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Jean Said:

Where is the best place to find a mortgage broker or are there better options?

We Answered:

Your going to get many different opinions to this question. As it stands now, banks are tough to get mortgages through, think about it, b of a, wachovia, wamu, citi all reported tremendous losses recently. This means that they don't have the capital they used to in order to lend so they have tightened their lending requirements, and rightfully so, I personally believe their requirements were too loose in prior years. They also tend to take 30-60 days to process your loan so speed could be a factor. I'm a broker myself, but I will not sit here and say broker's are the best thing since sliced bread, yes we charge a fee, but the good ones are worth it, they work for you and they pull every single string they can to get you what you want. They have access to all the programs that the banks do and generally tend to complete a transaction quicker, but there are some brokers that do not have their clients best interest in mind, only their pay check. A good broker will get you pre-approved, pre-qualified and submitted for underwriting in 24-48 hours of application. Internet companies, I really don't know that much, they tend to promise a lot but can fall short when it's time to deliver. The bottom line is this, you need to have absolute trust in the professional your dealing with. Who do you believe will provide you and your family with the best service, go through all the documents with you, and close you in a timely manner. Anyone can quote you rates, but are they willing to put it in writing? Whos willing to take your application, get you preliminary docs, customize a mortgage solution that not only address' your families needs now but in the future, get your title and appraisal ordered and closed within a respectable timeframe? A mortgage can be customized to fit your needs, don't settle for what someone else believes how you should spend your money, explore options, ask questions, if someone tells you not to worry about it, walk away as you should worry, it's your money and your future.
Its hard to recommend anyone as I don't know where you are. In NC, you must be licensed and many states are moving to this requirement. Depending on your location, (state)I may be able to recommend you to either a bank or a broker as I know brokers across the country. If you want, let me know and I'll give you some places to look into, but do your own research and find the best fit for you, good luck

Delores Said:

Tips on using an online mortgage broker?

We Answered:

They are a lead generating website and not the actual lender. I would go with a company who is actually going to work on your loan like eloans, choice finance, or ditech. Lending Tree is a sales tool for mortgage companies. These companies pay good money to be part of Lending Tree's network. When you inquire with Lending Tree, get ready 'cause you will be contacted plenty. It's good to shop, but even better when you are in control and you call the different companies yourself. Be sure to ask for written references and testimonials, and make sure the company has been in business for at least 5 years... there are so many fly by night mortgage companies that come and go.

Tamara Said:

Can anyone recommend online or "retail" mortgage brokers that will get the most offers w/least credit queries?

We Answered:

From my personal experience, I recommend everybody steer clear of mortgage brokers, who don't necessarily have your best interest in mind. They will say anything to get their cut, and what they say can be total B.S., and once you sign that dotted line, you could be up the creek without a paddle. At least make sure you have a good lawyer to read over the terms of your loan before you sign anything. It may seem cut and dry, but you never know.

Francisco Said:

whats up with all these online mortgage brokers and are they safe?

We Answered:

I am a mortgage broker and I purchase internet leads and consider myself very up-front, but a lot of others are just looking for a quick deal. If a company requires a deposit, be careful. Other than that, ask lots of questions and use your gut instinct. Most of my clients have stated that they ended up working with me because they liked and trusted me :)

By the way, when you agree to work with someone, ask for a copy of 1.) Good Faith Estimate, 2.) Truth-In-Lending and if you want them to lock in your rate a 3.) lock-in confirmation form.

Ronald Said:

Why do the credit reports consumers get online differ from what mortgage brokers or car dealers pull up?

We Answered:

The data used to generate the credit reports is the same no matter what format; auto, mortgage etc. The credit report information is displayed differently by different companies, but they are all pulling the credit from the same source and the data is the same no matter what the report, it is the display format that changes.

Reginald Said:

Does it matter who you get a mortgage from?

We Answered:

Yes it does matter from whom you get a mortgage from. Preferable from someone that is licensed in your state, know the local prices and customs of your area.

If the mortgage broker has good intentions, is up front about all fees and points normally you will find that they are ok.

No matter where you get your mortgage from you should always be given a Good Faith Estimate (GFE) as well as a Truth In Lending (TIL) before you sign any documents. These documents give you the annual percentage rate, all cost of the mortgage that you have to pay as well as an approximate day of closing.

You should always ask questions that you do not understand. No matter if you think the question is stupid or routine ask. You pay for not asking stupid questions.

You should always know what your interest rate, monthly mortgage payment, when the mortgage is due, if the mortgage is an adjustable or fixed rate mortgage prior to signing your loan docs.

Now if anything that you were told prior to signing your loan docs do not match what you were told,please oh please don't sign your mortgage loan docs until you have spoken with your loan consultant. Make sure you get an explanation that make sense and you agree with.

Once you sign your mortgage loan docs you are now locked into paying and the mortgage you signed for. Not the mortgage you thought you were getting but the one you signed for.

Your mortgage consultant, nor anyone involved in the transaction will ever make a mortgage payment on your behalf if you make a mistake and sign for the wrong mortgage. You will be obligated to pay and if you don't the lender will foreclose on your home.

If this is a refinance mortgage you have a three (3) day right of recessission to change your mind after you sign your mortgage loan docs. If this is a purchase you have no such right.
Now about your on-line mortgage broker, he might be legit, but sometimes you are offered what is called a teaser rate which will be switched at sometime during the mortgage transaction.

Some will tell you to get the rate and terms in writing, but that does not matter as the mortgage broker or whomever you are getting your mortgage from will simply tell you that the rates went up or there was something found after your application that caused a change in your rate.

Mortgage brokers have many underwriters that can underwrite their clients mortgages. If they do not like the results from one underwriter they simply move your application to another underwriter.

I hope this has been of some use to you, good luck.

"FIGHT ON"