NLIC.org

Hugh Said:

Direct mortgage lender/broker in irvine cali. has anyone worked with this co. before i am looking for a review

We Answered:

I'd personally be leery. Their website contains minimal info. Their link to HUD appears thrown in without formatting (unprofessional in appearance) No testimonials from previous clients. No investor info or way to look up their public stock (if any) that would have financial recommendation for investors.

http://www.mortgagedirectfs.com/about_us…

Click on all the links.

If they've offered you what seems to be too good a deal, it probably is.

If you are refinancing to avoid foreclosure, read this article first. It addresses The California Refinance Mistake
http://www.sandiegopredatorylending.com/…

Lauren Said:

Will a direct mortgage lender have an effect on your credit score?

We Answered:

BULL S--T! I am a direct lender as well and any inquire on your credit effects the score. I just pulled one where the client has been shopping for a loan and with 18 pulls the scores went from 619 down to 567. Don't believe him as it is not true. I will have to wait for her scores to reset in order to help her get a home.
I am a mortgage banker in TN & KY

Fred Said:

Found va mortgage lenders.com online for VA loan. Anyone w/direct good/bad exp w/them?

We Answered:

Hello Dear,

I saw your question and I decided to inform you on how i got my loan credit from Ultimate Lenders. I am Mrs. Rose Smart, six months ago my only son took ill, he was
diagnosed of a heart disease, i was told by the insurance company, that
my insurance won't cover my sons medical care.

As a mother, i was devastated, owing to the fact that i just lost
my husband a few years ago, so i started looking for money, because my
job was not paying enough to cover my son's bill, i looked for help from
family and friends but there was non coming, i went to the bank and
was told that, they could not grant me a loan, because i had no
collateral.

Finally, just as i gave up hope on lenders on the Net because of
scams, i met a lady chaitu from China who told me of Mr. Frank Smith, i
tried him and he gave a loan for $80,000usd, today my baby boy is doing
well, i am not telling you this for you to feel sorry for me, rather i
am telling you so that you can help me thank him and if you are ever in
need of a loan you can contact him via e-mail:ultimate.lenders@yahoo.com
Thanks for reading my testimony, and God bless all the good people.

Best regards,

Mrs. Rose

Arthur Said:

What are the advantages/disadvantages of refinancing a mortgage with a direct lender versus a broker?

We Answered:

I personally choose not to use brokers, but I have worked in the real estate industry for 20+ years. I go online and do a bunch of research as to who has the best rates and go from there.

Brokers (most) only shop your loan to their preferred lenders, those that will pay THEM the best amount, rather than where YOU will get the best deal. Not all brokers, but most.

You can do both, shop around through a broker, or more than one and do research on your own. And let them know you're working with others, so they'll know if THEY don't get you the best rate someone else will.

You have to be really pro-active with direct lenders though. Let them know what you will and won't pay and at least give them the impression you're not one of the sheep who blindly follow what they say you should pay.

There's pros and cons with both. If you're up for it and have the time, go the solo route. If you're not, try to get a broker or 2 to work for you.

Good luck!

Jack Said:

Mortgage broker vs. direct lenders?

We Answered:

I would ask your broker about it and give her the opportunity to do better, or at least match it.

Don't feel guilty - one point on a jumbo is a lot of money. Many times mortgage brokers think they can charge more on referred deals, since the client is less apt to shop around.

That being said, I checked rates, and it hard to believe Countrywide and Quicken would charge 0 points for those rates. So be careful. Get a Good Faith Estimate to see if there are other charges included.

By the way, with all due respect to Farina below, a 7-year ARM is okay, especially if you have good credit and you only anticipate being in the home a few years. Foreclosures happened mostly to people who took out 2 or 3-year ARM subprime mortgages. The rates adjusted up, and because the subprime loan programs no longer exist, they can no longer refinance out of it. Subprime ARM rates always adjust higher due to a high margin. "A" paper ARM (both conforming & jumbo) rates adjusting today are actually going DOWN.

Jason Said:

Opinions on these mortgage lenders...?

We Answered:

the va certificate only guarantees 30k to your lender if you default...the va makes no loans...I prefer a lender who always services thier loans.rather than sell them,like Bank of America...ask if they sell the loans,this would be a deal breaker for me...