So I was asking my Hubby about Mortages

---

Posted by Blu-ize

why would anyone use a bank then?

---

Because people get screwed a lot by brokers. They promise them a rate and then they get to the closing and all of a sudden they can't get it. The people get stuck....either accept the higher rate or don't close. If you don't close, you can be held accountable for the money to the seller. My dad is a real estate lawyer and he said he has seen it happen so many times. This is why we went to a bank.

---

Posted by am470

---

Posted by Blu-ize

why would anyone use a bank then?

---

Because people get screwed a lot by brokers. They promise them a rate and then they get to the closing and all of a sudden they can't get it. The people get stuck....either accept the higher rate or don't close. If you don't close, you can be held accountable for the money to the seller. My dad is a real estate lawyer and he said he has seen it happen so many times. This is why we went to a bank.

---

Actually, that is my point. I've been down the broker route and not to say that all brokers are like this, but my experience and others I know have been better with the bank.

---

Posted by Beth1210

---

Posted by cluelessbride



The yuck ones were high sales pressure, trying to scare me into going with them. Also pretending to be our best friend.

---

that's b/c there are tons of people in the business that don't belong there- after 9/11 when the rates dropped everyone and there mother got into the business

including my husband- however he was a stockbroker before and has an excellent understanding of the business- and now owns his own office-

he can look at a situation and figure out what is best for the customer- as they all should- and that's why he loves his job- b/c he helps people

but not everyone is like him- makes 80% of his money fixing other peoples bad deals- you would be surprised what unreputable companies get people to agree to -

---

Its obvious to everyone on here that your trying to get your husband some business. But i think people are entitled to their opinion and can use whomever they want to use. Ultimately, people are going to go with the bank or broker who gives them the best rate! Some people have had bad experiences with brokers and some people have had bad experiences with banks. Its all life experience.

I think there are a lot of people out there that have negateive views of brokers, and for good reason. I think the mortgage broker business is very shady and most dont do right by the average person. I know this first hand, b/c my brother worked in the business for a few years and told me horror stories about not only his company but a number of other mortgage companies. Thats why he got out, he couldnt steal money from people.

Bottom line, people are entitled to their own views and opinions!

This is great to know. FH wanted to go to his bank...and I thought we should go to a broker! Maybe we'll try both.

ETA: I wanted to add that Beth didnt' even mention Jake's contact info. I'm just going to take her post as an FYI.

Beth-I am not knocking your hubby-just posting my experience.

I'm sure he is very successful and will continue to be.

---

Posted by am470

---

Posted by Blu-ize

why would anyone use a bank then?

---

Because people get screwed a lot by brokers. They promise them a rate and then they get to the closing and all of a sudden they can't get it. The people get stuck....either accept the higher rate or don't close. If you don't close, you can be held accountable for the money to the seller. My dad is a real estate lawyer and he said he has seen it happen so many times. This is why we went to a bank.

---

This is why you get your rate lock in WRITING from the broker. You have it in writing... then they can't go back on the rate.

---

Posted by DjPiLL

---

Posted by am470

---

Posted by Blu-ize

why would anyone use a bank then?

---

Because people get screwed a lot by brokers. They promise them a rate and then they get to the closing and all of a sudden they can't get it. The people get stuck....either accept the higher rate or don't close. If you don't close, you can be held accountable for the money to the seller. My dad is a real estate lawyer and he said he has seen it happen so many times. This is why we went to a bank.

---

This is why you get your rate lock in WRITING from the broker. You have it in writing... then they can't go back on the rate.

---

You would think that is the case..this is not always the case..you should get everything in writing from whomever you are dealing with anyway, but some brokers will not be able to honor the rate.

---

Posted by dleeny

In Beth’s defense, I don’t believe she is trying to muster up business for her DH. The broker vs. bank issue has been a hot topic on this board lately. She was sharing what she found out.

---

I have to second this. And it certainly wasn't 'obvious' to me that she was trying to do so.

