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- Rick Nelsen Jr., "American Nationwide"
- Contributions:56
In a nutshell, a good broker has the widest range of products to choose from for each client. But you probrably already knew that.
To address something specific, an appraisal isn't really a last minute part of the process, and anytime it becomes a hiccup at the last minute, the broker hasn't done his job well.
The process is smoothed out during the first initial phone conversations. You tell them what your looking for and the broker matches it up with his/her best offer.
Maybe ask the persons you find if they handle their own processing. I've always felt that the ones who handle the whole process from top to bottom are the best at smoothing out the process because your file doesn't tavel form person to person.
- ATLfemme
- Contributions:109
That's really helpful - thank you! Any additional suggestions would be most appreciated. Is there a consumer rating website or somewhere to check out brokers / companies service satisfaction levels online?
- DannyInSoCal
- Contributions:445
While JD Powers and Associates does survey banking/lending clients - The easiest way to find a great loan officer is by a referral from a friend or family member.
Bad loan officers can work for a great company - And vice versa.
There are some easy questions you can ask - Which will help you to eliminate the "BS-ing" lenders.
Even though we don't lend in your area - The same questions still apply.
Since I don't believe in trolling for clients - Send a quick email if you like them forwarded...
Thanx, D
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Using someone you trust is paramount. What quotes are you getting from Countrywide and Wachovia? If you would like to post the details we could all evaluate them for you and let you know how good they are and if you should look elsewhere.
- ELender
- Contributions:1479
Use Countrywide!!! (not that I am biased or anything)
- Tony Grego, "tgrego"
- Contributions:25
Check them out with the state. Do your homework and deal with someone you are comfortable with. With all of the changes happening everyday it may be wiser to go with a broker vs. the bank. With the bank you are processed by departments and with a broker you get some one on one relationship building that can understand your needs.
Tony Grego - Indiana Mortgage Broker
- ATLfemme
- Contributions:109
Great input, y'all - thank you all very much. What is the general opinion on using a broker recommended by my buyer's agent? I'm not sure how I feel about the data that will surely be shared (maybe it's not supposed to be, but let's be real) back to my agent - I don't want him thinking, in the back of his mind, "Oh, she can afford a lot more than she's looking at - let me just start showing her a few more expensive properties..."
Danny, your zerobs website had some great tips - thank you for the pointers
(found it off your profile).
ELender: lol - ok, that was a compelling argument :P
Nic: Haven't gotten to the details stage yet; I've discussed a few hypotheticals and seen one hypothetical GFE just to give me a sense of probabilities.
- ELender
- Contributions:1479
ATLfemme,
Can't blame me for trying...
- Tony Grego, "tgrego"
- Contributions:25
It will depend on the interview you have with the broker. I myself work with many real estate agents that I have spent years building and I am always looking to add more to the list. As for the sharing of information I hope that brokers are finally getting the message that we have a strict set of rules that we must follow or lose our license.
In the end it may come down to a "gut" feeling. It may not be bad.
Good Luck
Tony
- Planners
- Contributions:322
Other financial advisors such as your accountant , attorney or financial advisor may be a good source for names. The kind of changes you are worried about are coming from outside any company, and when FNMA or FHLMC change their polities it's going to change for everyone. You should be able to get detailed written closing cost estimates and a written rate lock policy from any reputable lender or broker at a minimum. If they won't do that for you in a timely manner that's probably a sign to walk away.
Tom O'Leary
plannersmortgage.com
- Dave Mason, "DebtFreeDave"
- Contributions:1315
Do anything but ennie meenie miney moe..... other than that you should be fine.
- Darren Miller, "Darren916"
- Contributions:103
Try bankrate.com they have a list of local mortgage bankers/brokers with interest rates, etc. The only problem is shopping for a loan is difficult becuase rates change a few times every day. So one quote that you get yesterday could be completly different than a quote you get today. My first clue is my gut feeling, if a LO is to "salesey" I will hang up immediatly, not someone you want to deal with. Look for a more knowledgable reputable person who knows there stuff... Happy shopping!!!
- Writer64
- Contributions:59
I am in a similar situation, ATLfemme, and my broker was really nasty to me at all times--yet the agent sings his praises to the sky. All was well until about 14 hours prior to close, when he said the loan committee was skittish about funding an REO with a 3% down FHA 30-yr. fixed loan. I gave them all the paperwork almost immediately--even played courier!!-- and have an executed contract, decent crdit, and closing funds in hand. Broker is now on vaca. Agent is trying to make it work, but I am big-time lender-shopping right now... they've got about 10.5 hours to make it right. You bet I'm steamed.
- Writer64
- Contributions:59
I should also mention that this is at a really low foreclosure price (five figures) that is inexplicably tough to get financed. The house is your basic blue-collar area fixer-upper.
This makes absolutely no sense to me. I'm the ideal buyer, supposedly... I come complete with sweat equity skills/experience, the ability to pay off early, a desire to improve the area, and cash money. Those are all things that most flippers seriously lack. And I'm now looking for piggyback loans, 15-year mortgages, etc. in hopes that will seem more attractive to *some* lender out there who wants to make a small but quick and solid sale. GRRRRRRR....
This makes absolutely no sense to me. I'm the ideal buyer, supposedly... I come complete with sweat equity skills/experience, the ability to pay off early, a desire to improve the area, and cash money. Those are all things that most flippers seriously lack. And I'm now looking for piggyback loans, 15-year mortgages, etc. in hopes that will seem more attractive to *some* lender out there who wants to make a small but quick and solid sale. GRRRRRRR....
- FERMI
- Contributions:272
Writer64-
The key phrase in your post is "fixer upper". FHA doesn't like fixer uppers. They want homes in good condition, livable that don't need major repairs. After all, you only have 3% down, where will funds come from if you have to replace roof?
