mortgage brokers/lawyers

My experience with Norm (granted, about a decade ago, so things may have changed, though I doubt his personality has) was that he wanted to push only the limited selection of the mortgages he had access to. I had to find a different broker to get a standard mortgage!

I was very clear that I was only interested in a basic 30-year fixed rate mortgage. Norm only had mortgages that adjusted to floating rate after 7 or 10 years. He had NO 30-year fixed mortgages to offer me (and I had SUPERB credit – so that wasn’t the problem.)

He first tried to tell me that interest rates would never go very high. I told him I was old enough to remember when the prime rate was over 15%, so don’t try convincing me of that. He then switched his tactic, and told me testily that most people moved within 7 years. I told him I wasn’t planning to move that soon, and I didn’t want to then be stuck with an adjustable rate mortgage.

Regarless of whether his company can now provide a better selection of mortgages, I wouldn’t trust anyone who gets testy because he can’t convince a potential client to take a mortgage that is not good for them. For the record, I quickly got a 30-year fixed rate mortgage at a LOWER interest rate than the initial 7 or 10 year fixed rate on the adjustable rate mortgages that Norm was trying so hard to sell me on!

I would never trust this man. The honest thing to do with a client like me would have been to refer me to someone who could give me the standard 30-year fixed rate mortgage I wanted (if he had acted like a professional and done that, I’d be recommending him here). Instead, he got testy with me because I wasn’t buying his BS and he saw his potential customer slipping away.

What I learned was this: go to one of the 2 BIGGEST mortgage brokers in NYC. They have more contacts with more banks, and can get you a wider selection of mortgages, and at better interest rates.

For example I was buying in a 4-unit co-op, which co-ops always have a smaller pool of banks willing to lend, but if that wasn’t the case, I wouldn’t have needed a good mortgage broker. The bigger mortgage broker I went to had access to a portfolio lender – who never sold my loan – who was willing to lend on the co-op I was buying.

Why would you spend more over the years by going to one of the smaller brokers who do not operate with the basic ethical standard of trying to get the best mortgage for their potential clients, and who will try to talk you into a mortgage that does not fit your requirements, and is not the best mortgage you can get?

If you are buying a co-op, you need a broker with access to the entire market of lenders.

Beware: There are likely people happy with their mortgage broker, but who are paying much higher interest rates than they need to. Not all recommendations are from people with an ounce of financial sense.

Have used Norman Calvo / Universal on a purchase about 8 years ago, and again recently on a refi. They’re good.

I also used Norm Calvo and Isaac about a year and a half ago. Found them to be efficient and helpful. Everything went smoothly.

I can also recommend Brendan Guastella , 363 Sixth Avenue, Brooklyn, NY 11215, 718-499-0809 or 917-226-2153, our lawyer for real estate, wills, family law matters. Very reasonable, intelligent, nice to work with.

Norman and everyone at universal are great. I’ve worked with them in the past and currently they are handling a condo purchase for me.

Thanks for the suggestions.
We’ve already been in contact with Norm Calvo at Universal Mortgage. Anyone have anything to say about him? Good or bad.