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December 11, 2007
Mortgage Brokers
I'm primarily looking at one-bedroom coops and condos. A broker this weekend suggested using a mortgage broker to find the best rate instead of trying to find the best deal on your own. I did some Google searches and was not impressed by what I found in the mortgage broker universe. Most don't appear to have a well-established web presence. If anyone has had a particularly good or bad experience with mortgage brokers I'd love to hear about it. Thanks.
Comments
Ive never seen the point in using a mortgage broker if you have good credit and an established history with a bank. Ive always found good rates without the extra fees direct from my banks.
Im sure brokers have their strong points but Id suggest looking on your own to compare total packages.
Posted by: Mrs. Limestone at December 11, 2007 7:26 AM
We've used Universal Mortgage a few times now, the principal is Normal Calvo and they have offices on 34th St in Manhattan and right here in Park Slope, on 7th Avenue.
Advantage of using a broker is: you know you're getting the most competitive rate because they have access to something like 25 lenders at any given time and do the legwork for you.
Also -- aggravating stuff always comes up, sometimes from lender's lawyer, and broker deals with it/runs interference
Lastly, we've gotten financing directly as well, and I have found dealing with Calvo much easier. He's very knowledgable.
I have no connection to him other than being a satisfied client.
Posted by: guest at December 11, 2007 7:35 AM
When we bought earlier int he year we shopped around Alot ciontacting both Brokers as well as lenders directly. Brokers seemed to cater more to persons with blemished credit or undocumented or self-employed income.
In the end we went the direct route with Commerce Bank. They offered the same terms as the best a broker could and much lower closing costs. Everything went without a hitch at closing.
My advice is to contact a few brokers and lenders directly. Compare all of the options and evaluate each package - Also, negotiation is possible and effective.
Posted by: newsouthsloper at December 11, 2007 8:38 AM
if you're self employed like me its best to go through the broker route. other wise go with direct.
Posted by: armchairwarrior at December 11, 2007 8:59 AM
I used a broker to purchase my townhouse - Shimon Rosenberg. Found him to be a huge help. Was a (relatively) large amount on a 2-fam house. Wound up with a good rate from a small bank I would never have thought to use. For a straightforeard conforming condo loan, maybe not worth it. For something a little tougher, I'd definitely use a broker (same one) again.
Posted by: Johnny at December 11, 2007 9:17 AM
i had a pretty lame experience with Jeff Doutre at Universal Mortgage. There were some issues with extra fees that came up at the last minute, very lame, could have easily been taken care of by him but he chose to punt instead.
But as a self-employed person, I had to use a mortgage broker. I had no real choice.
Posted by: guest at December 11, 2007 9:35 AM
Self-employed and having not lived in this country long, I used a broker: Rita Mastroberardino at Dearie Mortgage (they do have a web site). She was really helpful, no hidden costs, and she actually prepped three loans for me, all for one small fee ($295). Honestly, I didn't think I would get a mortgage and she managed to work it out.
Posted by: guest at December 11, 2007 10:06 AM
Try Norman Calvo of Universal Mortgage. He's in Park Slope and a mortgage banker. He helped me on a couple of things and is extremely knowledgeable and helpful. Many Brooklyn brokers like him because he can quickly assess what you can get and give you a pre-approval, which assures the broker and seller that you won't be refused a mortgage after going to contract. He is dead on as far as what you will be approved for and taken seriously by everyone. Good luck.
Posted by: donatella at December 11, 2007 10:06 AM
we searched both... brokers and direct banks... we literally had a stack of figures from all these different places... after you compare your options, u can decide what route is best for you. but to each person it is different. and it all depends on your financial situation. we ended up going with a broker. there were no extra fees on our part. the bank actually paid something close to 1% to our brokerage firm. we found out they had established business deals with the banks. so everyone lucked out. the bank got our mortgage, the broker got paid by the bank, and we got the rate we wanted. every1 was happy. at the most there may be application fees that vary. but in the end, the broker took care of a lot of legwork, locking the rate and also with the timing and scheduling of getting the paperwork back from the underwriter, and bank etc., in time for closing. there is so much more involved than just finding a rate, so just keep that in mind. (our broker was Andrew at Trachtman & Bach, www.tbmortgage.com)
p.s. we also looked into Universal, but their rate wasnt as good as T&B.
