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…
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.
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.
These days it makes more sense to go to the bank.
brianscottcohen.com
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.
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.
Is that what they are calling Brokers these days, “Applications Managers”?
I jest – Your point is duelly noted.
1:25,
If by mortgage broker, you mean Applications Manager for a retail company, you would be correct.
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.
11:41 = Mortgage Broker
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.