Zillow Advice: Mortgage - Tell your brief success story of helping someone get a loan elsewhere than a bank. http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ Zillow Advice | Zillow Real Estate Apparently you don't have ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ Apparently you don't have a brokers license nor have you read the Good Neighbor Policy. Sat, 08 Oct 2011 04:31:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-10-08T04:31:00Z "the government has set the ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ <div><strong><em>"the government has set the bar so high for mortgage brokers (must pass a Federal and State Test,"<br/></em></strong><br/><div>Wow, 2 whole tests?<br/><br/><div><strong><em>"8 hours of continuing education per year"<br/><br/></em></strong><div>8 whole hours in a year... that's brutal!&nbsp;<br/><div><strong><em><br/>"have perfect credit,"<br/><br/></em></strong><div>Well that's simply not true at all!.&nbsp;<br/><br/><div><strong><em>"fingerprinted and the list goes on an on)"<br/><br/></em></strong><div>I had to be finger printed to hand out cupcakes at my child's school. Is this supposed to be difficult?<br/><br/><div><strong><em>"you should feel very confident hiring one for your financial transaction."<br/><br/></em></strong><div>Your sales pitch for the benefits of a broker would be an embarrassment to any broker worth a grain of salt. None of the things you mentioned guarantee any sort of quality, as witnessed by your post.</div></div></div></div></div></div></div></div></div></div> Sat, 08 Oct 2011 01:15:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-10-08T01:15:00Z I am a mortgage broker and ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ I am a <em>mortgage broker and it might be a little harder getting money now than 4 years ago, but we are still lending everyday!<br/><br/>100% loans are still very strong with 620 credit scores or higher.&nbsp; VA, USDA, and FHA are still massive government products that require as much as 3.5% down or less.&nbsp;<br/><br/> The word on the street is that banks are wanting 20% down...haven't checked for myself..but I dont' think it is the case with all banks especially those that still offer government loans.&nbsp;<br/><br/> A plus for consumers is that the government has set the bar so high for mortgage brokers (must pass a Federal and State Test, 8 hours of continuing education per year, have perfect credit, fingerprinted and the list goes on an on)&nbsp; that you should feel very confident hiring one for your financial transaction.&nbsp;<br/><br/> Most consumers hire a mortgage broker for several reasons versus a bank:<br/><br/>1- Better Communication<br/>2- Options in Financing<br/>3- Lower Rates<br/>4- Faster Service<br/>5- Higher, Verifiable Qualifications<br/><br/><br/><br/><br/></em> Fri, 07 Oct 2011 22:38:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-10-07T22:38:00Z LOL Now wait a second. I ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ LOL Now wait a second. I never said my sibling was qualified. There is a reason that I did not step up to loan them a dime because I know better. The bank apparently didn't. <br/><br/>We'll see how it turns out, but buying before you are financially stable is a bad idea. It would not surprise me if it eventually went back to the bank at some point in the future. How two siblings raised in the same house can be so different with money and finances is still beyond me. Maybe we were switched at birth... Mon, 19 Sep 2011 03:53:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-19T03:53:00Z Good for your mom Sunny.&nbsp; ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ Good for your mom Sunny.&nbsp; Actually there are circumstances where I would not rule out family as a source of loan, however I seriously doubt Forest is referring to the same sort of qualified family members I would consider loaning money to. Sat, 17 Sep 2011 04:26:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-17T04:26:00Z Carol,&nbsp;That sounds a ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ Carol,<br/>&nbsp;<br/>That sounds a lot easier&nbsp;than a Pledged Asset Program for a down payment. What is the cost and restrictions for establishing a line of credit against securities?<br/><br/>Happy funding, Rudi Thu, 15 Sep 2011 19:05:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-15T19:05:00Z Great answers all (Love the ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ Great answers all (Love the comment about your mom and sibling, Sunnyview). As many have said, it might seem easy and smart, but it's not. Here is a recent post about <a href="http://www.zillow.com/blog/2011-09-13/should-you-buy-a-house-with-seller-financing/">why you should avoid seller financing</a>. Thu, 15 Sep 2011 13:45:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-15T13:45:00Z I have clients that take ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ I have clients that take out lines of credit against their securities, without liquidating any of them. The deal looks like all cash to escrow, is quick and the very best part? Less than 2%...<br/><br/>That being said, my lender has gotten every jumbo loan through without a hitch this year. She's fantastic! Thu, 15 Sep 2011 04:33:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-15T04:33:00Z I once helped a really cute ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ I once helped a really cute newlywed couple get a loan from "Lenny the Leg Breaker".&nbsp; The closing took place in the alley out back of Luigi's "Family" Restaurant. Thu, 15 Sep 2011 04:28:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-15T04:28:00Z I would say that I've never ... http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ I would say that I've never helped anyone get a loan.&nbsp; They either qualify or they don't.&nbsp; What I do has little to do with it.&nbsp; I offer them names of reputable lenders if they don't already have one and provide information, answer questions that I can answer or help them understand and redirect complex questions back to the lender.&nbsp; If the lender tells them we can't do it, I encourage them to find out why and seek to remedy that.<br/><br/>.&nbsp;Not everyone should buy right now, and they certainly shouldn't buy with high risk - Home ownership is expensive in and of itself, taking out risky loans just to be a home owner only adds to that expense.&nbsp; Taxes, repairs, HOA fees and so on are all items that will change over time- stretching oneself to the limit with risky loan is a bad idea- and a candidate for a future short sale/foreclosure.<br/><br/>however you did say elsewhere than a bank.&nbsp; I've suggested credit unions and mortgage brokers.&nbsp;&nbsp; In the end....helping is limited to providing contact info. Thu, 15 Sep 2011 02:04:00 GMT http://www.zillow.com/advice-thread/Tell-your-brief-success-story-of-helping-someone-get-a-loan-elsewhere-than-a-bank/415603/ 2011-09-15T02:04:00Z