Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98870 times)

rileywiles23 · « **Reply #400 on:** March 13, 2016, 01:01:03 PM »

Quote from: MarkS on March 13, 2016, 12:57:01 PM

Of course they know about it! If you're at C&G and ask for schwarma which they don't sell do you expect them to direct you to their competition or to tell you about the foods that they DO have...

Are all brokers the same, where you can't get any of these deals when using one ?

rileywiles23 · « **Reply #401 on:** March 13, 2016, 01:04:33 PM »

Quote from: MarkS on March 13, 2016, 12:59:16 PM

Most brokers either work for a specific bank or with a few specific banks and they can get you the specific products that their affiliated bank has.

So then would have to find one, who works with said bank, that's offering these deals.

MarkS · « **Reply #402 on:** March 13, 2016, 01:05:34 PM »

Exactly. TD, Investors and Santander have their own brokers who work directly for them so typically wouldn't need to work with an independent broker.

Dealing with them an be a pain as the feeling is that you need them more than they need you. What the frum brokers offer is excellent service as they have a reputation to protect.

rileywiles23 · « **Reply #403 on:** March 13, 2016, 01:31:56 PM »

Quote from: MarkS on March 13, 2016, 01:05:34 PM

Exactly. TD, Investors and Santander have their own brokers who work directly for them so typically wouldn't need to work with an independent broker.

Dealing with them an be a pain as the feeling is that you need them more than they need you. What the frum brokers offer is excellent service as they have a reputation to protect.

So there's now way to get the best of both sides.
Have a broker who is out to help make things easier, and to work with you to get approval, plus take advantage of the deals that these banks offer.

MarkS · « **Reply #404 on:** March 13, 2016, 01:46:41 PM »

Quote from: rileywiles23 on March 13, 2016, 01:31:56 PM

So there's now way to get the best of both sides.
Have a broker who is out to help make things easier, and to work with you to get approval, plus take advantage of the deals that these banks offer.

Correct. Personally -for a first time homebuyer I'd go with one of these banks offering great first time homebuyer deals. For any subsequent purchase I'd go with a local broker who will give you great service.

jackofall · « **Reply #405 on:** March 13, 2016, 02:13:11 PM »

Quote from: MarkS on March 13, 2016, 01:05:34 PM

Exactly. TD, Investors and Santander have their own brokers who work directly for them so typically wouldn't need to work with an independent broker.

Dealing with them an be a pain as the feeling is that you need them more than they need you. What the frum brokers offer is excellent service as they have a reputation to protect.

Please share a broker that provided excellent service?

aygart · « **Reply #406 on:** March 13, 2016, 02:17:43 PM »

Quote from: jackofall on March 13, 2016, 02:13:11 PM

Please share a broker that provided excellent service?

Yanky Spero at Funding Resources was a pleasure to with with.

rileywiles23 · « **Reply #407 on:** March 13, 2016, 02:21:55 PM »

Quote from: MarkS on March 13, 2016, 01:46:41 PM

Correct. Personally -for a first time homebuyer I'd go with one of these banks offering great first time homebuyer deals. For any subsequent purchase I'd go with a local broker who will give you great service.

Thanks for the help.

moishes · « **Reply #408 on:** March 13, 2016, 08:01:14 PM »

Quote from: aygart on March 13, 2016, 02:17:43 PM

Yanky Spero at Funding Resources was a pleasure to with with.

Did he charge you or bank pays him?

aygart · « **Reply #409 on:** March 13, 2016, 08:03:39 PM »

Quote from: moishes on March 13, 2016, 08:01:14 PM

Did he charge you or bank pays him?

Either way you are paying him. The only question is if it goes to the bank first.

churnbabychurn · « **Reply #410 on:** March 13, 2016, 08:55:54 PM »

Why not pay a broker out of pocket to deal with the FTHB program on your behalf?

MarkS · « **Reply #411 on:** March 13, 2016, 10:02:37 PM »

Quote from: churnbabychurn on March 13, 2016, 08:55:54 PM

Why not pay a broker out of pocket to deal with the FTHB program on your behalf?

He would then have to deal with the broker at TD etc and it would still shlep etc.

Granted it would be a little less headache for you but eventually all of the crazy requests and needs of the bank will filter down to you anyway. And it's just an added expense..

yr · « **Reply #412 on:** March 14, 2016, 01:14:08 PM »

Anyone know what income they look at TD? They told me the income max in the county I'm looking at (Passaic) is ~ 57k to have PMI waived. I only started working in 2015 and made less than that for 2015. In 2016 my salary will be more than that. Are they looking at current salary annualized or past whole years?

TIA

MarkS · « **Reply #413 on:** March 14, 2016, 01:20:38 PM »

Quote from: yr on March 14, 2016, 01:14:08 PM

Anyone know what income they look at TD? They told me the income max in the county I'm looking at (Passaic) is ~ 57k to have PMI waived. I only started working in 2015 and made less than that for 2015. In 2016 my salary will be more than that. Are they looking at current salary annualized or past whole years?

TIA

I believe it is current annualized but call them to make sure.

MarkS · « **Reply #414 on:** March 14, 2016, 01:23:46 PM »

I updated the wiki with the name and contact of a broker at Investors and at TD.

rileywiles23 · « **Reply #415 on:** March 14, 2016, 02:16:45 PM »

Quote from: MarkS on March 14, 2016, 01:23:46 PM

I updated the wiki with the name and contact of a broker at Investors and at TD.

Thank you.

rileywiles23 · « **Reply #416 on:** March 14, 2016, 02:21:46 PM »

Does TD allow a cosigner ?

MarkS · « **Reply #417 on:** March 14, 2016, 02:26:49 PM »

Quote from: rileywiles23 on March 14, 2016, 02:21:46 PM

Does TD allow a cosigner ?

No

rileywiles23 · « **Reply #418 on:** March 14, 2016, 02:35:36 PM »

And neither TD, nor investors help with closing costs ?

MarkS · « **Reply #419 on:** March 14, 2016, 02:41:21 PM »

Quote from: rileywiles23 on March 14, 2016, 02:35:36 PM

And neither TD, nor investors help with closing costs ?

Investors gives $2K toward closing

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Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98870 times)