mortgage question

Hi
Ok we are going into contract today or tomorrow. So now we need to get the mortgage. We are pre approved thru citibank but we are not using them because their rates are so high.

We have a mortgage broker and he is going to shop around for rates for us, BUT I feel he is asking for way too much info to just 'shop around'. He wants:
-copy of SS card
-copy of drivers license
-copy of past 3 months bank statements
-copy of last 2 paystubs
-copy of 2003 and 2004 W2

He wants this for me and for FH. I can understand that he may need all of this if we actually GET the loan thru him, but to shop around is this a tad overzealous?

What do you ladies think?

I am not sure about your question but I wanted to tell you to check out lendingtree.com
When we were thinking of re-financing, we got some AMAZING offers there.

It seems like a little much to me. I wold think that providing him with your SS# and drivers license # would be enough - not need copies of them until later in the game. By giving him all of that info he has access to everything you own! I hope you are using a reputable company and not some scam artist.

One suggestion I have as far as rates (in addition to lendingtree.com) is a credit union (if you belong to one or can join one), their rates are lower.

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Posted by kelleherkm

I hope you are using a reputable company and not some scam artist.

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He is the guy who did my parents refiance about 15 years old. He is ok. Just a little annoying. Like he calls my cell and leaves me a message and if I dont call him in like 2mins he calls my mom to ask whey I havent called him. Which is 100% uncalled for. You dont need to rat me out to my Mommy if I dont pick up right away when I am at work LOL

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Posted by kelleherkm

It seems like a little much to me. I wold think that providing him with your SS# and drivers license # would be enough - not need copies of them until later in the game.

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I agree. He needs to get a credit score on you so he knows what the lending institutions will approve you for - but he certainly doesn't need all the bank and w-2 stuff yet. He's probably just trying to be overzealous, as if he's guaranteed that he'll be your broker when it's time to close.

I actually just went through that whole process and I had to give the mortgage broker all of that stuff.. we went through a company that FSIL went through and that FFIL's real estate company is affiliated with, but do some searching online and it is usual.. I was a little weary at first as well.

ETA.. sorry didn't see that he was just shopping around for you.. he doesn't need that info. until he is going through the process

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Posted by D&C

The rates he says he can get us are 5.5 to 5.75 and I think thats a little too high. We have excellent credit, etc. I see rates all the time in the paper 5.3 and 5.4 with zero points. I dont want to hand all of this over to him so he can come back and say 5.7 when I know I can get lower.

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We got a rate last wk of 5.625% from the credit union and that was for a 30-year refi.

Are you sure those lower rates are for the term you want? I know you can get a 15 yr mortgage at a lower rate tha a 30 yr.

Re: he calls your Mommy - thats annoying! Guess he really wants your business!!

I don't see a big deal in this. Give him what he needs. Cause if you do choose him... things will move much quicker.


Plus there may be programs out there that you aren't aware of... special interest rates you may qualify for... but the bank wants to see this paperwork before even offering it to you.