Went through the process of house hunting/buying

[rileywiles23]

Why can't you get a first time home buyer deal with a mortgage broker?

Was under the impression that you can only get them through the bank itself. Would love to be wrong.

[coralsnake]

Was under the impression that you can only get them through the bank itself. Would love to be wrong.

It depends on the program. Some you must go through a particular lender directly.

[yomo]

Any first time home buyer programs in Monsey?

[Name Changed]

Why can't you get a first time home buyer deal with a mortgage broker?

Most brokers work with a handful lenders that typically dont offer first time home buyers program.

In most cases when you are getting the first time home buyer loan, you are dealing directly with the bank, hence no broker.

[Sport]

Most brokers work with a handful lenders that typically dont offer first time home buyers program.

In most cases when you are getting the first time home buyer loan, you are dealing directly with the bank, hence no broker.

Cmiiw but most brokers these days are not really brokers they're loan originators. They work for only one "bank" who's business model is to sell your mortgage asap to one of the larger banks.
This actually gives you some negotiating leverage as the "broker" can control the fees.

[yomo]

Any first time home buyer programs in Monsey?

Any ideas?

[coralsnake]

Cmiiw but most brokers these days are not really brokers they're loan originators. They work for only one "bank" who's business model is to sell your mortgage asap to one of the larger banks.
This actually gives you some negotiating leverage as the "broker" can control the fees.

Youre referring to mortgage banker. They underwrite loans based on the UW guidelines of a particular lender in order to sell them that loan after closing. Sometimes the loan is actually underwritten by the purchasing bank/lender itself.

There are also plenty of mortgage brokers. Bankers try to sell themselves as an actual bank which they are not.

If they set their own UW guidelines and service their own loans then they are a real lender.

[ya]

Youre referring to mortgage banker. They underwrite loans based on the UW guidelines of a particular lender in order to sell them that loan after closing. Sometimes the loan is actually underwritten by the purchasing bank/lender itself.

There are also plenty of mortgage brokers. Bankers try to sell themselves as an actual bank which they are not.

If they set their own UW guidelines and service their own loans then they are a real lender.

Whats the tdr difference to a buyer?

[coralsnake]

Whats the tdr difference to a buyer?

Bankers generally get better rates than brokers. And bankers have the flexibility to broker a loan if it doesn't fit into their regular (banking) lenders guidelines.

Some bankers have some UW flexibility based on their lender relationships. And there are some great brokers out there too.

There's really no one-size-fits-all. Some bankers/brokers have relationships or are aware of programs that others aren't. You should always shop around.

Bankers love the fact that you don't see how much money they're making on the loan whereas the brokers commission is displayed at closing.

[rileywiles23]

Bankers generally get better rates than brokers. And bankers have the flexibility to broker a loan if it doesn't fit into their regular (banking) lenders guidelines.

Some bankers have some UW flexibility based on their lender relationships. And there are some great brokers out there too.

There's really no one-size-fits-all. Some bankers/brokers have relationships or are aware of programs that others aren't. You should always shop around.

Bankers love the fact that you don't see how much money they're making on the loan whereas the brokers commission is displayed at closing.

How does one know if the person is a broker or a banker ?
Do they actually advertise themselves as mortgage banker ?

[coralsnake]

How does one know if the person is a broker or a banker ?
Do they actually advertise themselves as mortgage banker ?

That.

[rileywiles23]

So basically three options.
1- mortgage broker
2- mortgage banker
3- directly with the bank for first time homeowners deal.
Now where to start.

[coralsnake]

So basically three options.
1- mortgage broker
2- mortgage banker
3- directly with the bank for first time homeowners deal.
Now where to start.

You find a house and/or know how much you can afford? What area?

[rileywiles23]

You find a house and/or know how much you can afford? What area?

Already in contract.

[coralsnake]

Already in contract.

What area?

[rileywiles23]

Staten island.

[coralsnake]

Staten island.

PM me

[Sport]

Already in contract.

Before you found a broker ?

[rileywiles23]

Before you found a broker ?

A mortgage broker ? Yes. Not closing for quite a while.

[Sport]

A mortgage broker ? Yes. Not closing for quite a while.

Interesting, the owners went into contract with you before you had a pre-approval?