DH and I keep hearing from a lot of home owners that this is the way to go for a mortgage with the best rates.
any pros or cons?
Just want to add that DH's cousin is a mortgage broker, he is not one of the one's we heard this from
Beth1210
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Re: Advantages of going through a broker?
My husband is a broker-
the advantage to going thru him or some one like him is if your situation is less then perfect
below 620 credit score no money down- or less the 20% no income stated buying the house to flip
if you have good credit and make enough money to prove to the bank that you are worthy- then my first stop would be the bank
it doesn't hurt to talk to someone at your bank and a broker
My husband tends to be more creative with the types of finacing he can offer- espeically to people who need the most
Mrs. dleeny
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Re: Advantages of going through a broker?
from what I understand, it's better to go through a broker b/c they put a bid into banks for your loan… so you can potentially have banks fighting for your business if you’re a good candidate like DH and I are. They also get the loan wholesale. Then of course, they mark it up to make their commission but you can get negotiate more with them than a bank.
Blu-ize
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Re: Advantages of going through a broker?
I've had better luck with the bank. They are more able to waive some of the closing fees. Been through both and I found that it cost me less.
I've pitted one bank up against another and got a really good rate when I re-financed. Chase beat Wells.
Beth1210
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Re: Advantages of going through a broker?
the fees are usually higer then banker- but it might be better to get a better rate
if you want- FM me and I will give you my husbands email- see what he says
Mrs. dleeny
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Re: Advantages of going through a broker?
Posted by Beth1210
the fees are usually higer then banker- but it might be better to get a better rate
if you want- FM me and I will give you my husbands email- see what he says
we have someone in the family who is a broker... now I am not a believer of doing business with friends or family, but if he can potentially save us several thousand dollars, I am fine with it! and his commission would not be what another broker would charge us.
Blu-ize
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Re: Advantages of going through a broker?
Wouldn't mix it..wouldn't deal with a family member and money. No way Jose.
Mrs. dleeny
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Re: Advantages of going through a broker?
Posted by Blu-ize
Wouldn't mix it..wouldn't deal with a family member and money. No way Jose.
yea, I was relcutant too, it’s not set in stone. We have to find a house first and then see.
it would be worth it if we saved $$$$!
Blu-ize
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Re: Advantages of going through a broker?
I guess it would depend on how much as well. But my gut tells me no way. Mixed money and family before with very bad consequences.
Mrs. dleeny
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Re: Advantages of going through a broker?
do people maintain a relationship with a broker or a mortgage officer after the closing, move in, etc?
Beth1210
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Re: Advantages of going through a broker?
Posted by dleeny
do people maintain a relationship with a broker or a mortgage officer after the closing, move in, etc?
my husband does- they refer people to him- or use him next time they need to re-fi etc
Blu-ize
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Re: Advantages of going through a broker?
I did for future business but not for anything after. It's a biz deal. After the deal is done. It's done.
Mrs. dleeny
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Re: Advantages of going through a broker?
Posted by Blu-ize
I did for future business but not for anything after. It's a biz deal. After the deal is done. It's done.
good to know... if we do end up dealing with DH's cousin for the mortgage, it's not like we would have to keep the business aspect of the relationship going as well.
Blu-ize
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Re: Advantages of going through a broker?
The only thing to consider is that if something goes south with the deal and you were involved and had to back out, there may be hard feelings. There's a ton of things that can go wrong buying a house.