Posted by: guest at December 11, 2007 11:05 AM
If you are not self employed and have decent credit, there is absolutely no reason to use a mortgage broker. I also personally do not believe there are any benefits to getting a mortgage with a bank you are now banking with unless they can offer you the best possible deal/rate. From what I can remember, Newsday lists pages of lenders with the current rates and contact numbers every Friday in the real estate section. Much simpler and a lot less expensive than paying a broker. Good luck. P.S. Several years back I refinanced one house with Wells Fargo because at the time they had the best rates. Not sure about now.
Posted by: guest at December 11, 2007 11:11 AM
As of late banks are less inclined to deal with mortgage brokers, the best route now is simply to call a few banks directly.
Posted by: guest at December 11, 2007 11:25 AM
11:11 is dead wrong. A GOOD mortgage broker gets a better deal on rates than you could secure on your own. Therefore, they can usually offer better rates from a variety of different programs at different banks. IOW, they should be getting paid by the bank and not you.
I have very good credit and I've never been able to get a bank to match the rates that I could secure through a mortgage broker.
Of course, this assumes you have a good broker.
Posted by: guest at December 11, 2007 11:41 AM
Susan Gersh
susangersh@rcn.com
(212) 724-0811
She was great - held my hand through the entire process, making sure that i had all the right documentation, secured a better rate than what i was able to get without her.
Posted by: guest at December 11, 2007 12:02 PM
Like 11:05, we've found our mortgage broker to be awesome--not only for the best rates,m but also for doing lots of legwork/paperwork. There's a small apllication fee, but we'd be paying that to the bank anyway.
We're using Hymie at Trachtman and Bach...would totally recommend him!
Posted by: lah at December 11, 2007 12:48 PM
Mortgage Brokers are pretty much out for themselves - not you, and will steer you into a product that is most profitable for them. Sometimes it works for you too, soemtimes not so much. I have also heard friends, who are/were mortgage brokers, talk about the ol' last minute switcheroo and added fees - It is very common.
If you do decide to use a broker, get EVERYTHING in writing - especially the good faith estimate of closing costs and the rate lock. Shop the deal around and talk to banks who might be willing to match it. Also be prepared for a few surprises at closing. Im not saying it always happens, but it does happen - frequently.
Posted by: newsouthsloper at December 11, 2007 1:23 PM
11:41 = Mortgage Broker
Posted by: guest at December 11, 2007 1:25 PM
A related question--
Has anyone ever used First Merchants, Inc, a broker on 7th Ave and Berkeley in PS? Can you share good/bad experiences pls? Thanks.
Posted by: guest at December 11, 2007 1:41 PM
1:25,
If by mortgage broker, you mean Applications Manager for a retail company, you would be correct.
Posted by: guest at December 11, 2007 3:02 PM
Is that what they are calling Brokers these days, "Applications Managers"?
I jest - Your point is duelly noted.
Posted by: guest at December 11, 2007 3:28 PM
We used First Merchants for both our initial purchase and our first refi. It's a very busy office and sometimes it was hard to reach our contact but, with that one proviso, I would say it was a very good experience. First time around, they really helped us understand the process. Second time out was faster and easier coz we needed less hand-holding. We dealt with Tonya Martin who's smart and calm. By contrast, for our 2nd refi we went directly to the bank -- largely because a friend of a friend was a loan officer at Chase. We got a good rate and she was good to deal with but -- and it's a BIG but -- we realized later that we would have got a better deal from First Merchants because of their ability to shop around. We're not complaining (we have a 20-yr fixed rate loan at 5.6%) but in today's market I would absolutely use a mortgage broker.
Posted by: guest at December 11, 2007 4:53 PM
My husband and I were first time homebuyers and were referred to Ari Minkowicz at Landmark Funding. We found him to be extrememly knowledgable and helpful. We did shop around and the rate he was able to get for us was better than anyone else quoted. We were a little lost as it was our first time going through the process and he was very patient and really came through for us. He can be reached at 718.663.7212.
Posted by: guest at December 13, 2007 8:02 PM
These days it makes more sense to go to the bank.
brianscottcohen.com
Posted by: brianscottcohen at December 15, 2007 3:53 PM
I actually used Jeff Doutre from Universal mortgage, and he was excellent! No one else could come close to what he got us, and he even helped fix our credit! I closed in May 2007, so I recommend him.
Posted by: guest at June 21, 2008 7:50 PM
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