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traditional bank or mortgage banker

I'm a first time homebuyer looking for a mortgage in Brooklyn. Should I go to my traditional bank for a mortgage? When I went into the branch, they had to call out of state and I was basically on the phone the entire sitting. Will this give me delays dealing over the phone with a person, who doesn't know the NYS rules etc? He suggested to contact a real estate agent for more info about closing, attorney fees.

A real estate agent referred me to a mortgage banker, who would do everything to closing. Should I expect fees for this or extra costs?

Not sure with who to start. Would it affect my credit alot to check both?

Also my W2 from 2011 shows unemployment and freelance work. I only started working for a company in 2011 itself. Will this affect approval?

Thanks
  • September 23 2013 - Bedford Stuyvesant
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Answers (9)

Profile picture for ArturKomov
I think you should go to diferent bankers shop for the rate 
  • September 30 2013
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I think that during your home buying process, or anyone's home buying process, you should not look at traditional banks alone. There are plenty of mortgage bankers that offer great products and services with great pricing. So I would always recommend calling a mortgage banker when your seeking a home loan!
  • September 27 2013
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Simple deal with me directly. I am able to educate you through the entire process. I can also help improve your credit scores if it is necessary. We can meet face to face if you prefer. The main thing I provide is education so you understand every phase of your loan.
  • September 26 2013
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I agree with all the advice below!


I'm a NY licensed mortgage banker (with an office in NYC) but also have the ability to act as a broker through wholesale.  

If I were you I would try the banker route 1st since they may be able to cater to your situation given you have other compensating factors which may allow them to give you an exception to your employment situation.  I have found that Wholesale channels tend to stick to guidelines.

Good Luck!
  • September 24 2013
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Profile picture for shapiroamg
I second Clay's recommendation. Call [spam content removed by Zillow moderator due to violation of Good Neighbor Policy], the guy to go to in NYC
  • September 24 2013
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Go to your bank, see what they can offer, then go on Zillow and find highly rated lenders in your area to compare offers. Shop around a little bit and see who you are more comfortable dealing with for your loan. You might also want to ask your realtor if they have any suggestions for a good lender.
  • September 24 2013
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Profile picture for Arizona Mortgage Pro
Your experience with either can vary greatly depending on the company itself and the individual you are working with. If I were you, I would concentrate more on finding a reputable professional through either referral or here on Zillow than I would narrowing the type of company they work for.

I have worked with loans in all 50 states in the past and I would definitely recommend finding someone with NY knowledge as things tend to be a little different there than many other states.

Best of luck on your home purchase!
  • September 23 2013
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I would tend to stay away from larger banks as they offer a much less personalized service and you often experience much longer loan closing times. In my opinion you are probably better off using a Mortgage Banker. In order to find a great Mortgage Banker you can use the find a pro link that is at the top of the page as that would be a great resource. Fees, closing costs etc will be very similar between the bank and the Mortgage Banker. Although I am not licensed in NY if you have any questions feel free to contact me and I can help steer you in the right direction. 
  • September 23 2013
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Contact this Zillow Lender from their profile page:

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  • September 23 2013
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