mortgage broker ?

Pre-approval (at least in the pre-crisis days) meant nothing - you told the broker your income, they gave you a letter - done. I don't know if anything has changed this past year.

There is no reason to use the same broker for a letter as for getting a mortgage. Use whoever is handy - they aren't committing that you will actually be able to get a mortgage as noted in the letter.

Posted by: guest at April 13, 2008 4:54 PM

I've used Universal Mortgage twice and loved them both times. They are so polite and endlessly helpful. They are now in Brooklyn! on 7th avenue.

I believe the pre-approval letter checks your credit and verifies your income. I've used them in both buying and selling.

Posted by: guest at April 13, 2008 5:53 PM

I've used Frank Gooden at First Merchants (on 7th Ave in Park Slope) many times, and been very happy. I used Trachtman and Bach once, and was pretty horrified--they did a decent job, but the quality of the interactions was lacking, for me.

Posted by: guest at April 13, 2008 10:03 PM

My husband and I were first time homebuyers and were referred to Ari Minkowicz at Landmark Funding 212-710-8680. We found him to be extrememly knowledgable and helpful. We were a bit lost as it was our first time going through the process and he was very patient and really came through for us. A+A+A+

Posted by: guest at April 13, 2008 10:34 PM

mortgage brokers are struggling for air, help them suffocate, do yourselves a favor and find someone at a bank: Wells, Citibank, etc. They aren't treating their wholesale side (brokers) very well so you'll get better rates AND no hidden fees and kickbacks and whatevers.

Posted by: guest at April 14, 2008 12:05 AM

I agree with 12:05. HSBC has a great program (communityworks program) that is about 60 bps lower than normal 30yr fixed rates. currently 5.35%. Large parts of Brooklyn qualify for this rate.

Check them out. I got a 40yr fixed rate @ 5.125% about 3 years ago.

Posted by: guest at April 14, 2008 5:56 AM

My undertsanding is that you need to be a first-time buyer for the HSBC prgram, though, right? I can't refinance through them, can I?

Posted by: guest at April 14, 2008 7:02 AM

The first comment was right. Pre-approvals are marketing tools. Even if they check your credit, etc., they are not an obligation to lend. Banks will only lock in rates when there is an actual application on the table. The banks will need to manage their interest rate risk and that cost them money. They won't hedge until the deal is in the application stage. The best way to encourage a seller is to have more cash (eg down payment) in the deal. That way they know that lenders will feel they are in a more secure position when they lend.

Posted by: guest at April 14, 2008 8:44 AM

"HSBC has a great program (communityworks program) that is about 60 bps lower than normal 30yr fixed rates. currently 5.35%. Large parts of Brooklyn qualify for this rate."

Someone on this forum always recommends this program, but describes it inaccurately. I called and spoke to people there. It's not (just) the neighborhood that has to qualify. It's the applicant. Yes, you have to be a first time buyer. You also have to be so poor that you should not be taking on a brooklyn sized mortgage debt regardless of the rate they offer.

Posted by: guest at April 14, 2008 10:30 AM

I would call Chase...they seem to have the best right now...been shopping around forever...and finally stuck with them.

I used Rick 917 593 7788

Posted by: guest at April 14, 2008 10:35 AM

I also used Frank Gooden and he is very nice, but gave me bad advice about locking in my heloc - although you can't really blame him for not knowing that all the interest rate slashing would have no effect on lock-in rates - that in fact they have continued to go up since I first inquired in early September.

Posted by: guest at April 14, 2008 11:25 AM

First responder again (gee, that sounds medical...)

Universal mortgage gave me my preapproval letter. They didn't check my income, and I know, because I worked at a place that wouldn't verify it for anyone unless I authorized that in writing. And I doubt they checked my credit. They were nice in supplying the letter. Sure, go get one from them.

But don't make the mistake of thinking that this in any way obligates you to them. I wanted a 30-year fixed rate mortgage (I'm no dummy - I wasn't taking any risks with interest rates.) Universal was then pushing 7-year ARMs (fixed for 7 years, then adjustable.) I didn't want that - they pushed - told me rates wouldn't go very high. When I said I was old enough to remember when the prime rate was well over 15%, they testily tried telling me that most people move in seven years. (I didn't intend to move that soon, and I didn't.)

I went to New York Mortgage and got a better rate on a 30-year fixed. Sure, skip the brokers if you can (my available lenders were a limited bunch in a brownstone coop with only 10% down, so it was easier to use one.) But if you use one, go to a big one, not the tiny ones - you will find they have more banks they work with and better options for you. But you don't need to make that decision now.

Posted by: guest at April 14, 2008 12:33 PM

Forgot to say above that Universal didn't even HAVE a 30-year fixed loan to offer me, which seemed just dumb, and possibly shady, to me. (And this wasn't based on me - I had stellar credit and was borrowing a lot less than I could qualify for) - they push the loans they do (all brokers) because they make more money off certain types of loans. Buyer should always beware with mortgage brokers.

Posted by: guest at April 14, 2008 12:50 PM

generally mortgage brokers are useful for unusual circumstances. If you have decent credit and income you should go directly to a few banks (start where you have your checking account or other investments) and speak with them.When you work through a broker you are paying their fee; whether that is an up front fee or via an increased interest rate where the bank then pays the broker what is called a "YSP" or Yield Spread Premium. This is a fee that the bank pays to the broker because you accepted an interest rate that the bank wants. Go directly to the lender if you are a good credit risk. If you have credit issues (low credit score / prior bankruptcy / self-employed) then a broker can assist by knowing lenders that have programs which you will fit into. If you are not unusual in that way then most banks should have programs which you will fit into. Shop around and save the middleman.

