Hey guys, I was looking for a little advice really. Im in the process of trying too buy a home or condo,(not decided yet) But I have a few concerns. My main concern is getting a good loan with a half decent rate. Now I went too one morgage company(who we will leave unnamed) and was very unsatisfied. The level of service at first seemed very good, The guy almost wrote me and my girlfriend a pre approval on the spot and the only reason he wanted to be exact on the figures but we were defenately approved . The level of disapointment came later on as he seemed to loss interest in my case and really brushed me off. Now I want nothing to do with this guy and his company so I was wondering if there were any people out there with any tips about companies they have had good expierience with or maybe work with? thanks for any help guys all suggestions are apprieciated.

 

Another reason not to waste your time with brokers, only very small % of them are any good. How sad that I hear these stories everyday.

I can help you out. I work with a very large mortgage lender as a mortgage consultant. I have helped several guys on the board here, let me know what you need.

 

Well I need help getting a loan really I was hoping too get 100% financing or at the most put 5% down. Its going to be me and my girlfreind going into it. maybe you could pm me and we could work on something?

 

Definitely work with Art. He's a good guy. I have my loan through him.

 

PM Sent

 

Thanks bud, I keep it real.

 

always always shop/ At least call the 2 big banks in your next of area. I know BofA has a loan with no down...

 

Definitely shop around. There are basically 2 types of loan people, a broker or a banker that works for a specific bank or lender. A broker is nothing but a guy in a office who calls up the lenders in town that he works with and tries to get you a loan with them. They work with multiple banks and lenders. The banker works for a bank or lender directly and sells you ONLY their product. Sometimes bankers have access to rates that isn't available to brokers but typically both can provide similar deals for a specific bank. However some lenders like credit unions (I'm a big fan of credit union loans, very good deals) don't offer loans through brokers so you have to directly.

Both brokers and bankers get paid for doing the loan so finding a good one will sometimes help with the loan. A good one will also help you get your finances in order and improve your credit before getting the loan to help your chances. The mercenary ones will blow you off if they think they have no hopes of getting you a loan. Just look around for one you like. The only differences would be the fees you pay. Try the big internet ones like ditech.com. I got a good loan from www.countrywide.com

 

You started off pretty good, but ending could've used some help.

You are somewhat right to explain brokers vs bankers. However, there are also lenders which is who I work for. The difference being that bank also does savings and checking in addition to providing CDs and other financial products. All I do is mortgages, thus I am not distracted and pulled in various directions. Credit Unions have restrictions and their lending practices are very tight although they do offer decent pricing if you qualify.

Compensation wise, brokers tend to make a lot more money per loan than I do but they also see a lot less volume and deal with very few scenarios. So unless you use a broker who has been in the business for years, you are asking for trouble because they are mostly inexperienced. My compensation is tied to volume where as brokers are paid by charging buyers a certain rate and fees.


Ditech.com is not a good suggestion but countrywide is good. One of my loans is with them. However, I called them to try to refi a loan and their rates need work, higher than ours so I was not impressed.

 

Lots of places will offer no money down loans but there is a big difference in rate and fees.

 

true that.

 

Honestly to find the "best" pricing is super difficult. You really won't know what you can get until you're about closed. There are too many factors that can vary in your application that can change your pricing days before you close. The best advice I would say is go with somone who's recommended. NSXNEXT recommends BigPimp. I'd start there. You better honor your GFE Pimp.