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June 25, 2009
Benefits of a Mortgage Broker?
I'm in contract for a condo in a sponsor building. I'm a first time buyer now ready to secure a mortgage. My (relatively modest) income is supplemented by more significant money in the bank, but I know getting a mortgage will likely involve more paperwork/scrutiny as it's not as straightforward. Should I try to do this on my own or should I get help from a mortgage broker? What real purpose does a broker serve? Thanks.
Comments
It's useful to have a mortgage broker that specializes in coops if you're buying a coop because that is not a normal real estate transaction and the banks aren't set up to deal with it.
No idea re houses or condos.
A new condo in a sponsor building could be its own difficult and special situation. I don't know if there are mortgage brokers who specialize in that.
Posted by: mopar at June 24, 2009 11:59 PM
The benefit of using a mortgage broker is that they have access to more lending facilities than going directly to a bank. Make sure you find a reputable one. I have a mortgage banker/broker that I have used and always refer friends and clients to - Frank Cutrone (516) 353-0206. Tell him Will from Narrows Insurance referred you. Good luck.
Posted by: WSNarrows at June 25, 2009 8:48 AM
Our mortgage broker was invaluable in all our purchases, two co-ops and a house. He shopped for the best rates and closing costs and locked us in when the rates were most favorable. He even managed to get us a great fixed rate and a generous line of credit when the lending market was starting its freefall.
We only had to fill out one application with him, which he used for every bank he approached on our behalf. Plus the lenders pick up his fees, not us.
PM me at zeebee64 @ earthlink.net if you would like his contact info.
Posted by: zeebee_in_bklyn at June 25, 2009 8:49 AM
Manhattan Mortgage is a solid company.
Posted by: christopher at June 25, 2009 8:49 AM
Mortgage Brokers can be helpful but they are in business to get paid, and that money ultimately comes from you, no matter what they say.
In the two mortgages I have had, I found the best deal by shopping the lenders myself. It took a lot of work, and some of the lenders were major jerks. I just said "next" when I ran into an arrogant SOB, and I did considerably better than deals I found with mortgage brokers. It costs you nothing except time to see what is out there.
Posted by: DeadCatBounce at June 25, 2009 9:05 AM
And if the OP is already in contract, Dead Cat, he does not have much time. Sorry, but this should have been started before you went into contract.
Posted by: daveinbedstuy at June 25, 2009 9:20 AM
You can always give me a call :) I have worked with many brownstoners and references are available.
I would work with someone local or a local bank to do COOPs, some of the national banks have a hard time wrapping their heads around the coop process. Wells has had issues with coops in the past.
DeadCatBounce- Banks are also in the business to get paid, not just brokers. And that money also comes from you. It's the same thing, just on bank transactions you don't get to see what the banker makes.
I am a direct correspondent lender but I hold a broker's license if needed.
adahill@approvedfunding.com
Posted by: Adam Dahill at June 25, 2009 9:53 AM
When we were shopping for a mortgage we tried both several banks and several mortgage brokers.
As DeadCatBounce pointed out mortgage broker ultimately get paid by you. Since they have access to more lenders some of them tend to choose the best deal for you *and* for them. We eventually found the best rates with the best closing costs by going directly to a bank.
If you don't have the time to talk directly to lenders you may have to use brokers. We started to contact banks before we found the property we wanted to buy. By the time we got in contract, we already had selected our lender.
Good luck!
Posted by: lostintranslation at June 25, 2009 10:21 AM
Like all parisites their only purpose is to suck blood fron their host. The second they can no longer suck any more blood from you they go to another host.
Posted by: hannible at June 25, 2009 3:51 PM
these days can someone count for me more then maybe 7 wholesale lender still out there????
once upon a time a broker can outdo going to a bank directly any day, if i read correctly yesterday, it said that now 65% of all loans are originated by lenders on the retail divisions,and about 30% by the wholesale or brokers, 3 years ago that number was reversed, so i think your answer is pretty clear.
i can be reached via email benjamin.levin@wellsfargo.com i can reffer you to many satisfied customers in brooklyn, on bronstoner and realtors in the parkslope area as well.
Posted by: Blev9701 at July 7, 2009 11:37 PM
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