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- Geoff Cochems, "gcochems"
- Contributions:1055
You could post your quote request ID for us to take a look at for you
- Jim Antrikin, "Jim Antrikin"
- Contributions:52
If it sounds too good to be true, it probably is.
First and foremost- if anyone says 'rates change every day- call now!', they really just want you to call them so they can say 'well, rates changed, but use me anyway!'. Also, if someone undercuts the other lenders by .25% or more, there's something fishy going on. We all have pretty much the same rates, so for someone to offer 5.75% when everyone else is offering 6.25%, they are not being very up front. There are a few more tricks, but if you post your request so we can view them and pick them apart, that would be great.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Do what Rob says. Post the quote. We are, for the most part, in all different states, so we are pretty unbiased. Rob's in Cali, I'm in Colo, etc.
Hi groby_b - If you would like to post your zillow quote Id# up on this board, there are numerous reputable lenders that would be happy to take a look at the quotes you have received so far. Mortgage rates do vary by state, so it's best to work with someone in your area. You've already done some homework on the lenders who have dubious practices, so of course, avoid those quotes.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
But Velma, on the flip side, rates can change every day, even hourly. What was quoted this morning, may be different this afternoon. However Groby, no matter how true it is, you don't need to 'call now'.
- Geoff Cochems, "gcochems"
- Contributions:1055
I know we look a like and all Tammy, but can't I get a little respect around here? :)
- christopher Burns, "Five Stars Mortgage"
- Contributions:50
1. ask for references
2. look up the company online & see what you can find
3. look up the individual online and see what you can find
4. ask questions
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Vel's in NY.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Oh crud, sorry Geoff, you guys really need to change something on your screen names, all that pops out is Cochems....
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Hey
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Geoff, how bout Switzerland?
- groby_b
- Contributions:6
Thanks for all the help guys - this is awesome!
Here's the loan req. ID: ZR-VQSPDPD
The thing I'm not getting is that there are some quotes that are way above the rest in terms of both APR (.375% above the low bid) and fees(3 times avg fee). I am rather careful around the extreme low end, but why would somebody make a bid that's clearly out of line at the high end?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Stay away from the 6.375% with $4500 in fees, that is crazy.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
From all your quotes, I personally have only ever heard or seen Kat Whitman. Her rates seems pretty decent as do her fees.
Hang out here a while, you'll get some really good feedback from these guys.
- Rob Cochems
- Contributions:3523
groby,
What is more improtant to you? Lowest rate or lowest fees?
©
I just threw my hat into the ring and I'm not close to some of the others. Your best bet would be to call a few of the lowest if that is what you are looking for, and see if they produce what they say. I surely cannot.
- groby_b
- Contributions:6
tom: Wasn't implying that any of the current offers are lowballs or lies. I just read a lot of discussion about this topic on the board here (reading what the guys who made offers had to say), and was wondering how to tell things apart.
Rob: Important? That I can work with somebody I trust ;)
Between low rate/low fee I'd pick low rate - we're planning to stay in that house for at least 5 years. I'm crunching the numbers right now to see what kind of fee makes sense for us. (And I thought after I was done with school I could forget that kind of math... ;)
groby
The hard part is this. We know lenders on here, whom we would recommend. However, its because we know them. Other lenders newer to zillow could be just a good, but we dont know them.
Good luck on your loan. I am certain if you pick any of the ones respoinding to this thread, you will be in good hands. (I do Florida only)
- groby_b
- Contributions:6
WFR: That's the meat of my question, I guess - how can I be sure they produce what they say? After I've obtained a GFE, is there any chance of surprises being sprung on me? After rate lock?
- groby_b
- Contributions:6
Oh, and thanks for taking the time to throw your hat in - I appreciate it!
There's a couple of lenders with some pretty high fees. It's all a matter of what they would like to make on the loan. I see one of them at $4490 and another at $4073. Eliminate the 3 highest, 3 lowest & select 3 from what's remaining that seem reasonable in both interest and fees. Call them directly. Get a feel for their personality. If they try to pressure you into a decision right away, that should be a red flag. Also, ask 3 lenders for a good faith estimate. Ask if they will stand by it! See who responds in a timely fashion.
- Jim Antrikin, "Jim Antrikin"
- Contributions:52
If you are happy with the rate, request a rate lock form which states that the rate is locked. Question any fee or prepaid item and make sure you understand what they are.
Disregard my quote Groby, I withdrew it.
- Rob Cochems
- Contributions:3523
groby,
Just make some calls and see whatthey have to say...some seem a little low, others seem very doable.
©
- Rob Cochems
- Contributions:3523
P.S. It will usually take anywhere from 3-5 years to recoup a point.
©
A good faith estimate is exactly that - an estimate. What you can do that I highly recommend is request that your broker accompany you to the closing. Be certain to bring with you a copy of your GFE. Compare the number of your GFE to what appear on your hud. If any of the numbers don't match up, ask questions. It is common for taxes and pre-paid interest to differ slightly.
number=numbers
appear = appears
Where's that spellcheck button when I need it?
How to find a *good* mortgage broker?
Hi guys!
New to Zillow, just applied for a quote and am now digging through quite a bunch of them. Following up on discussion in here, there seem to be quite a few lenders who have dubious practices. How do I, as a consumer, tell if somebody is making a reliable offer or trying to trick me?
Any things I should look out for? (Sorry, total newbie to the whole mortgage thing. Reading up as fast as I can, but live seems to move even faster ;)
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