Went through the process of house hunting/buying

[mgarfin]

When taking a loan with a bank not through a broker do you get lenders credit towards fees?

[rileywiles23]

When taking a lone with a bank not through a broker do you get lenders credit towards fees?

I'm getting about $1,500. Went directly with the bank.

[mgarfin]

I'm getting about $1,500. Went directly with the bank.

My broker claimed that going direct with bank is not that much cheaper, as with a broker you get more lenders credit.
Let alone, in my case (I was border line to qualify) without a broker, I wouldn't have gotten the loan.

[rileywiles23]

My broker claimed that going direct with bank is not that much cheaper, as with a broker you get more lenders credit.
Let alone, in my case (I was border line to qualify) without a broker, I wouldn't have gotten the loan.

You realise that you need to factor in that your paying the broker as well.
Plus, your broker wants your business, so of course hell tell you he'll. It could be he's right but got to keep that in mind b

[mgarfin]

You realise that you need to factor in that your paying the broker as well.
Plus, your broker wants your business, so of course hell tell you he'll. It could be he's right but got to keep that in mind b

I did not pay broker anything more then origination fee, that is acutely paid to the bank, that pays back broker.

[rileywiles23]

I did not pay broker anything more then origination fee, that is acutely paid to the bank, that pays back broker.

You still paid him. It just went through the bank instead of directly.

[mgarfin]

You still paid him. It just went through the bank instead of directly.

Going direct with bank there is no origination fee and no broker fee?

[rileywiles23]

Going direct with bank there is no origination fee and no broker fee?

From my limited understanding, even when going directly through the bank, there is always some form of an origination fee.
When you use a mortgage broker, whatever percentage the broker charged, the bank passes that charge onto you, and then pays the broker.
If using a broker doesn't cost more, then why would anyone go though the headache of going directly with the bank. A broker is much more convenient.
There are others on this forum that work in the business, and are more knowledgeable then I am, so maybe they'll chime in.

[mgarfin]

From my limited understanding, even when going directly through the bank, there is always some form of an origination fee.
When you use a mortgage broker, whatever percentage the broker charged, the bank passes that charge onto you, and then pays the broker.
If using a broker doesn't cost more, then why would anyone go though the headache of going directly with the bank. A broker is much more convenient.
There are others on this forum that work in the business, and are more knowledgeable then I am, so maybe they'll chime in.

From my limited understanding, it costs more, but not much more, if you use a reliable broker and negotiate a good price up front.
When going direct with bank you get less lenders credit and all kinds of fees add on later.

I also hope more knowledgeable people chime in as a lot of money is at stake and most ppl have very little knowledge

[good sam]

NY
Tax was due the next month so it was all clear. And if talking the bank also requested escrow based on this tax bill that was paid off by title. When you get pressured into close by a date and you are unfamiliar they take you for a ride.

That's why you need a good lawyer!

But who took you for a ride? Wasn't it the title company who picked up too much?

[elit]

If anyone here has recently used Chase for a mortgage, can you please pm me. Thanks

My mortgage was sold to chase does that help?

[peacenlove613]

Does anyone know a broker/bank that will include parsonage as income even if it was not reported on my tax return? I got approved with maridian but want to get a second option.
Monsey area.

[rileywiles23]

Does it make sense that a conventional mortgage with 20% down has an origination fee of about $10-11k ?

These origination fees sound way too high.

If you are getting a better rate it makes sense.

Figured out what happened. I didn't lock in a rate, therefore the commitment letter was calculating the origination fees as if I was buying down the current rate to what it was when we originally applied for the mortgage, and charging me points to do that.
Now if only the rates can go back down again to what they were before the elections

[elit]

Does anyone know a broker/bank that will include parsonage as income even if it was not reported on my tax return? I got approved with maridian but want to get a second option.
Monsey area.

I do but I think it was also meridian

[rileywiles23]

Is there any indications that rates will go back down ?
Every since the election, it's only gone up.
Deciding if I should just lock in now.

[ckmk47]

Is there any indications that rates will go back down ?
Every since the election, it's only gone up.
Deciding if I should just lock in now.

I think if you lock in and it goes down, yours goes down.

[rileywiles23]

I think if you lock in and it goes down, yours goes down.

Not sure where you got that from, but I don't think that, that's true

[elit]

I think if you lock in and it goes down, yours goes down.

Usually not.

[coralsnake]

if you lock in and it goes down, yours goes down.

-1

[peacenlove613]

Is there any indications that rates will go back down ?
Every since the election, it's only gone up.
Deciding if I should just lock in now.

I'm in the same boat as you. I think it will go down at least a little just to stabilize since it shot up so fast. But no one really knows.