So my husband and I found a home, and our bid was accepted, and we are in contract all within 2 weeks. So since everything went so smoothly with our realtor, and they do mortgages, we decided to give them a try.
Well, first, the guy is charging us like 400 dollars to find us a mortgage, which we (very very stupidly) paid him upfront. Now, he didnt show up to our Saturday appointment, and after calling him 3 times yesterday, finally calls me back at 5pm with a quote of 6.25%, which in my opinion, I could have gotten that on my own. What am I paying this guy for? I go online and find rates of 5.6%.....argh!!! Has anyone gone through this or something similar? They have all our infromation, and did the appraisal on the house, and I dont want to have to pay for another appraisal and another broker fee and go through all this all over again.
sophie78
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Re: Mortgage brokers!!!!
My dad is in real estate and would never let me get a mortgage thru a broker. He only gets them thru banks. I would recommend that you do the same. He used to work as a real estate lawyer. He said they would be at the closing and all of a sudden the broker tells the buyer that they can't get the rate they promised them. The buyer either is stuck with a higher rate or has to walk away and then is opening themselves up to being sued by the seller. Its bad all around. I used Chase Bank and had a great experience. We got a great rate (5.125) and I was ready to close in under three weeks.
MrsSchultz
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Re: Mortgage brokers!!!!
Well, he called back and said 'the best I can do for you today is 6.125%'. I said to him, then how come, online, I see rates for 5.6?
Well, long story short, my husband just went in and got our money back, and they signed over the appraisal (which we are going to have our lawyer check on to make sure its legit), and all of the information we gave him.
We will be going to a few banks and see what we can get.
Just so aggrevated!! The guy acutally tried to keep our contract, acting like he didnt have it!!
GRRR!!!!
nov2004bride
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Re: Mortgage brokers!!!!
The rates are that high. You have to check into it a little more. We thought the same thing when we looked online but we found out we were wrong
LuvMyMichael
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Re: Mortgage brokers!!!!
We were advised to go through a bank as well.
Good Luck!
ThongLori
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Re: Mortgage brokers!!!!
I also used Chase- no complaints here!
SeptemberBride03
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Re: Mortgage brokers!!!!
I'm sorry you had that experience. We have a friend in Atlanta that is a mortgage broker and we discussed with him the advantages/disadvantages of using one and decided we wanted to use one. My friends BIL is a mortgage broker here in Chicago and we used him and it was great - he has been so helpful - informative, got us great rates, got approvals in a matter of minutes when we decided to bid above our original price range, etc.
skew
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Re: Mortgage brokers!!!!
we are working w/ a broker and could not be happier. we were approved for a jumbo mortgage at 5.875% (no pts, no orgination fees) she is paid by the lender, NOT us. we have everything in writing so that there is NO confusion upon closing.
no matter who you use, make sure that EVERYTHING is in writing prior to making a commitment. we made sure that the info was sent to us before paying the application and appraisal fee.
ETA: be careful w/ online rate quotes. if it seems to good to be true, then there are probably hidden fees associated w/ the stated rate.
marymoon
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Re: Mortgage brokers!!!!
Jessica (jvs77)'s DH is a mortgage broker and SUCH a good guy. They both have hearts of gold. Maybe you can FM her. If I find their # I can call them and see if he'll talk to you about it
DjPiLL
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Re: Mortgage brokers!!!!
I went through a broker... and even though they were a little crooked... they got me a great rate and I didn't pay a dime.
Never pay somebody a fee to find a mortgage for you. All BS fees like that should be paid by the bank or the broker themselves.
Remember they need YOU to do their business... not the other way around.
princess99
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Re: Mortgage brokers!!!!
We were almost srewed by a mortgage broker, the whole thing was shady after reporting them to the NY state bankers commission and many arguments later we got our $$ back. We went with Washington Mutual. I have a great mortgage man to work with , just FM mail me for his name. He did such a great job I told him I loved him! LOL!!! We really went thru sheer h ell with the first place. HTH
DjPiLL
Posted:
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Re: Mortgage brokers!!!!
WaMu (washington mutual) gave the guy that bought my 1br co-op a GREAT rate.
But man did WaMu really screw up the closing BIGTIME. They delayed... delayed... delayed. Their appraiser totally bombed out the appraisal. The guy that did the appraisal supposedly had some 'personal issues'... and he never gave his employer a copy of the appraisal he did.
Then WaMu actually had the nerve to not extend his rate lock because of this BS that THEY caused.
It got so bad that the buyer's attorney had to call WaMu's corporate headquarters and talk to some bigwig contacts he had. Good thing his law firm did business with WaMu previously... or else he would have went from a 4 7/8 rate to a 6% rate.
Took five months to close... and i got fed up with waiting... I threatned to cancel the deal and keep his deposit. We then agreed that he would compensate me for two months of mortgage interest and maintenance for my place. Worked out nice for me in the end. It pays to ***** sometimes.