That said, your broker should have discussed that early in process. If it is a problem with condition, you may have to switch to FHA 203K which allows repairs to be financed.
- George DeVine, "George DeVine"
- Contributions:857
"Those are all things that most flippers seriously lack. "
Add to that; the integrity to call the purchase an investment property when applying for a mortgage. FHA doesn't do investment property "flips".
ATL,
I think the best piece of advise given above is to get the names of 2-3 loan officers referred from family, friends, accountant, CPA, financial planner. I wouldn't be shy about using the agent's referral, but I would be clear that the loan officer is not to share any information with him/her.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Loan Committee? on an FHA loan?
Something doesn't feel right about that.
George and FERMI hit on very good points. The best FHA fixer upper loan is the 203K. Although you sound like you are a do it yourselfer. Not always a good thing home repairs typically cost more than you expect and take longer than you expect. FHA 203K will allow self help but it's not an automatic. You have to prove you have the ability to complete the work.
Best bet is a referral from a friend or family member.
Something doesn't feel right about that.
George and FERMI hit on very good points. The best FHA fixer upper loan is the 203K. Although you sound like you are a do it yourselfer. Not always a good thing home repairs typically cost more than you expect and take longer than you expect. FHA 203K will allow self help but it's not an automatic. You have to prove you have the ability to complete the work.
Best bet is a referral from a friend or family member.
- Andrew Adams, "203K Specialist"
- Contributions:9349
And Flipping is Frowned upon. IF the underwriter questions your intent to occupy the property you are sunk.
yeah, something is not right here, writer... FHA is FHA is FHA- no need for a 'commitee'... Also, how long do you plan on living in the home? You may want to consider either the 203k program, as suggested, or the newish $100 down on HUD REO's programs. Who owns this REO currently? If it doesn't work out, keep your eyes peeled for HUD owned REO's. Can't beat $100 down. You keep the down payment money for fixing it up, and everything works out great ;) In an ideal world........
- Texas Banker
- Contributions:517
The house needs to be livable tough.
If it is in rough shape that might be the hiccup.
Have we all learned nothing from R+R? Writer, I can do it! Pick me pick me pick me... closing in 5 days!!! Yeah!!!
(Just kidding)
- Clay Branch, "Georgia Loans"
- Contributions:7838
ATLfemme, I would be happy to furnish several references from clients or realtors. I have been doing residential loans for 15 years and will be very competative. You mentioned CW and Wachovia said you are Highly Qualified, so you are. My process would be to take an application, secure a Fannie/Freddie automated approval, issue an approval letter for the seller and realtors, collect the necessary paperwork from you, including a completely executed contract, order appraisal, title, and insurance and get you a clear to close in 7 - 10 days.
Your agent's lenders are usually very good and that is why they send them clients, because they know they will get you closed. I do not give the realtors specific information as to your credit score, income, etc so they will not know you can afford to purchase a home for 100K more. It is none of their business, except to know you are already approved to do the transaction for the home size you are looking at. The agent's lenders may share that ability with the realtor, and some may not but you will know I wont give that to anyone. If you have not signed with a buyers agent, I know several outstanding realtors and they are getting my clients fantastic deals right now. Feel free to contact me with any questions you may have as I am happy to answer anything. Clay Branch @ 770-805-0909 x107.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Clay,
You do know that this last post is spam....
- Clay Branch, "Georgia Loans"
- Contributions:7838
AA, I didnt think about it that way. Just lising what I do but since you say that, I should have made my resonse a generic one, stating what she should be able to get from anyone, since 2 lenders have told her she is highly qualified. My bad! I have no problem with my post being removed.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Not to mention that ATL's post was from March..
- Martin Wareing, "Martin Wareing"
- Contributions:3772
2006
- Martin Wareing, "Martin Wareing"
- Contributions:3772
just kidding
- Clay Branch, "Georgia Loans"
- Contributions:7838
Good eye, I never look at the original post, but now I see this was brought back from 3/8, today. I reckon atl has long purchased and will not read my post anyway. Will keep the capablities in the note section on quotes and generic here. Thanks
- Andrew Adams, "203K Specialist"
- Contributions:9349
UL,
All good I actually was going to say that even with it being spamish you are local to the consumer and would be a good place to start.
- Clay Branch, "Georgia Loans"
- Contributions:7838
06? She is probably ready to buy again! Not that you guys need it, a thumbs up anyway.
Selecting a mortgage company: questions
I'm in GA (metro ATL area); sold my home last June and have been living in a rental since then. I have a few questions about selecting a mortgage company for my next purchase (primary residence).
I've spoken with two different companies so far (Countrywide, who handled my last mortgage) and Wachovia (where I've banked for years). Both of them said I was "highly qualified" and that the loans I am contemplating would be "no problem" - probably because my credit score is respectable, my DTI is low, and I don't want to purchase at more than 2.5 x income at the very most. This would not be anywhere close to a "jumbo" loan - I'm an empty nester trying very hard to scale down / streamline (the "Not So Big House" kinda thing).
However, I keep reading about the constantly evolving requirements; last minute "hiccups" with appraisals changing LTV; and such - all of which make me a little nervous. It used to be that all one had to really worry about was when to lock the rate - it looks like that is now only one piece of the changing environment now. Add in that GA changed the rules about financing contingencies, and I'm really incented to ensure I work with someone who is going to get me through this piece of the buying process with the smoothest possible experience. I'm hoping that some of the finance experts here can shed some insight for me.
Is the smoothness of the process more a factor of the PERSON / broker (attention to detail, advising promptly of any changes, etc.) or the company? What do I look for besides reasonable fees and competitive interest rates? How can I quickly evaluate the WIDE variety of possible programs available - and do they vary from company to company or is everyone basically offering the same products?
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