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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
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Mortgage Broker vs. Bank - spinoff of Goldi's post
In your opinion/personal experiences or what you have heard from others, is one generally more of a smoother ride than the other?
Is one more "faster" than the other one?
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Posted 5/19/10 8:33 PM  |
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Prudential Douglas Elliman Real Estate
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
we used a broker that is a former co-worker and friend of DH's. I thank god every day we did. She was great in keeping on top of the bank and not bothering up with every little detail. If the bank lost papers she never asked us she just re-sent them to the bank. If it was not for her contacts we would probably still be waiting on them to give us the clear to close.
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| Posted 5/19/10 8:41 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
we were gonna use a broker but something was weird about the paperwork he asked us to sign. It said that we agreed to pay him 3 percent of the loan proceeds. When I questioned him he said he wasn't charging us anything and it was a "blanket statement of disclosure" but I still wasn't comfortable with that so we went to bank of america. They have been kind of slow, and there are many diff departments to deal with but i'd rather deal with the headache then wind up having to pay this other guy thousands of dollars...
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| Posted 5/19/10 10:52 PM |
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Sweets13
Bella Bambini
Member since 5/05 9300 total posts
Name:
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
We used Continental Home Loans in Melville. They were phenominal. The process was so so easy. If they needed something, we received a letter outlining what had to be sent in. His assistant was also very accommodating and very helpful. I heard so many horror stories and I can honestl say our experience was far from stressful. We dealt with Gerard and he treated us like family. I highly recommend reaching out to them.
I also wanted to mention that he "told" us the amount we could afford. He worked out what our monthly expenses would be and told us that X amount of mortgage would allow us to live very comfortable...and he was right.
ETA: the day of our closing was done in their office and he came down to check on us numerous times to make sure all was okay.
Message edited 5/20/2010 9:24:57 AM.
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| Posted 5/20/10 9:19 AM |
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BabyFever10
St. Gianna Pray for us
Member since 9/09 1326 total posts
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
a broker is such a better way to go - you just have to make sure you go to someone reputable.
A broker deals with multiple banks and will go with whatever bank has the lowest rate when your ready to lock.
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| Posted 5/20/10 9:46 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
We have a cousin who worked for a mortgae broker. He told us that he would go straight to a bank and not bother with a broker.
We did get quotes from both banks & brokers. By going with our Credit Union, we saved over $5000 in closing costs and a better interest rate. They were very easy to deal with and we used them again when we refinanced too.
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| Posted 5/20/10 12:50 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: Mortgage Broker vs. Bank - spinoff of Goldi's post
bank or direct lender (Continental falls into this category)
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| Posted 5/20/10 12:58 PM |
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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
We used a bank... we heard of some people who got S(rewed over by brokers with the rates or them closing up shop or going out of business. We figured if we went with a reputable bank, we were less likely to have something bad happen with our mortgage....We also had a freind who used to be a broker and he told us some horror stories. But it really depends on who you go with.... there are good brokers and bad.... good banks and bad....
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| Posted 5/20/10 1:22 PM |
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ali120206
2 Boys
Member since 7/06 17796 total posts
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
Posted by staceyums81
we were gonna use a broker but something was weird about the paperwork he asked us to sign. It said that we agreed to pay him 3 percent of the loan proceeds. When I questioned him he said he wasn't charging us anything and it was a "blanket statement of disclosure" but I still wasn't comfortable with that so we went to bank of america. They have been kind of slow, and there are many diff departments to deal with but i'd rather deal with the headache then wind up having to pay this other guy thousands of dollars...
They have to disclose how much they are going to make on the loan - that 3% is the maximum that the bank would pay them for funding the loan.
We used a broker and had a great experience. We used him again for our refinance and it was great as well (and quick).
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| Posted 5/20/10 3:17 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
I would go with a broker if they can offer you wholesale rates.
My broker offers wholesale rates which are routinely better than any bank or direct lender rates.
My broker today is advertising 4.65% with 0 points and 20% down.
Show me a bank or direct lender advertising a rate this low and i'll become a believer. 
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| Posted 5/20/10 3:26 PM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
we used a broker and she was great! she handled everything for us.
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| Posted 5/20/10 4:35 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
Posted by ali120206
Posted by staceyums81
we were gonna use a broker but something was weird about the paperwork he asked us to sign. It said that we agreed to pay him 3 percent of the loan proceeds. When I questioned him he said he wasn't charging us anything and it was a "blanket statement of disclosure" but I still wasn't comfortable with that so we went to bank of america. They have been kind of slow, and there are many diff departments to deal with but i'd rather deal with the headache then wind up having to pay this other guy thousands of dollars...
They have to disclose how much they are going to make on the loan - that 3% is the maximum that the bank would pay them for funding the loan.
We used a broker and had a great experience. We used him again for our refinance and it was great as well (and quick).
It said right under broker's fees
"I will pay you, from the loan proceeds, a fee of 3.00 % of the loan amount + ___$ o___r $ . I authorize the lender's attorney to collect this fee from me at closing."
I just didn't feel right about it...
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| Posted 5/20/10 5:04 PM |
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Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: Mortgage Broker vs. Bank - spinoff of Goldi's post
We are using a bank and we are pleased with our choice - anything they would ask us for is par for the course. Fortunately, we are organized enough to have everything at our fingertips.
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| Posted 5/20/10 5:31 PM |
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