark them up more than others.
DH’s cousin is a mortgage broker, that’s how I know.
Message edited 7/17/2006 4:58:05 PM.
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| Posted 7/17/06 4:57 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
Posted by june262004
We used a broker. We asked are there any points and they told us no. When we goto the closing table our lawyer told us we had 1 point. And this was a friend of my DH who got the mortgage for us. Just becareful with brokers!
Thanks. At the end of the day did that point cost you $1,000? If that was the case, $7,200 is a lot cheaper still than $13,000 for closing costs...I'm so confused! 
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| Posted 7/17/06 5:00 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Heard of/used Garden City Mortgage?
Posted by Kitkat
Posted by june262004
We used a broker. We asked are there any points and they told us no. When we goto the closing table our lawyer told us we had 1 point. And this was a friend of my DH who got the mortgage for us. Just becareful with brokers!
Thanks. At the end of the day did that point cost you $1,000? If that was the case, $7,200 is a lot cheaper still than $13,000 for closing costs...I'm so confused!
a point is 1% of the loan amount.
So if the mortgage is going to be $300,000, than one point is $3,000
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| Posted 7/17/06 5:01 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Heard of/used Garden City Mortgage?
its 1% of the loan amount.
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| Posted 7/17/06 5:03 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Heard of/used Garden City Mortgage?
I'll ask Jake tonight
he works for Concord now- which is a direct lender- so I know they are giving very good deals right now-
Jake was SHOCKED - b/c he had been working for a brooker before this- and the rates he was getting were much higher
If they are a direct lender- it's possible
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| Posted 7/17/06 5:21 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Heard of/used Garden City Mortgage?
Posted by SweetestOfPeas
QUOTE] brokers get their rates at wholesale from several banks and then sell it. some mark them up more than others.
DH’s cousin is a mortgage broker, that’s how I know.
Jake has a mark up system- they all do- it's depends on the brooker and there is nothing set in stone
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| Posted 7/17/06 5:22 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
Thanks for your help - I appreciate it!
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| Posted 7/17/06 5:33 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
So he guaranteed no points but said he can't guarantee title fees and that my attorney decides that. Is that accurate?
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| Posted 7/17/06 5:58 PM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: Heard of/used Garden City Mortgage?
Posted by Kitkat
So he guaranteed no points but said he can't guarantee title fees and that my attorney decides that. Is that accurate?
he can't guarantee title fees or other closings costs. Your lawyer should be able to give you a estimate of what your closing will cost you.
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| Posted 7/17/06 6:01 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Heard of/used Garden City Mortgage?
Oh okay - so closing costs may not be as cheap as 7,000. thanks
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| Posted 7/17/06 6:03 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Heard of/used Garden City Mortgage?
Jake thinks they are playing games- they are a brooker- not a direct lender
is this a purchase? b/c some companies bait and switch knowing you are in contract and can't walk away once they switch at the table
he has never even heard of them- and has been in the bussness for 5 years
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| Posted 7/17/06 8:33 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Heard of/used Garden City Mortgage?
Right now when the market slows most brokers low ball their good faith estimates to bring in clients, but he may also have an accurate estimate. If you are purchasing (or refinancing and planning on using an attorney), I would show this to your attorney. You should always show your good faith estimate to your attorney. Unless you really know what fees are for a standard closing, you wouldn't know if your estimate is correct.
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| Posted 7/17/06 8:39 PM |
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