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I am looking to refinance my home but due to the painful experience I went through last time I want to make sure that I do my homework before hand. I have been told to stay away from Brokers since they are just middlemen though when I used one before I did not think that it was too bad.
I was thinking about going online to Lending Tree since to shop around but when ever I go into my bank they always seem to have what seem to be good interet rates.
Any and all advice would be much appreciated so thank you in advance!
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WHy don't you try using the mortgage quote request site here? See for yourself if the brokers are "just middlemen", or if they really add value to the process.
I did fill it out earlier this evening, granted I would imagine that most people are home by now so hopefuly I can get some responses in the morning. Thanks anyways Tom!!!
Hey- I was born in New Mildew... well, that was the nickname anyway...
Brokers are NOT just middlemen- that is the short answer. They do add value, and can be great resource when you are ready. But then again, so can I. :)
Good luck, but definitely don't count out brokers- go for the best all around deal, and many times brokers can get that for you. Just my two cents.
Oh, and as far as Lending Tree goes, it just means you will be bombarded with phone call after phone call from lenders and brokers who pay exorbitant fees to be in the Lending Tree 'network'.
Brokers add flexibility and additional loan programs and lenders to your search ...this is extremely importnat these days ( when lenders , banks and programs are here one day and gone the next) ...Brokers have more than one source of funds ......best thing to do is to get few real good faith estiamtes from several brokers and several banks for the same set of #s on the same day and then analyze these details ..thanks
Wow Jennifer you were so right about not doing the whole Lending Tree thing. I shoudl have listened sinc efor th epast 48 hours my phone has not stopped ringging, and not just my home phone but my cell phone my husbands work line, everything!
I do not know how to make it stop sinc eit seems like at least 10 different companies are calling me!
Thank you all for your advice and comments, if any of you know how to get my phone to stop ringing feel free to pass that along as well.
You are from New Milford Jennifer?
The good thing here is that the "middleman" is looking out for you...not there quota. Sure I can bank your loan and do a "no fee loan"...hope you don't believe we work for free. Brokers will spend more time explaining things to you if you want to ask questions. The bank manager is watching the LO there and is timing him to see how fast he gets you out of the office. Be wearing of anyone that says..."don't worry, I'll handle everything".
Yeah, Lending Tree is not good. I liken it to purposefully placing your contact info into a "Please Call List" for ruthless sales men, they'll pour honey into your ear until it's time to actually close. I found my lender for my first house through the Lending Tree... not a good experience.
I've looked at my local credit union for mortgage rates and they seem high. I'd suggest going directly to some of the bigger banks, thats all you get with a broker anyway. Also I've heard good things about quicken loans.
Actually, I can bank and broker loans...their really is no difference other than what the state says one can do..The state says Brokers have to disclose everything....especially the YSP...Banks can still do no fee loans and not disclose anything...I can do both. Licensed loan Originator and bank LO.
Brokers are approved with a number of banks, savings and loans, and credit unions. If you go directly to your bank, say WaMu (who coincidentally is no longer servicing wholesale, only retail) that's only one set of guidelines you must meet. If you go to a broker, they have can have 50+ of them to choose from. Andrew makes a good point, that going to a broker doesn't necessarily equate to better rates/programs, but being partial myself (I'm a broker) I don't think I have ever lost a loan to a retail lender... but who knows?!
Shop around and get the best deal. Broker, Banker, Lender doesn't matter. Get true honest quotes in writing, and choose to work with someone local who can provide professional service. Lending Tree Quotes I've seen are typically very high (and very easy to beat) since lenders and brokers that buy the very expensive Lending Tree leads need to cover that cost first.... Expensive leads create big overhead and per loan expense!
Credit Unions typically offer very competitive rates if you meet their guidelines. And keep in mind that while some broker fees are more transparent, some lenders have shut down their wholesale operations and others offer programs on thier retail side that they don't offer on the wholesale side.
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