mortgage broker ?

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

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.

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
http://www.approvedfunding.com
adahill@approvedfunding.com

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

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.

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.