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Honest mortgage rate needed

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hemibill

Herald, Ca

Contributions: 4
Why does every mortgage company feel the need to play some trick when it comes to writing a loan? I have had good loans in the past, so I'm not a newbie in the home purchase market. (I have been in a rental for 4+ years) so I do qualify as a first-time buyer). My credit score is 809 (yes, eight-oh-nine) and my wife's is almost 700. We have no debit (none!). We can put 5% down if need be. Yet every mortgage company seems to think they can take me for a ride. Guess what - with all the repos and foreclosures that are currently flooding the California market I am the PERFECT person to buy a home. I expect the best rates and I will not settle for a crappy loan.

If there are any honest mortgage companies left in the world, I would love to hear from you.

BILL
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July 22 2007 - US

Replies (58)

Profile picture for bentampa
Bill,

I am sorry to hear about your recent experience. Although Im not sure what tricks are being played, I can tell you your best line of attack will be to educate yourself. I operate by the following mantra: Easier the loan, less I charge. There are those that try to make as much on a loan as possible believing they will never see you again anyway.

If I were you, I would be looking for Real Estate agents that list the properties now owned by the banks that had to foreclose because their borrowers didnt pay. There are so many now that some banks may soon be selling at 50 - 65 cents on the dollar. Those are the properties you want.

Mortgages: Mortgage Professionals (Like yours truly) make their living in 2 ways. Yield Spread (Back) and Points (Front)
The higher the yeild spread a broker makes is a result of a higher rate they can get you to agree to. Points can be used to either pay down the rate or stuff the pocket of the broker. A squeaky clean, no brainer, easy loan should not pay points and still get a good rate. Those loans I'm fine with making less because it is not consuming my time or that of my staff looking for niche lenders, submitting for underwriting exceptions or cleaning up credit.

Bill, I am not sure where you are located or your specific situation. Great credit scores can get you into programs that low credit borrowers do not have access to. I would love to help you begin this process by doing it right starting with the right property (deals are really there for those who know where to look). My business is founded on the referrals of past clients all over the country. I dont get referred to by playing tricks but by being their personal mortgage consultant.

Hope to hear from you, Bill

Ben Navarre
ben@aplending.net
813.731.1610
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July 22 2007
Hello Bill,

My name is Dave Grapensteter. I am a Senior Loan Officer with First National Mortgage Sources. I would love to show you how I get people the best deals on all home loans...

We work with over 80 different lenders. I shop these lenders for you to find the best possible home loan to meet your needs. Due to the volume of business we do nationally with many lenders, we get better rates than one can get from most other companies. Since we have many excellent lender relationships, you can count on me to find you the most competitive rate and loan program available on the market...We always retail beat bank rates! I appreciate the opportunity to work for you.

Please either call or email me. I would love to prove myself to you...



Sincerely,


Dave Grapensteter
Senior Loan Officer
First National Mortgage Sources
Phone: 877-327-0062
Fax: 877-327-0063
Cell: 406-546-8477
daveg@firstntlmtg.com
Please see my website @ http://www.firstntlmtg.com/daveg
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July 23 2007
Profile picture for jamiecurtis
Real Estate Agent
Contributions: 104
Bill,

I'm very sorry for what you have had to endure with all that! I'm not a lender but I have been a Realtor for over 13 years and have seen my share of predatory lenders, both professionally and personally!

As an agent, I "always" look out for my clients when it comes to them obtaining their loans. It's important for an agent to know as much as they can regarding what loans are available, the rates and terms, etc. and then to "push" that lender to find something even better to give the clients a decent choice.

I can tell you that I've worked with a direct lender named Cyndi Becker @ Broadview Mortgage and she is incredible! You may reach her anytime via 951-314-6934 as she is always available. Tell her I sent you (Jamie Curtis). Give her a try. I can guarantee you will not disappointed.

I also have another direct lender (Maria with GMAC-wholesale rates) that an investor I work with uses. She has come up with rates that have been unbelievable really and she would be worth giving a call as well. Her number is (909) 518-8252. The last loan I just did with her we closed in 10 days!

Both are managers and they have more pull to get the best deal for you. I hope this has been of some help to you and what ever you choose I sincerely hope you find something that you are genuinely happy with......because you deserve it!!

If you do not currently have an agent, I would love to work with you! I have worked with several investors out of state and I'm set up with all the technology to make it very easy on you.

I live & work in the Menifee Lakes community where there are some terrific deals surrounding this entire area (Menifee/ Canyon Lake/ Murrieta/ Winchester/ Temecula..... Many areas have golf course & lake communities with beautiful amenities.

If you would like to talk further, please do not hesitate to give me a call @ 951-834-4392 or via email at homesbyjamie@verizon.net.

