Mortgage brokers' application fee
I’m wondering if anybody has any advice on the application fee of most mortgage brokers in the Park Slope/Brooklyn area. I’ve received a quote from a couple of brokers but am thinking of going with Trachtman and Bach. However, their application fee is almost double or more of that quoted by a couple of others….
I’m wondering if anybody has any advice on the application fee of most mortgage brokers in the Park Slope/Brooklyn area. I’ve received a quote from a couple of brokers but am thinking of going with Trachtman and Bach. However, their application fee is almost double or more of that quoted by a couple of others. Any suggestions?
Universal mortgage scammed me — they increased all of their fees right before closing and even added on some new ones I was never informed of from the start. It ended up costing me several thousand dollars more than I expected, and their rate was .12 higher than the other competing brokers! I ended up cancelling my loan and switching to Trachtman&Bach. The gave me everything in writing and all of their fees stayed the same. I worked with a guy named Heimi (sp?). Very friendly, knowledgable, and got things done.
I would not use T&B, we almost did and ended up going with Universal Mortgage. The app fee was $100 less and so were many other of the itemized things that are negotiable.
I would not use T&B, we almost did and ended up going with Universal Mortgage. The app fee was $100 less and so were many other of the itemized things that are negotiable.
Phoffy is right.
We went through a mortgage broker who came back at us with an above-average-rate loan from Chase Bank. It’s not like Chase is a seceret institution that only industry insiders know about or have a relationship with.
They also wanted to tack on a huge “lock” fee and all kinds of garbage fees.
Go straight to the bank.
i used T&B and the way i figure it, you’re gonna pay that fee one place or another. there are a million ways for the mortgage broker to charge you, so don’t just look at the app fee. look at the whole quote and compare those.
Everyone – even banks – will have an application fee.
Still, shop around. The application fee shouldn’t be a major obstacle when you’re talking about hundreds of thousands or millions in interest you’re going to be paying for your morgage.
Manhattan Mortgage cost us something like $600 and got us an OK rate locked. Nothin spectatular but decent. Bank of America was $200 and they gave us a MUCH better rate.
We recouped the $600 we spent on Manhattan Mortgage Co. in less than 2 months of mortgage payments.
Admittedly, I didn’t do much research in advance but T&B were very good to me two times.
Try Beth Divney at Manhattan Mortgage. We’ve used her 3 times. Very professional and hardworking. As for countrywide, I just did a search and came up with some disturbing data. See http://www.countrywidehomeloansucks.com/ for details.
Don’t pay a application fee, and don’t use a mortgage broker!!! Go straight to the bank. don’t believe the broker B.S. Try countrywide.