Author Topic: Went through the process of house hunting/buying  (Read 74188 times)

Offline coralsnake

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Re: Went through the process of house hunting/buying
« Reply #435 on: April 24, 2017, 01:51:46 PM »
After lots of digging into trying to understand where the catch is in brokerage fees, I found “Yield spread premium,” or YSP.
This is not disclosed to the buyer and in lots of scenarios results in steering you into a loan that's not in your best interest.

-1
Federal law disagrees with you.
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Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #436 on: April 24, 2017, 01:57:35 PM »
-1
Federal law disagrees with you.

Google can help you understand that too.
But tell me where on the 3 LEs and CDs im looking at this fee is disclosed?

Offline coralsnake

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Re: Went through the process of house hunting/buying
« Reply #437 on: April 24, 2017, 02:01:01 PM »
Google can help you understand that too.
But tell me where on the 3 LEs and CDs im looking at this fee is disclosed?
On the GFE. Exact number on the HUD1 at closing.

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Offline mgarfin

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Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #439 on: April 24, 2017, 02:04:53 PM »
To be clearer, Where is the borrower shown 2 options a loan with YSP and without YSP?


Offline mgarfin

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« Last Edit: April 24, 2017, 04:32:49 PM by mgarfin »

Offline coralsnake

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Re: Went through the process of house hunting/buying
« Reply #441 on: April 24, 2017, 02:13:09 PM »
https://en.wikipedia.org/wiki/HUD-1_Settlement_Statement
https://en.wikipedia.org/wiki/Good_faith_estimate

Seems discontinued
Seems you are correct. :-[ I guess you can see I havent been in that business for a few years.

Either way its disclosed in section J on the Loan Estimate and Closing Disclosure as lender credit.

To be clearer, Where is the borrower shown 2 options a loan with YSP and without YSP?

Need to ask.

Bottom line is, it costs money to get a mortgage. Regarding the broker/bankers commission- theyre either going to make money in the front (charging you points) or the back (higher rate re: YSP or SRP). Same holds true whether youre dealing with the Mortgage guy at your local C&S down the street, the guy at Chase, or any mortgage broker out there.
« Last Edit: April 24, 2017, 02:18:49 PM by coralsnake »
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Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #442 on: April 24, 2017, 02:19:19 PM »
Seems you are correct. I guess you can see I havent been in that business for a few years. :-[

Either way its disclosed in section J on the Loan Estimate and Closing Disclosure as lender credit.

J. TOTAL CLOSING COSTS (Borrower-Paid)
Lender credits?
Thats not a disclosure, that's a way broker makes you feel good you even getting more.
Quote
Need to ask.

If you know there's what to ask.
Quote

Bottom line is, it costs money to get a mortgage. Regarding the broker/bankers commission- theyre either going to make money in the front (charging you points) or the back (higher rate re: YSP or SRP). Same holds true weather youre dealing with the Mortgage guy at your local C&S down the street, the guy at Chase, or any mortgage broker out there.

I want to know my options so I can compare and sometimes even pay more for better serves.
I can guarantee you that 99% of ppl don't know anything about this.

Reminds me of when I was shopping and the banker was convincing me that if I take the loan from the bank directly I pay no fees as there is no origination fees. Asked Morgage broker he said no you get credit for origination fee we dont charge that either.

To be clear by borcker did an amazing job and got me lan lts others said I can't get without a cosigner, but....
« Last Edit: April 24, 2017, 02:28:42 PM by mgarfin »

Offline coralsnake

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Re: Went through the process of house hunting/buying
« Reply #443 on: April 24, 2017, 02:26:32 PM »
I would love to live in that world
In the one where you work with a guy for 6 months letting him know how much he can afford, getting him pre-approved, dealing with his RE brokers calling you 20 times a day, walking them through the process of contract, appraisal, commitment, helping them collect all the conditional documents, them calling you asking when youll have a final approval for them even though they only sent you 2 out of 10 documents you requested [rinse, repeat a few times with borrower and buyer/sellers RE brokers], locking a rate a week before closing, and then them leaving you the following week because someone offered them 1/8 better rate and making nothing?

There are positions available.
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Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #444 on: April 24, 2017, 02:33:54 PM »
In the one where you work with a guy for 6 months letting him know how much he can afford, getting him pre-approved, dealing with his RE brokers calling you 20 times a day, walking them through the process of contract, appraisal, commitment, helping them collect all the conditional documents, them calling you asking when youll have a final approval for them even though they only sent you 2 out of 10 documents you requested [rinse, repeat a few times with borrower and buyer/sellers RE brokers], locking a rate a week before closing, and then them leaving you the following week because someone offered them 1/8 better rate and making nothing?

There are positions available.

Fully understand.

Every broker suffers from this. This includes even the guy selling you a washing machine.

But the answer to this in my option is, being fully straightforward and giving good serves .


Offline skyguy918

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Re: Went through the process of house hunting/buying
« Reply #445 on: April 24, 2017, 02:37:04 PM »
Fully understand.

Every broker suffers from this. This includes even the guy selling you a washing machine.

But the answer to this in my option is, being fully straightforward and giving good serves .
That's what your tennis instructor is for.

Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #446 on: April 24, 2017, 02:49:20 PM »
That's what your tennis instructor is for.

LOL

But why do I deserve this more than my counterpart up thread!

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #447 on: April 24, 2017, 06:20:20 PM »
In the one where you work with a guy for 6 months letting him know how much he can afford, getting him pre-approved, dealing with his RE brokers calling you 20 times a day, walking them through the process of contract, appraisal, commitment, helping them collect all the conditional documents, them calling you asking when youll have a final approval for them even though they only sent you 2 out of 10 documents you requested [rinse, repeat a few times with borrower and buyer/sellers RE brokers], locking a rate a week before closing, and then them leaving you the following week because someone offered them 1/8 better rate and making nothing?

There are positions available.
I can totally relate. 6 months of this was enough to cure me for a lifetime. Thats how long i worked at one of the frum "Bankers". Sick how people will run you in circles  and dont get what goes into underwriting a loan
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Offline skyguy918

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Re: Went through the process of house hunting/buying
« Reply #448 on: April 24, 2017, 07:06:07 PM »
I can totally relate. 6 months of this was enough to cure me for a lifetime. Thats how long i worked at one of the frum "Bankers". Sick how people will run you in circles  and dont get what goes into underwriting a loan
It's not the borrower's fault (most of the time - I'm sure there are abusers, just like anything else). What should they do? Pay a higher rate on their loan for 30 years because you put work in? It's the way the business is structured that creates the issue.

Offline moko

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Re: Went through the process of house hunting/buying
« Reply #449 on: April 24, 2017, 07:08:18 PM »
I can totally relate. 6 months of this was enough to cure me for a lifetime. Thats how long i worked at one of the frum "Bankers". Sick how people will run you in circles  and dont get what goes into underwriting a loan
why can't you match the rate?
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