Have a Wonderful Day!
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July 23 2007
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mme2000

Anaheim

Real Estate Agent
Contributions: 36
Hi Bill,

Bottom line: Loan agents are people too! There are good and bad in every mix. Educate yourself with the basics as much as you can. Base rates for the most part are going to be within 1/4 (or 0.25%) higher or lower, but typically no more with prime lenders. Interview loan agents over the phone and get a feel for them. Once you get comfortable with an agent and you decide to move forward have them give you an estimate (Good Faith Estimate). Go as far as asking them to tell you (in writing) what the base rate is and all the adjustments (i.e. credit risk,property risk) and rebate/overage that is being charged. When I present a loan for my clients I not only advise but I educate in simple terms. You know what I am doing and the reasons why. Sometimes I lose deals to agents that promise a better rate just to capture the borrower with "bait & switch tactics", but at least I do not make promises I can't deliver. Also just because a lender has a great rate doesn't mean he/she will give it to you. If you need more help feel free to contact me and I will explain in greater detail. Good Luck Bill!
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July 24 2007
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Find a loan officer that works on salary, not commission. Then you know he/she's not getting paid according to their ability to rake you over the coals.
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July 24 2007
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It sounds like a MyCommunity loan would be good for you because you are a "first time homebuyer" needing 95% or more. You can also get some seller help to pay some of the closing costs and the mortgage insurance will be at a reduced rate (a big plus). The MyCommunity rates are higher than the regular 80% and below conforming rates that are always advertised but not alot higher and certainly better than most 95-100% rates. If your income is too high or the house is too expensive, you can try a Flex 100 or Flex 97 loan or the conforming 80/15 or 80/20 loans. There are so many loan products out there now it is really important to match the product to your needs and financial objectives. I do loans in PA and FL but would be willing to talk with you about your needs and give you some specific suggestions even if I can't do the loan. Just give me a call at 1-866-933-0200 ext 255 and ask for Lindsay Scott. Best wishes.
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July 24 2007
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I've been in real estate for over 20 years and 5 years as a loan officer. You should, when shopping rates, always ask to see a Good Faith Estimate and a Truth in Lending form to compare costs and fees. Your APR will usually be higher that your fixed rate but you'll be able to compare them all. Any LO will be able to provide that to you and if you can provide more info such as taxes, HOA costs, and when you'd like to close, the paperwork will be fairly accurate. Hope this helps you.
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July 24 2007
Profile picture for Zwillow10
The problem is that everyone that is responding has an interest in getting business. Have you checked into OfferAngel.com? I just read an article on them at Inman, at least this company is not trying to sell you a mortgage and it's free, it maybe worth a look see. Good luck.

http://blog.inman.com/inmanblog/2007/07/offer-angel-bri.html#more
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July 24 2007
Hi Bill:

You can't shop for a mortgage just by comparing Rates and Fees. More times than not, you'll go with what sounds like the best deal, only to find out at the closing table that your loan terms are no where near what you originally were "SOLD."

It sounds like you are a pretty smart consumer, Bill.

I personally work as a mortgage planner and work with each and every one of my clients to come up with a strategic plan when selecting the best mortgage options. There is no selling involved (I work for a flat fee based on the amount of work and level of difficulty of your case/loan) as we work primarily with Wholesale Par Rates.

The best mortgage is usually NOT the cheapest, or the lowest rate, or the longest fixed-rate term. The best mortgage IS THE ONE THAT FITS BEST INTO YOUR OVERALL FINANCIAL PLAN.

If you would like to find out more, feel free to give me a call call for an appointment.

Rob Robertson
Mortgage Planner
951-654-6495
CA DRE#01467683
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July 25 2007
Profile picture for aoskey
Contributions: 3
These guys are all smucks.. the best loan right now is a 30 yr fixed cause the short term rates are now the same as or higher.. Put 5% down and you will get the standard conventional pricing.. Go 100% and the banks will charge you more.. So call 2 or 3 diff guys and tell them 5% down and give me your price.. Easy as that.. Get a good faith estimate and walk if they give you diff rates at closing.. Fees do vary but they should be close..
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July 27 2007
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roybfizbo

Grand Junction, CO

Contributions: 4
One thing to remember is that you don't go to work and do it all for free, so remember that Loan officer's have familes to feed as well as you do.

With that said, I am curious as to how they are "Taking you for a ride". Is it the fees? Rates?

You should never pay more than 1% origination and depending on the loan amount it can be slightly less. And watch out for "Junk" fees. Just as "Aoskey" posted, get multiple Good Faith estimates. Also make sure that when you find a lender that you are happy with, that you "LOCK" the rate. This will assure that there will be no surprises at the closing table.

