Author Topic: Any mortgage experts on the forums?  (Read 36748 times)

Offline yitzgar

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Re: Any mortgage experts on the forums?
« Reply #200 on: October 18, 2020, 08:57:39 AM »
Does this situation make sense?

We reached out to a well-known Frum mortgage broker almost 3 months ago to refinance.
He immediately took our information and contacted our accountant for our tax returns.
Since then we have heard nothing.
He barely ever returns calls/emails.
About a month ago we did get through and he said he is overwhelmed with applications but he is getting to them.....
To us it seems so unprofessional to not answer emails, not return calls, & to be taking so long.
Frankly, we believe he should be reaching out to us to update us on the status of our application and not that we need to be chasing him.
And yet, he is considered one of the big Frum mortgage brokers.

Can anyone enlighten us please?
Thanks.
You are correct. He probably is very busy, but I wouldn't wait around. Find someone else.

Offline Lurker

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Re: Any mortgage experts on the forums?
« Reply #201 on: October 18, 2020, 08:58:44 AM »
Does this situation make sense?

We reached out to a well-known Frum mortgage broker almost 3 months ago to refinance.
He immediately took our information and contacted our accountant for our tax returns.
Since then we have heard nothing.
He barely ever returns calls/emails.
About a month ago we did get through and he said he is overwhelmed with applications but he is getting to them.....
To us it seems so unprofessional to not answer emails, not return calls, & to be taking so long.
Frankly, we believe he should be reaching out to us to update us on the status of our application and not that we need to be chasing him.
And yet, he is considered one of the big Frum mortgage brokers.

Can anyone enlighten us please?
Thanks.

If you want something from someone, you need to be on top of them, even if they are making money off of it. Whether he's swamped or not, it definitely seems like your application is not a priority for him. Call someone else.
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Offline teon00x14

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Re: Any mortgage experts on the forums?
« Reply #202 on: October 18, 2020, 09:28:08 AM »
Does this situation make sense?

We reached out to a well-known Frum mortgage broker almost 3 months ago to refinance.
He immediately took our information and contacted our accountant for our tax returns.
Since then we have heard nothing.
He barely ever returns calls/emails.
About a month ago we did get through and he said he is overwhelmed with applications but he is getting to them.....
To us it seems so unprofessional to not answer emails, not return calls, & to be taking so long.
Frankly, we believe he should be reaching out to us to update us on the status of our application and not that we need to be chasing him.
And yet, he is considered one of the big Frum mortgage brokers.

Can anyone enlighten us please?
Thanks.
Just like shopping for a car or any big purchase, it is in your best interest to shop around.  I am in the middle of a home refi and took initial offer from about 15 different lenders/brokers.  Rate is at historic low right now plus the new ‘Adverse Market Refinance Fee’ will take affect December 1st causing a major in increase in refi application.  Don't sit around and wait for this one.  Be proactive in your search!

Online mushkovits

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Re: Any mortgage experts on the forums?
« Reply #203 on: October 18, 2020, 10:16:50 AM »
Just like shopping for a car or any big purchase, it is in your best interest to shop around.  I am in the middle of a home refi and took initial offer from about 15 different lenders/brokers.  Rate is at historic low right now plus the new ‘Adverse Market Refinance Fee’ will take affect December 1st causing a major in increase in refi application.  Don't sit around and wait for this one.  Be proactive in your search!
Iinm majority if not all banks already started  charging you for this

Offline AsherO

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Re: Any mortgage experts on the forums?
« Reply #204 on: October 18, 2020, 11:09:08 AM »
Does this situation make sense?

We reached out to a well-known Frum mortgage broker almost 3 months ago to refinance.
He immediately took our information and contacted our accountant for our tax returns.
Since then we have heard nothing.
He barely ever returns calls/emails.
About a month ago we did get through and he said he is overwhelmed with applications but he is getting to them.....
To us it seems so unprofessional to not answer emails, not return calls, & to be taking so long.
Frankly, we believe he should be reaching out to us to update us on the status of our application and not that we need to be chasing him.
And yet, he is considered one of the big Frum mortgage brokers.

Can anyone enlighten us please?
Thanks.

No personal experience, but can’t hurt to try and take your business elsewhere and see what the experience is like there.

Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #205 on: October 18, 2020, 11:11:27 AM »
Does this situation make sense?