---

Posted by dleeny

In Beth’s defense, I don’t believe she is trying to muster up business for her DH. The broker vs. bank issue has been a hot topic on this board lately. She was sharing what she found out.

---

thank you! I am shocked and dismayed by that post

I have given out Jake's info 3 times since I have been on these boards- and 2 of those people have come to me thru FM

and one asked for a rec- b/c she has a 4 family unit that banks don't touch

I am insulted- truley- I have even stated in this post I am not trying to get Jake business- he has more then enough-

I thought I was being nice and helping everyone b/c I can get info for free at home 24/7

if anyone wants my help in the future they know where to find me- I am over this

---

Posted by SomethingBlu

---

Posted by dleeny

In Beth’s defense, I don’t believe she is trying to muster up business for her DH. The broker vs. bank issue has been a hot topic on this board lately. She was sharing what she found out.

---

I have to second this. And it certainly wasn't 'obvious' to me that she was trying to do so.

---

thank you!

---

Posted by Blu-ize

---

Posted by DjPiLL

This is why you get your rate lock in WRITING from the broker. You have it in writing... then they can't go back on the rate.

---

You would think that is the case..this is not always the case..you should get everything in writing from whomever you are dealing with anyway, but some brokers will not be able to honor the rate.

---

If you have it in writing then you can take legal recourse against the bank and the broker.

You know... the more I think about it... it seems like the people that tend to get 'screwed' are the people that frankly... allow themselves to get screwed.

If you show these people you know what you are doing... nobody will try to pull a fast one on you. Its that simple.

For the most part, people taking out their first mortgage don't know a lot about it and need to get educated. The bank is a great place to start.

It's always a good idea to get more than one quote or a recommendation from someone else as to who to use whether it be a broker and banker/loan officer or a broker who says he/she is a banker but doesn't work for the bank. (I found that amusing.)

To assume that you let yourself get screwed is really insulting frankly. I speak from personal experience as do you when we post our comments. I have done my homework and this is real life experience and occurences. There are dishonest people out there and you can get 'screwed' no matter how educated about it you are.

I have no desire to litigate against anyone and would prefer to stick with what I'm comfortable with as do others and they may not necessarily agree with how I go about my business and that is their choice.

I'm glad you had a good experience with your broker-there are plenty of reputable ones out there that do well. I have not had the same experience with brokers. Doesn't mean I couldn't have a good experience with one, I just haven't yet.

JMHO-for what it's worth.

---

Posted by dandg

Its obvious to everyone on here that your trying to get your husband some business. But i think people are entitled to their opinion and can use whomever they want to use.

---

It's not obvious to me... she is just trying to help and I appreciate any info I can get!

Posted by Blu-ize

why would anyone use a bank then?
--------------------------------------------------------------------------------



Because people get screwed a lot by brokers. They promise them a rate and then they get to the closing and all of a sudden they can't get it. The people get stuck....either accept the higher rate or don't close. If you don't close, you can be held accountable for the money to the seller. My dad is a real estate lawyer and he said he has seen it happen so many times. This is why we went to a bank.


____________________________________

I was one of these people who got screwed by my broker... Being a first time homeowner I didnt know anything and probally should have done a lot more research than I did but we closed in a matter of 4 weeks 2 weeks before Christmas and 4 weeks before my wedding all while being a retail mgr though christmas. I paid this guy big big big $$ to make sure he was doing the right thing and when I went to closing I was so shocked and the B/S that this guy fed me that I should have walked away from the closing but there was too much riding on the closing at the time. When my good faith estimate came in at 6.25% with 22grand closing costs I questioned it and was told it was 6% with 15 grand closing costs I trusted this moran and believed him and never got another estimate. Well at closing it was 6.25 and 22k with a clause in the mortage that I can not prepay the Mortage by more than 1% per year for the first 4 years b.c their was a penelty of 10 %. Even my laywer said he had never seen that in closings before..The other thing was the broker made a 2% of the cost of the loan commisson. I should have known the guy was a crook from the first time he answered the phone and said ' YO JO what's up' real professional..
My advise shop around, do you research, and know exactly what you are doing.