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Bessie Said:

How can I find out what lenders a mortgage broker uses without asking that broker?

We Answered:

You could not know unless you knew the names of previous customers. Then you could look up those names at the County Recorders Office and see the lender's names on their mortgages. You could also ask competing brokers who they think your broker is using. They might know..

William Said:

Can we ask the mortgage broker/lender to stick what there GFE at the closing ?

We Answered:

No..the GFE is just that..an estimate - those numbers fluctuate right up until closing and in most cases, the broker is not responsible for the fluctuations. If you look at the papers you signed, you will see a disclaimer that the prices are estimates and that you agree to pay whatever the actual charges are. Although you can negotiate some of the prices and the broker will stick to them, others are out of his control and will fluctuate. Just keep an eye on the broker to make sure he sticks to what has been negotiated.

Ann Said:

Is there a way to find out what lenders a mortgage broker uses without asking them?

We Answered:

not until you close the loan and sorry but a broker does not have to tell you. Why would they, so you can dump them and try to go straight to the source after the broker spends their time and energy for free to find you the best deal?

Jenny Said:

I am looking for a mortgage broker / lender in Texas that deals with people with not so good credit.?

We Answered:

You know you will just pay money to have someone find a loan for you right?

You have 14 days to apply with as many lenders as you want with no adverse effect to your credit report.

I personally wouldn't pay broker fees to have someone do the legwork for me. If you are that much in need of one on the quick ask your realtor, I'm sure they have a "friend" that they can recommend.

Wallace Said:

Can someone explain the difference between using a mortgage broker, mortgage lender, & a bank for refinancing?

We Answered:

The short answer is that a broker searches wholesale lenders to find the best loan program and/or rates for you. A banker and a lender are the same thing, except when you're talking about an actual bank like Bank of America, Wells Fargo, etc. A lender/banker usually has better rates but may have fewer programs. The rates are better, because although they have the same wholesalers, their relationships are different. Lenders have a correspondent relationship, which means they underwrite the loans and sell them on a warehouse line of credit. A typical borrower doesn't know this and usually doesn't care, except that the interest rate is usually lower with a lender. However, you may have slightly higher closing costs because the lender will have to pay interest on the line of credit. Usually the lower interest rate more than cancels out the higher costs. If you want an experienced banker/lender, contact Julie at http://primelendingonline.com

Woof.

Wesley Said:

Should you get pre-approved by more than one mortgage broker/lender when buying a home? Why and why not?

We Answered:

Getting pre approved simply gives both you and the seller a good feeling of what kind of a loan you can be approved for. You know the price ranges you can look for to get the payments you want, and the seller can feel good that you being pre approved shouldn't have problems getting financing.

Getting pre approved by more than one lender soes nothing to improve this. The one broker is probably hoping you'll get pre-approved with them, because they know that a preapproval means you are much more likely to get financing through him, which means he makes a commission.

But you have done what you needed, you are preapproved. You don't need more than that, going through additional brokers to get more preapprovals would just be eating up more of your time. Instead, you should now be concentrating on what house to buy.

My advice would be to get preapproved at one only, but you can still get information on loan programs through different brokers. That way, when you do agree with the seller on a particular transaction, you can go with the loan program that makes the most sense to you. You will have 2-3 days after the seller accepts your offer before you have to start formal loan processing, so you will have that time then to do your final homework and decision on what broker and loan program to use.