Profile picture for sandilk

If I do want to use one of your brokers, ho w do I begin the process?

why wuold one borkers rate be so much lower than the others that are quoting me?   they all received the same info
  • December 19 2008 - Gilbert
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Answers (18)

That's equivalent to saying a defense attorney provided by the state has more knowledge and resources than a private lawfirm with 1 million disposable income for a case. Or in this case, a broker who holds a broker license and a regular sales agent. One will have more resources and knowledge. One will have more choice in slashing costs. One will have more experience.  
  • April 13 2009
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Clay,
Thanks for the post.  I always laugh when I hear a direct lender has better rates, programs and can get something done in terms of underwriting than a Broker.
The reality is I have investors that smoke Wells Fargo, Suntrust, Nack of America, Countrywide and other direct lenders in rates.  Today, who has special programs?  Maybe Bank of America's physician program but other than that there are no more exotic loan programs.  Equal playing field.
Special Underwrting.  Who is kidding who?  If the borrwer doesn't pass AU, then a direct lender can't get it by any better than a Broker, period.

  • December 20 2008
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-Clay Branch-

Nice!  My words exactly. 
  • December 19 2008
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sandilk, post your request as several have suggested and most of the quotes will be very similar. If ONE quote is way different then it is probably wrong.


Whiteball, the lenders here are answering the person's question, not offering ignorant opinions.

Natewolf, Brokers dont work for Mortgage Banks, Mortgage Bankers do. Brokers own Mortgage Brokerages and they employ Loan Officers.

Michael, you state the following:
the direct lenders have better programs, better rates and more importantly can get exceptions to rules so they can get you the best program.
Just so you know, I routinely beat Wells, CW, B of A, and other direct lenders. The loans are often sold back to those same lenders too. 

  • December 19 2008
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Sandilk, some of the brokers can afford to offer you their services at a reduced commission and may choose to provide that reduced commission in the form of lower fees or reduced fees. Just because it looks too good to be true doesnt mean it isnt. Your best option is to post your request here on zillow. Good luck.

  • December 19 2008
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sandlik,
I apologize that I answered your header and not the question.  The answer to the question is that if all lenders/brokers quoted you at the same time (same market conditions), then there are 3 reasons:  overall closing costs (points or not); the broker's margin or markup and the wholesale lender's rate/margin/markup.

Some quotes may appearo to be too good to be true and that unfortunately will be for the consumer to decide only.  We LO's sometimes complain about baiting/switching,but the consumer's voice/vote is what matters. Still, I would suggest you interview and stay local or in AZ..  There is not magical lender from INDIA that has anything secret from the others.  The is the magical illusion of numbers.  Happy Holidays
  • December 19 2008
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Profile picture for Nate
Sandi,
Mortgage broker's rates can differ for a number of reasons. One of the biggest reasons they vary is because they use different lenders.  Different mortgage brokers have connections to different lenders, and the different lenders will have different prices/rates.   So many mortgage brokers will search across a unique set of lenders for the best price, and will then make their own modifications (either with the rate, fees, etc) so they can get paid for their service. 
  • December 19 2008
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Profile picture for whiteball
look at all the effort these lenders put into marking their turf, putting each other down, and offering their ignorant opinions.  Also note how little information of value is offered to the original poster.

Oops.  Now I am no better than you losers.
  • December 19 2008
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sandilk,
This board has changed in format, but I would advise to potentially seek a person who gives of their time and expertise here on these boards for free that lives in AZ.. I will say this about Countrywide... They are garbage and are a large part of the reason we are in this spiralling home deflationary period.  It used to be a privilege (15 years ago) to do business with them, but regardless of who that might offend, it is true about them and I would not want to "give business" to a company that had such a big hand in this mess and the start of the massive layoffs, etc.  The sooner they deep6 that name, the better.  Mortgage marketplace is where you get quotes...  Again, if you want your community to survive, get your best deal (and you can), but employ locally or at least keep it in the state...  It really will help you and your community over the long run.  Happy Holidays and I would think we would all have turkey for Christmas dinner, but it looks like heaping helpings of SPAM.... and what's with all the RE agents answering all the mortgage questions.. Not that it bothers me, but it is just odd.
  • December 19 2008
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Anna -

No need to provide your contact details on your responses. This is considered as SPAM.
  • December 19 2008
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Michael, this is NO SPAM ZONE....stop!  You have been flagged and the post will be removed.
  • December 19 2008
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Profile picture for natewolf
Brokers make money based on the long-term of your mortgage. So, they have flexibility in the rates that the offer, based on how much commission they will receive.

Generally a broker that works for a Mortgage Bank will not earn as much commission since they are often paid a salary plus a smaller commission. The Mortgage Bank in that case is making most of the money.


The fact is that a Mortgage Bank that is loaning you money for 30-years is making THOUSANDS AND THOUSANDS of dollars from your interest. So they can afford to pay this commission.

Some Brokers charge fee, such as origination fee, discount points, or other fees to get your rate to a rate you want to pay... but they are counting on holding your note, and charging you interest over a long period of time. So, there's not real trick involved, other than they are taking their payment over time, compared to another broker who is charging you more up front.
  • December 19 2008
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Hello Sandi,

You should request a loan quote on Zillows Mortgage Section.  You should get a fair amount of quotes from Brokers and Bankers.  But keep in mind so many are out to quote the lowest interest rate (Even if it is not available) to get you to contact them... Be cautious and research them.  Best to go with someone who has reviews and contributions.   Best of Luck to you.

The best loan officers are always watching the proper market indicators in real-time.  You wouldn't work with a stockbroker quoting yesterday's closing price, and you shouldn't work with a loan officer ignorant to the mortgage bond market.  After all, mortgage bonds trade just like stocks and change minute-by-minute.

In the game of home loans and high finance, those with the best information preserve the most wealth, so next time you're talking to a loan officer, just ask the simple question: "Where do mortgage rates come from?".  If the answer is anything other than "mortgage-backed securities", end the relationship on the spot -- you deserve a better loan officer than that.

  • December 19 2008
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Jesus ANNA CAN YOU READ???????



Business a little slow or just shameless???


This is getting really old.......

  • December 19 2008
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Profile picture for SoCal Engr
To start the process, you will need to post a loan request. To do that...

1)  Click on the "Mortgage" tab at the top of the page
2)  You will be taken to the "Mortgage" page, and prompted for the following information:  "Purpose", "Amount", "Zip Code"
3)  Enter this info and push the "Get Quotes" button.
4)  This will take you to another page, where additional information will be requested to help the lenders address your specific loan need.
5)  Follow the instructions, and your loan request will be posted on Zillow. Lenders will respond to the request through Zillow (the "anonymous" feature), and you will be able to review the request from the "Mortgage" tab.

Note: Zillow supports "API quoting", which is an automated quote generated against your request. Many of the API quotes will be non-responsive. You can delete any non-responsive quotes to help you see which ones you are really interested in. For those you have interest in, it is then up to you to follow through and contact the lender.
  • December 19 2008
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Anna=, you and your self promotion are becoming old.  Stop the spamming.
  • December 19 2008
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Sandi,

Post a loan request and you'll get lots of rate responses.  Good luck!
  • December 19 2008
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