I am not licensed in Colorado, however if you have general questions, I will be more than happy to talk to you about the loan you are looking into.

Roy Blake
Certified Mortgage Solutions
Grand Junction, CO 81505
970-254-9895
roy.blake@coloradocms.com
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July 27 2007
Go to your local credit union, get their best rate with your 5% down. Take that Good Faith and compare it to GFE's from local banks and then finally a mortgage broker, be upfront with the mortgage broker and show them your best GFE, I guarantee you they can beat the bank or Union in rate and/or fee's. Try to get a reccomendation from a friend, don't be afraid to walk if the loan is completely different at the closing table, New laws are meant to protect against this (at least here in FL not sure if it's national) you should have the final HUD statement 48 hours before closing.

If you need help give me a call I know a few good Realtors and 1 or 2 brokers out there.
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July 27 2007
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Mortgage Lender

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Bill,
I highly recommend that you get three referrals from people who you respect and trust. I've written a few articles about this:

http://www.mortgageporter.com/reportingfromseattle/2007/01/how_to_pick_a_l.html

http://www.raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/

http://www.raincityguide.com/2007/05/27/the-problem-with-good-faith-estimates/

Good luck and best regards,

Rhonda Porter CMPS
Licensed Loan Originator 510-LO-32047
Mortgage Master Service Corporation
www.mortgageporter.com
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July 29 2007
Hi, Bill I understand your situation I was in your shoes 8 months ago when i was trying to buy my second home so I decided to educate myself and go get a loan class so I became a loan officer myself. So I knew how to get the best interest rates.

The bank looks for a few things} fico score, 3 trade lines, reserves and ability to pay for the loan. Just sit down with a Financial Planner that has the experience in real-estate, loans and is looking for your needs and mission before commission.

hope it help you, I might help you because I have done it myself that is how i could try to stear you to the right path.
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August 12 2007
Bill,

What do you mean by every company wants to take you for a ride? I am the CEO for Pope Mortgage & Associates in Ontario, CA. and I want to point out something. The fact that you have great FICO's DOES NOT qualify you for a great loan, as you say.

There is a common misconception with consumers and that is great FICO's is not the only thing that underwriters look at. There is employment status; self employed, 1099'd, W-2's, Corporate income, etc. Then there is debt load, do you qualify for the house and payment you are looking at.

Let me give you the biggest tip off of a poor lender! Whenever you call them and tell them you want the best rate they have and they answer you......DON'T DO BUSINESS WITH THEM!

NO ONE.....and I mean NO ONE can give you a rate without understanding your entire financial picture. There is literally hundreds of things that could cause your rate to increase. Lenders rates are based on risk. And, FICO is only one small component. And, if they try, they will suck you in, and when you are so deep into the process you will have so much time and effort invested when they change the rate or charges you will probably relent.

We NEVER allow our mortgage planners to quote rates without getting a full application, and after explaining this to the client MOST understand. If they don't we will not deal with them.

If you want to deal with an honest company who will give you the best rates for your situation contact us at www.popemortgage.com

So, no offense, but just because you have an 800 FICO doesn't mean you can get a loan or deserve the best rate. There is much more too the process than a good FICO Score.

Sincerely,

Paul Pope
CEO
Pope Mortgage & Associates
Ontario, CA.
866-333-8700
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August 12 2007
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kellner17

Shaker Heights, OH

Contributions: 5
Amazing how peoples shop less for a home loan, than for a pair of shoes. While originating loans on the internet has increased competition, few borrowers inquire as to the qualifications of the lender, who will handle one of their most valuable assets. Then the headlines of today should not be a surprise to anyone! I have an MBA with and understanding of high net worth individuals, and a proven track record of success through dialogue.
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August 14 2007
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Plain and simple. Look at rates and closing costs and don't go with your local bank or get online to find the best deal. Go with a local mortgage broker who will shop the rate for you because we are already signed up with most of your local banks and will beat them everytime because we have no overhead and we aren't located off that main highway in that pretty building.

865-692-0899, ask for Wilson (Florida, TN, KY)

100% Commission meaning, if the other guy gets 50% commision, he has to charge twice what I do. Will not and have not ever seen a GFE I couldn't beat.
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August 14 2007
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Look at the website below for an easy shop of rates

http://www.hsh.com/lshow.html?=sidenavbar
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August 15 2007
Profile picture for Money Mike
My Co. has written quality mortgages since 1978 with a stellar reputation for truthful, efficient service. We offer every loan available from Bank money to PRIVATE Money. The state and Feds can not keep up with the low ethical practices of the lending industy. Its up to you to check the history of the business you deal with. Our site is www.moneyconsultants.com , Mike. (the owner)
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August 16 2007
Bill,

If you are trying to buy a property in CA im the tight person to talk to... I'm not trying show off but I have the program just right for you.

