3 Thoughts on Where is the best place to find a mortgage broker or are there better options?
  1. Big daddy
    March 31, 2012 at 4:57 am

    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

  2. leah.ifft
    March 31, 2012 at 5:23 am

    I think Big Daddy answered your question really well.

    Another place to look for a good mortgage broker is to ask your realtor or someone at a local title company. They work with mortgage brokers on a daily basis and know who is legit and has a reputation for getting deals closed quickly and ethically.

  3. mortgage underwriter
    March 31, 2012 at 5:43 am

    wouldn’t recommend an on line company…if something goes wrong, it’s hard to call dot com.

    banks usually have better rates/points, but fewer products

    mortgage brokers may charge more points or a higher rate, but they have access to more lenders. if you don’t get approved at one lender, the broker will just copy your package and send it someplace else.

    word of mouth is the best place to find a reputable lender.

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