Author Topic: Went through the process of house hunting/buying  (Read 116901 times)

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 »
"Here at DansDeals we don’t do buses." -Dan

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?

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #450 on: April 24, 2017, 07:23:12 PM »
why can't you match the rate?
Because most of the time matching the rate means taking money out of your pocket and the other guy thats undercutting you probably needs this loan to meet a performance milestone which boosts his pay and he can afford to undercut on this one so that his overall compensation is boosted.
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Offline elit

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Re: Went through the process of house hunting/buying
« Reply #451 on: April 24, 2017, 07:55:13 PM »
Because most of the time matching the rate means taking money out of your pocket and the other guy thats undercutting you probably needs this loan to meet a performance milestone which boosts his pay and he can afford to undercut on this one so that his overall compensation is boosted.
meh... why should the borrower assume that.  you both need to do the same amount of paperwork to get the loan. how can you expect someone to pay hundreds or thousands of dollars more because you decided your rate is fare and the other guys is improperly undercutting.

Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #452 on: April 24, 2017, 08:01:46 PM »
This is the same for every brokerage, from the car/lease dealer to the washing machine sales agent to the insurance agent to Merchant services.

Most pll won't redo the application to save $500. So its hard to get a Merchant services client to change banks for $200 savings.

It usually comes down to service and savings together.
« Last Edit: April 24, 2017, 08:04:59 PM by mgarfin »

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #453 on: April 24, 2017, 10:25:36 PM »
meh... why should the borrower assume that.  you both need to do the same amount of paperwork to get the loan. how can you expect someone to pay hundreds or thousands of dollars more because you decided your rate is fare and the other guys is improperly undercutting.
So you milk the first one for all the info, the hand holding, the million and one questions and have a ready package for the second one. Sounds like typical frum business. Like every tradesman that I know (plumber, electrician, carpenter etc.) 6 months after training his worker the guy is undercutting his old boss on pricing and taking jobs away. Whatever happened to loyalty? Trust? Even if it costs you over time. Small price to pay for a good moral compass. But thats a discussion for the ethics thread. 
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Online aygart

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Re: Went through the process of house hunting/buying
« Reply #454 on: April 24, 2017, 10:36:00 PM »
So you milk the first one for all the info, the hand holding, the million and one questions and have a ready package for the second one. Sounds like typical frum business. Like every tradesman that I know (plumber, electrician, carpenter etc.) 6 months after training his worker the guy is undercutting his old boss on pricing and taking jobs away. Whatever happened to loyalty? Trust? Even if it costs you over time. Small price to pay for a good moral compass. But thats a discussion for the ethics thread.
On the other hand the carpenters pay so low that he can't possibly stay.
Feelings don't care about your facts

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #455 on: April 24, 2017, 11:04:16 PM »
On the other hand the carpenters pay so low that he can't possibly stay.
Novel concept: training + experience = low pay
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Re: Went through the process of house hunting/buying
« Reply #456 on: April 24, 2017, 11:08:30 PM »
Novel concept: training + experience = low pay
Forever?
Feelings don't care about your facts

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #457 on: April 25, 2017, 12:30:13 AM »
Forever?
Did I say that? I said 6 months. And thats how it really is.
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Re: Went through the process of house hunting/buying
« Reply #458 on: April 25, 2017, 07:59:30 AM »
Did I say that? I said 6 months. And thats how it really is.
Apparently at that point he was already trained enough
Feelings don't care about your facts

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #459 on: April 25, 2017, 08:46:24 AM »
Apparently at that point he was already trained enough
I'm sure he thinks that.
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