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Great mortgage brokers that you used
« Last edited by yesitsme on October 08, 2021, 02:06:12 AM »

Author Topic: Any mortgage experts on the forums?  (Read 92148 times)

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #280 on: February 16, 2021, 10:05:00 AM »
How about if you just shop around and don't try to get them to match each other.
Any bank should be able to give you their current rate table.
And their fee schedule.


As far as points, they help 'buy down' the rate you pay for the life of the mortgage.  If you keep the mortgage more than X years, it can be worth it. If you have the cash up front to pay it.
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Offline davidd75

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Re: 1st time homebuyer. Strategy for shopping best mortgage rates
« Reply #281 on: February 16, 2021, 10:55:51 AM »
Thanks for this, but I've heard brokers are often sleazy/dishonest. Do they work with every single bank with the lowest possible rates? With legwork, would I be able to do better? I'm a "hands on" guy who doesn't like trusting middlemen even if I'm not paying them myself.

go for it I did same and worked well just try and get numbers in writing(email) so you can show them written estimate and ask them to beat it.  You are your best broker!

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Re: Any mortgage experts on the forums?
« Reply #282 on: February 16, 2021, 11:09:08 AM »
How about if you just shop around and don't try to get them to match each other.
Any bank should be able to give you their current rate table.
And their fee schedule.

Wouldn't it be best to get a good faith estimate that includes estimated closing costs?
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Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #283 on: February 16, 2021, 11:35:11 AM »
Wouldn't it be best to get a good faith estimate that includes estimated closing costs?
a) gather general info on rates and fees offered.
b) choose the approximate one for you.
c) apply, nail it down.


Closing costs vary, but aren't they similar one bank to another?  A small difference shouldn't be the deciding factor.


a) I looked on line and asked a few brokers. LAX_Esq wants to call many banks, then try to get each bank to give the same rate as the cheapest.
b) I chose based on what would give me the lowest total cost. I paid points because the numbers worked for me.
c) If you're still deciding between more than one, get a 'good faith estimate' or whatever.
Note: Don't give out your SS# in the exploratory stages. They should have published rates.  But if you do have several mortgage pulls on your credit report, it's OK - they won't count against you - if they're all within a certain time frame. (6 months?)
« Last Edit: February 16, 2021, 11:43:09 AM by ckmk47 »
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Re: Any mortgage experts on the forums?
« Reply #284 on: February 16, 2021, 11:41:59 AM »
a) gather general info on rates and fees offered.
b) choose the approximate one for you.
c) apply, nail it down.
Closing costs vary, but aren't they similar one bank to another?  A small difference shouldn't be the deciding factor.

I have 0 personal experience with this, but from what I understand there are lots of shenanigans played with closing costs.
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Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #285 on: February 16, 2021, 11:44:49 AM »
I have 0 personal experience with this, but from what I understand there are lots of shenanigans played with closing costs.
I think each bank  has a published list.
Certainly it's in the mortgage paperwork once you've applied. Read and understand everything you sign.


I think people are surprised at the 'closing cost' because they didn't know of things not listed as 'closing costs'.  Their lawyer, the property taxes already paid by the seller that you're not paying him, the first month's mortgage payment, etc.
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Offline davidd75

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Re: Any mortgage experts on the forums?
« Reply #286 on: February 16, 2021, 12:30:32 PM »
I have 0 personal experience with this, but from what I understand there are lots of shenanigans played with closing costs.

yes true they call it different things terms can be confusing(underwriting, processing etc...)

Offline teon00x14

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Re: Any mortgage experts on the forums?
« Reply #287 on: February 16, 2021, 12:32:24 PM »
I have 0 personal experience with this, but from what I understand there are lots of shenanigans played with closing costs.
Shop around for your mortgage as you would with any large purchaes, get as many general ballpark estimate from banks, credit unions, fintech, and brokers.  You do not need to give ssn or do credit check for the "ballpark" estimate.  The information you can get from the ballpark estimate usually include interest rate, apr, and total closing cost (with point or no point). 

Offline LAX_Esq

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Re: Any mortgage experts on the forums?
« Reply #288 on: February 16, 2021, 12:51:31 PM »
I have 0 personal experience with this, but from what I understand there are lots of shenanigans played with closing costs.

There are tons of shenanigans with closing costs, and that's why one needs to see the good faith loan estimate!