Posted by: guest at April 14, 2008 3:26 PM

And always remember to consider where a person's financial interest lies when considering their advice. EG: A mortgage broker gets paid when you agree to accept the loan. It doesn't matter if you get foreclosed upon in a year, once you sign on the dotted line, the broker has earned their fee.

Posted by: guest at April 14, 2008 3:32 PM

You may have better luck with a Mortgage BANKER. We have the flexability to either bank the loan in house or broker it to another bank if it's a complicated or "hairy" loan. I'm not going to pretend that I'm a happy cleint and refer myself so if you feel like it send me an email or give me a call. I sell loans to all the big banks so it's like dealing with Chase, Wells Fargo, Citi, and HSBC etc... all in one.

Adam M. Dahill
Branch Manager
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
1-800-475-0123 x242 office
1-201-298-6599 fax
www.approvedfunding.com
adahill@approvedfunding.com

Look us up on the better business bureau
Been in business since 1987

Posted by: guest at April 14, 2008 4:54 PM

You may have better luck with a Mortgage BANKER. We have the flexability to either bank the loan in house or broker it to another bank if it's a complicated or "hairy" loan. I'm not going to pretend that I'm a happy cleint and refer myself so if you feel like it send me an email or give me a call. I sell loans to all the big banks so it's like dealing with Chase, Wells Fargo, Citi, and HSBC etc... all in one.

Adam M. Dahill
Branch Manager
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
1-800-475-0123 x242 office
1-201-298-6599 fax
www.approvedfunding.com
adahill@approvedfunding.com

Look us up on the better business bureau
Been in business since 1987

Posted by: guest at April 14, 2008 4:54 PM

I've dealt with Universal and I've dealt with banks. One thing, when there's a snag, Universal has been able to fix it, when I used the bank I had to talk my way through a whole department of people, each only trained to do one step of the process. Plus at the time they were writing mortgages out of St. Louis and had no idea what a 4 unit co-op was (they found out on like day 30 of the process when the underwriter wouldn't wite a mortgage on one). Go to your bank and get a rate and then ask universal if they can do better. Can't lose.

Posted by: guest at April 14, 2008 4:56 PM

You may have better luck with a Mortgage BANKER. We have the flexability to either bank the loan in house or broker it to another bank if it's a complicated or "hairy" loan. I'm not going to pretend that I'm a happy cleint and refer myself so if you feel like it send me an email or give me a call. I sell loans to all the big banks so it's like dealing with Chase, Wells Fargo, Citi, and HSBC etc... all in one.

Adam M. Dahill
Branch Manager
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
1-800-475-0123 x242 office
1-201-298-6599 fax
www.approvedfunding.com
adahill@approvedfunding.com

Look us up on the better business bureau
Been in business since 1987

Posted by: guest at April 14, 2008 4:59 PM

Wendy Williams has helped us on several purchases, making numbers work for low rates when they didn't work on first glance. She's great.

Wendy R. Williams, Private Mortgage Banker
Wells Fargo Private Mortgage Banking
530 5th Avenue, 15th Floor (at 44th Street)
New York, NY 10036
212-805-1049 Direct
917-653-0171 Cell
212-805-1118 Fax
Wendy.r.williams@wellslfargo.com

Posted by: guest at April 14, 2008 4:59 PM

sorry about the double post... Adam :)

Posted by: guest at April 14, 2008 5:02 PM

"Broker" just means someone else has to get paid. You do not need one. Shop around yourself at banks. Just a little research on your own will save you a ton.

Posted by: guest at April 14, 2008 9:13 PM

i agree with quest April 13 10:34PM
Ari @ Landmark was GREAT 212-710-8680

Posted by: guest at April 14, 2008 10:37 PM

Go direct to the bank get a commitment in 24hrs from Brian Cohen in the Brooklyn office of Wells Fargo 718 780 9132 cell 646 584 8009

Posted by: guest at May 1, 2008 11:59 PM

Go direct to the bank get a commitment in 24hrs from Brian Cohen in the Brooklyn office of Wells Fargo 718 780 9132 cell 646 584 8009

Posted by: guest at May 2, 2008 12:00 AM

I can pre approve you.
call me at 248-933-9398
Bambi
Cell 248 933 -9398

No Surprises at Close!
Bambi Lynn Chick Offers Confidential, Convenient and Personal service to her clients.

She has an extensive background in all types of Mortgages, including FHA and REVERSE Mortgages. She brings with her the enthusiasm and attention to customer service that makes her very successful in her profession. Bambi understands the importance of a good relationship between herself and her clients. She realizes that comfort fosters trust which makes the mortgage financing process a most positive experience.
As a single mother of three grown daughters and six grandchildren, she understands the importance of time management and flexibility. Bambi is available to help you with your mortgage needs at any time that best suits you. She is diligent in getting the job done in a timely manner. She works mainly on referrals and has unlimited references from her customers and Real Estate Agents. Her Motto: No Surprises at the closing table


Bambi Lynn Chick
Mortgage Specialist
Cell 248-933-9398
Hometowne Lending
104 S. WASHINGTON
OXFORD, MI 48371
248-969-9000 ext. 104
FAX 248-969-9001

Posted by: guest at May 13, 2008 7:16 PM