I can offer you government loan called CalHFA 103% financing this program is through the government, all fee's & origination is controled by the CalHFA so there's no way for you to get overcharged on points or regulatory fee's.

If you want more info give me a call.

Rem Prijoles
Sr. Mortgage Consultant
First Mortgage Corporation
Toll free: (800) 729-0786
Cell: (949) 338-0064
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August 31 2007
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Bill,

I just refinanced my place in California and in the process of purchasing a home in Nevada. Frankly, the really good rates come at a price, from what I've experienced. Sure, you may qualify for 5.5% 30 year fixed, but at what price? My credit score is really good (about 790 is the lowest), and I do qualify for a 5.5% 30 year fixed, however, I don't want to pay 15000 to buy down that rate. One of the things I quickly learned was that not all mortgage lenders are the same and they all will have different fees. The trick of the game is to get several Good Faith Estimates and make your decision off those. If one tries to make changes to those estimates without fully explaining themselves, drop them and keep hunting. I've used a company called Aim Loan in the past (www.aimloan.com) and have been very happy with them. I just refinance with them and only ended paying about 3700 in closing costs, with a rate of 5.875 (5/1 ARM) including 0.2 points. I had originally tried to refinance with a company called Western Capital Mortgage, but they were not honest up front and didn't provide me with a GFE. Now I know. I dropped them, which I ended up losing my appraisal fee, but in the long run I saved.
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September 01 2007
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Oh, and btw, stay away from Lending Tree and other websites like it. They will too get a piece of the action from you.
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September 01 2007
Hi Bill,

Our company with over 17 years fantastic track record can be on the side of customers like you even in this tough market. We deal with over 70 lenders to prepare the best competitive rates. Please email me at d.ayneh@elbmortgage.com and I be happy to give you the best answer.

Thanks,

David Ayneh
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September 02 2007
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Hello Bill,

I hope you found your loan by now. Your frustration stems from the fact the loan officers work on commission. They are salespeople and earn their living by making sales. If you can separate their fees from rate then you have a shot. Work with a loan officer who will set their fee regardless of product, loan amount or other factors. Also have them guarantee in writing that all "yield spread premium" will be disclosed to you as part of their total compensation. Even if they are a "bank". You can easily find a good loan officer. One last point, rates at the wholesale level are all the same for an "A" borrower. This should be a simple process if you allow yourself to trust someone.

Best of luck!

Bryant Keefe
Loan Officer
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September 02 2007
It's not the lending institutions that you need to worry about. You need to worry about the person your working with. Loan officers / brokers are starving now. People will do anything to land a loan today. Your frustrated with dishonest people. Your approach to settling your dilemma through the internet may make you even more frustrated. My advise is do what your gut tells you to do. When your talking to the next loan officer/broker hear the instincts talk to you. It is 99% of the time accurate.

If I can be of any assistance, call me. 530-877-9944

California Mortage Broker
Tracy M. Bryan
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September 07 2007
Profile picture for clairvoyance
bill,

what up man check it out these guys that tried tostick it you are retarted with credit scores like that you have to know the borrower can go were ever they want...... Where are you looking to buy???????? Do you have a idea on purchase prise amount????????? email me exactly what your looking for and i can give you a no bull s@#$ assesment....... The worst thing you could do is hire a real estate agent cuz thats a whole seperate amount of fees.... Im a one stop shop spot and up front rite now with that credit score i wouldnt charge you redunduntly
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September 07 2007
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Contributions: 3122
Zillow All-Star

Since January 2009

Clairvoyance-
I'd suggest you fill in your profile information so that people have a better sense of who you work for and what you do for a living -- you'll have more credibility that way.
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September 07 2007
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bill,

I'm a loan officer in Los Angeles, CA.
let me see your credit report and we can start from there.

Sung.
213-700-1225
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September 07 2007
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Your problem is very simple. You shop the rate instead of the professional. It is that simple. A Good faith estimate is only as good as the person giving it to you.

If a person has been in the business ten years or more it is likely that person runs a solid business. You cannot stay in this business for a long time burning people.

People in your circle of influence or in the real estate community certainly should be able to guide you to a good lender.

If you continue to be lured into the BS that is out there then you need to look into the mirror. This is not an original thought but if it is too good to be true, it probably is, don't you think?

Good luck next time.
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September 13 2007
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Mortgage Lender

Lender rating

3.7/5.0

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Contributions: 251
Hemibill, what trick are you complaining about, never had someone with 800 fico complain?
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October 07 2007

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