Offline cgr

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Re: Any mortgage experts on the forums?
« Reply #289 on: February 16, 2021, 01:28:30 PM »
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Refinancing Help
« Reply #290 on: February 21, 2021, 03:37:35 AM »
I need help , answers or opinion regarding my Home Refinance:

Own house with my husband in California. Last Year we decided to move to WNY closer to family.
We bought a house here in NY ( Cash) . Our house in Cali is being rented by  a relative .
Question:

 I want to sell the house in Ca cause we are losing money on it, but my husband wants to keep it. Can he refinance the house by himself under his name only?

Will appreciate any opinion or help.

Offline teon00x14

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Re: Any mortgage experts on the forums?
« Reply #291 on: February 21, 2021, 12:03:55 PM »
Hi there.. not sure where to post, so I'll post here.

I know of someone who's just had their 60 acre property (in the Poconos) sold via sherrif auction (very sad story)... they might have a chance to buy it back from the new buyer, and we're hoping they wont charge them too much more than they paid...

Here's the question - does anyone here know a good place from where can they get a short-term loan of around 100k - they'll need about 2-3 years to pay it off, and they are ready to pay about 20% interest... they are also ready to put the property (tax-assessed for about 600k) as collateral.

thanks
Try a local bank or local credit union that'll hold the loan in portfolio.  Otherwise, it will be very difficult with that loan amount.  Does this person have relatives that could potentially pull cash from their house to loan him/her?

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Re: Any mortgage experts on the forums?
« Reply #292 on: February 21, 2021, 05:41:14 PM »
Try a local bank or local credit union that'll hold the loan in portfolio.  Otherwise, it will be very difficult with that loan amount.  Does this person have relatives that could potentially pull cash from their house to loan him/her?

You do realize you replied to a post from over 18 months ago, right?
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Re: Any mortgage experts on the forums?
« Reply #293 on: February 21, 2021, 06:30:03 PM »
I need help , answers or opinion regarding my Home Refinance:

Own house with my husband in California. Last Year we decided to move to WNY closer to family.
We bought a house here in NY ( Cash) . Our house in Cali is being rented by  a relative .
Question:

 I want to sell the house in Ca cause we are losing money on it, but my husband wants to keep it. Can he refinance the house by himself under his name only?

Will appreciate any opinion or help.


Might depend on jurisdiction. You can transfer ownership of the home to your DH so he is the sole owner, then he can certainly get a mortgage on it himself as long as he qualifies.

Managing a hope from across the country is complicated, and you could have trouble if your relative decides to stop paying rent, damages the properly, and/or leaves and you’re stuck looking for a good tenant from far away.
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Re: Any mortgage experts on the forums?
« Reply #294 on: February 21, 2021, 09:17:38 PM »
Might depend on jurisdiction. You can transfer ownership of the home to your DH so he is the sole owner, then he can certainly get a mortgage on it himself as long as he qualifies.

Managing a hope from across the country is complicated, and you could have trouble if your relative decides to stop paying rent, damages the properly, and/or leaves and you’re stuck looking for a good tenant from far away.
I own a house with mine and my wife's name on the deed, and the mortgage is only under my name.

Offline insfo

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Re: Any mortgage experts on the forums?
« Reply #295 on: February 26, 2021, 01:31:50 AM »
I own a house with mine and my wife's name on the deed, and the mortgage is only under my name.

How did you manage to do that?

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Re: Any mortgage experts on the forums?
« Reply #296 on: February 27, 2021, 11:25:04 PM »
How did you manage to do that?
This is how the mortgage broker did the mortgage since my wife was not needed to get the loan approved, not sure if anything special was done.

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Re: Any mortgage experts on the forums?
« Reply #297 on: February 27, 2021, 11:33:53 PM »
How did you manage to do that?
As long as the income is not needed there is no reason to have every person listed on the deed on the mortgage.

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #298 on: February 28, 2021, 03:37:25 PM »
I own a house with mine and my wife's name on the deed, and the mortgage is only under my name.
Same here
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Re: Any mortgage experts on the forums?
« Reply #299 on: March 11, 2021, 07:40:30 AM »
As long as the income is not needed there is no reason to have every person listed on the deed on the mortgage.
Depending on how exactly you and your wife own it (meaning the legal structure) it could have a big impact on the enforceabilty of the mortgage. I assume title/ the bank did their due diligence but this statement won't always be correct.