We just went through something similar as does anyone else trying to get loan. Until you lock in the rate, it is subject to move. In this case, the index rate that your mortgage lender uses for the loan package he/she is offering you has gone up son the rate you are being offered is going up. It's as simple as that. You can try to game the system by betting rates will come down, but if you get a rate you like it's best to lock it in then. Unitl you close, you can always switch to another lender. We did.

Posted by: bkbrewin at July 10, 2008 11:21 AM in response to Mortgage Brokers

I think that going to the bank directly works well if you're a straightforward package.

If you have a complicated earnings situation (ie freelance), then a mortgage broker is more than worth it.

Posted by: guest at July 10, 2008 11:54 AM in response to Mortgage Brokers

This has been really helpful, thanks folks.

Posted by: amanda at July 10, 2008 5:23 PM in response to Mortgage Brokers

You are best to check out both. A large mortgage broker will have information on way more lenders, their requirements and rates, than you could possibly contact yourself. See the best they can get you, and see what banks offer you directly - there's no obligation to go with a broker who's quoted you a rate anymore than there is to go with a bank you've talked with.

Posted by: guest at July 10, 2008 5:26 PM in response to Mortgage Brokers

Mortgage broker endorsements are trolls. Every mortgage broker still has to go through a bank and the banks' qualification process. Especially now after the ol' meltdown. Trust me, all a MB does it add another layer to the process. F*** 'em. Complicated does not matter, it's not like the MB can vouch for you. The bank is going to see the same thing, or require the same thing

Posted by: guest at July 10, 2008 10:52 PM in response to Mortgage Brokers

Is it common for a broker to go outside his firm?

We've got a rate on offer from a bank that is much lower than what our broker came up with, but we did pay him ($450) and he's got all our paperwork in a nice stack. I want to say "Please fax the stack to Chase." I have no idea whether or not that is "done" though.

Posted by: guest at July 11, 2008 9:29 AM in response to Mortgage Brokers

seabag21 how many mortgages have you gotten?

I mean, if you've gotten mortgages often enough to have a representative sample, you're probably somewhat special, no?

Posted by: guest at July 11, 2008 12:28 PM in response to Mortgage Brokers

Don't you have all the paperwork you've given him yourself? I mean, you gave him copies, not originals, right?

Posted by: guest at July 11, 2008 2:13 PM in response to Mortgage Brokers

Take a look somewhere else. Wells and that Brian scott cohen closed my loan in 15 days. Anyway, bankrate has rates that are not amrket rates they are a week old and go by national avergaes. Try the major banks or a broker, but a broker has to go to the bank anyway go direct..Next time if you like the rate lock it try wells 718 780 9132

Posted by: VfromR at July 15, 2008 10:43 PM in response to Mortgage Brokers

He wasn't sitting on our originals but we did pay a fee and he did have everything in a file that he could have flipping walked over to the bank had he chosen to. We had to spend a lot of time at the copier preparing another application.

Though ... we did give him originals, originally. We sat down with him turned over the originals and he was like "my copier is really slow. instead of making you wait I'll fed ex these to you." He did FedEx them (he's not a scoundrel at all) but if I had it to do over we would have shown up at his office with originals and copies side by side. Hopefully, I won't have to do this over!

I'll let you all know how it plays out.

Posted by: amanda at July 16, 2008 9:17 AM in response to Mortgage Brokers

We filed an application directly with the bank and had it approved in 10 business days. Appraised, the whole nine yards.

And, yup: at a much lower rate than our broker was coming up with.

Posted by: amanda at August 1, 2008 5:48 PM in response to Mortgage Brokers