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Re: OT - Mortgage Refinance
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Posted by Alex C. [Email] (more from Alex C.) on Wed, 28 Jan 2004 08:25:05 Share Post by Email
In Reply to: OT - Mortgage Refinance, Ken [Profile/Gallery] , Wed, 28 Jan 2004 05:45:43
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I'm a broker. In my experiance brokers can get lower rates than direct financing. We obtain excellent wholesale rates dependent on who we work with. The issue is that there are a ton of brokers out there, and many of these operations are not run ethically. The issue is finding someone you trust, which can be hard. My tips would be these:
1. Don't shop at a ton of places and get your credit pulled everywhere. this lowers your scores tremendously. I'm working with a few people who have this issue and aren't getting the best loan because if it.
2. If the broker doesn't provide you with all of the loan documents (1003, Good Faith Estimate, and all of the necessary disclosures) after three days drop them. All the time brokers quote loans without showing documentation and for some reason people follow along and get the shaft.
3. Look at all of the aspects of the loan. People will insist on no points up front, this only gets them a higher rate. If you are planning on paying off this loan in the near future by purchasing or refinancing don't pay the upfront points. If you're planning on keeping the loan paying some points might be wise.
4. Never pay discount points. The average loan is refinanced in five to seven years.

There is a lot more. I'm not interested selling my services on this board, but for the help that I have recieved here for my car I would be more than happy to answer anyones questions about obtaining a mortgage. Feel free to email me.

posted by 216.151.83...

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