We reached out to a well-known Frum mortgage broker almost 3 months ago to refinance.
He immediately took our information and contacted our accountant for our tax returns.
Since then we have heard nothing.
He barely ever returns calls/emails.
About a month ago we did get through and he said he is overwhelmed with applications but he is getting to them.....
To us it seems so unprofessional to not answer emails, not return calls, & to be taking so long.
Frankly, we believe he should be reaching out to us to update us on the status of our application and not that we need to be chasing him.
And yet, he is considered one of the big Frum mortgage brokers.

Can anyone enlighten us please?
Thanks.
I'm finishing up with my mortgage now. Broker was amazing to deal with. He always followed up with me. Not sure who you are dealing with, but I am having the complete opposite experience (plus a great rate)

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #206 on: October 18, 2020, 12:57:45 PM »
I'm finishing up with my mortgage now. Broker was amazing to deal with. He always followed up with me. Not sure who you are dealing with, but I am having the complete opposite experience (plus a great rate)
Same here as I posted before. I started out with a different bank that was supposedly giving great rates. I got a better rate with this broker, and he gets things done.

I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.
« Last Edit: October 18, 2020, 01:11:31 PM by yelped »

Offline Willie

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Re: Any mortgage experts on the forums?
« Reply #207 on: October 18, 2020, 01:26:44 PM »
I'm finishing up with my mortgage now. Broker was amazing to deal with. He always followed up with me. Not sure who you are dealing with, but I am having the complete opposite experience (plus a great rate)
pm me with contact info please

Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #208 on: October 18, 2020, 01:28:49 PM »
pm me with contact info please
Sent

Offline yitzgar

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Re: Any mortgage experts on the forums?
« Reply #209 on: October 18, 2020, 01:31:03 PM »
Sent
Can you please send to me as well?

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Re: Any mortgage experts on the forums?
« Reply #210 on: October 18, 2020, 01:32:34 PM »
Can you please send to me as well?
Sent

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #211 on: October 18, 2020, 02:48:16 PM »
I'm finishing up with my mortgage now. Broker was amazing to deal with. He always followed up with me. Not sure who you are dealing with, but I am having the complete opposite experience (plus a great rate)
Can you please PM the info too?
Thanks.

Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #212 on: October 18, 2020, 02:49:31 PM »
Can you please PM the info too?
Thanks.
sure

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #213 on: October 18, 2020, 02:51:55 PM »
If you want something from someone, you need to be on top of them, even if they are making money off of it. Whether he's swamped or not, it definitely seems like your application is not a priority for him. Call someone else.
But why would we be any different than anyone else?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #214 on: October 18, 2020, 03:34:53 PM »
Just like shopping for a car or any big purchase, it is in your best interest to shop around.  I am in the middle of a home refi and took initial offer from about 15 different lenders/brokers.  Rate is at historic low right now plus the new ‘Adverse Market Refinance Fee’ will take affect December 1st causing a major in increase in refi application.  Don't sit around and wait for this one.  Be proactive in your search!
Ok, thanks.
Everyone we call wants to first see our information before giving a firm quote.
Does it make sense to send out our personal info to a number of brokers?

Offline miles lover

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Re: Any mortgage experts on the forums?
« Reply #215 on: October 18, 2020, 04:06:10 PM »
If someone gets co-signer on a mortgage, does the buyer need to show income ? Any good article I can read up about these rules ? Is every bank different ?

Offline Lurker

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Re: Any mortgage experts on the forums?
« Reply #216 on: October 18, 2020, 04:25:12 PM »
If someone gets co-signer on a mortgage, does the buyer need to show income ? Any good article I can read up about these rules ? Is every bank different ?

Depends on the lender and the specifics of your loan agreement.
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Offline Lurker

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Re: Any mortgage experts on the forums?
« Reply #217 on: October 18, 2020, 04:26:28 PM »
Ok, thanks.
Everyone we call wants to first see our information before giving a firm quote.
Does it make sense to send out our personal info to a number of brokers?

They can't give a quote without knowing at least some of what they are dealing with. It's the only way to get it done.
Failing at maintaining Lurker status.

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Re: Any mortgage experts on the forums?
« Reply #218 on: October 18, 2020, 04:26:34 PM »
sure
Can I get the broker info as well? And also the current rate you got? Thanks

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Re: Any mortgage experts on the forums?
« Reply #219 on: October 18, 2020, 04:28:53 PM »
Can I get the broker info as well? And also the current rate you got? Thanks
Sent.

I got 2.5 (not primary residence )