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Profile picture for newmildew

Broker vs. Credit Union

Hello all,

 

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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April 15 2008 - US
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Replies (16)

Profile picture for Planners

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.

 

Tom O'Leary

plannersmortgage.com

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April 15 2008
Profile picture for newmildew

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!!!

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April 15 2008
Newmildew, please feel free to contact me to get a real quote based on your situation! Not on imaginary scenarios...
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April 15 2008

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'.

 

 

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April 16 2008

4.16.08

 

 

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

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April 16 2008
Profile picture for newmildew

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?

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April 17 2008

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".

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April 18 2008
Profile picture for mikefarinha

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.

Good luck.

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April 18 2008
Wow,

I never realized how many brokers fear banks and lenders! The misinformation that I keep reading about banks and lenders is mind blowing.

1. the "middleman" is looking out for you...not there quota..I would say they are trying to make a living, some will take advantage when they can...some won't.

2. 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.--I work for a bank and hate to tell you this but I don't report to a branch manager. Some brokers explain stuff some brokers don't. Note I am pretty sure that that rule applies to lenders and bankers as well.

3. Brokers add flexibility and additional loan programs and lenders to your search-Some lenders actually have the ability to broker loans out as well as act as a direct lender. I am by no means say don't shop, you should shop but don't assume a broker has access to better rates or programs. That is just a broker trying to say he can offer a better deal than if yo go direct.
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April 19 2008

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.

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April 22 2008

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?!

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April 23 2008
Being a banker that has the ability to broker loans I would say you are lucky you haven't come across me or a lender like me!
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April 23 2008

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!

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April 23 2008
Profile picture for Mikal1

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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April 23 2008

Marcus Julian Dodd
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December 09 2013
Obtain at least 3 Good Faith Estimates from "5 star" Zillow direct lenders (preferably on the same day). If you have to pay anything up front, run away! Also, your Zillow review feedback provides great leverage.
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December 10 2013
 
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