Is it good or bad to use a broker to refinance your home?
2006-06-28 08:39:19 · 6 answers · asked by Maria b 6 in Business & Finance ➔ Renting & Real Estate
I've never used them but I've closed for clients several times where they were the lender. They were about average, comparable with most of the other lenders who were not banks.
Mortgage brokers are good to deal with if you have credit problems or income issues. They have many loan programs to choose from and can help you find a loan that will work for you.
If you don't have credit problems or income issues then I've found that it's best to deal with a bank rather than a mortgage broker. The banks charge less closing fees and their rates are usually competitive with those offered by mortgage brokers. The interest rate might be 0.25% higher but the fees are usually lower by sometimes hundreds of dollars.
2006-06-28 08:47:25 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Brokers are the best way to refinance your home or for purchases. I am assuming Countrywide in NJ is a retail branch of Countrywide. There are two sides to their business, wholesale and retail. Wholesale is who brokers work with and retial is the lenders own branch. Retail will have higher rates than wholesale (As with any product). Brokers have a wide range of lenders to choose from where as a retail branch only has their products. If you want to get the best deal you should work with a broker.
http://www.lendermark.com
2006-06-28 10:23:32 · answer #2 · answered by lendermark1 2 · 0⤊ 0⤋
Since I am a broker - will answer for you (myself). As a broker (I underwrite for 150 companys) so I am able to get you the best rate, program for you, with your input in what you are wanting...You are the client, and I work for you. I pull your credit, and the lenders I use will use my credit, to qualify you - so you do not have many many many other companys pulling your credit to qualify you. Even if pulling your credit over a 30 day period (rate shoping is considered a "soft pull" on your credit) and can lower your score a tad bit (so I have been told, but the major credit reporting agencies, and went to a credit management class on it too).
I underwrite with Countrywide, have a company rep, and he can use my credit - also underwrite of many other's.
A broker - will walk you thru the whole process, should be in contact with you daily and understand your NEEDS, and what you are trying to accomlpish. As far as fes' look at the Good Faith that you get from your Broker in 3 business days - by RESPA law's it has to be sent to you - check over the fee's - Good Luck.
2006-06-28 08:54:38 · answer #3 · answered by W. E 5 · 0⤊ 0⤋
No, usually a broker is cheaper and you'll find the best terms with a broker because they have less overhead. CountryWide is not a broker, they are a direct lender.
2006-06-28 08:43:10 · answer #4 · answered by mortgageguy 2 · 0⤊ 0⤋
countrywide handled my mortgage for approximately two years before we sold our home. i cannot think of one bad thing to say about them. although we didn't refinance, they handled our account, and were super-easy to deal with.
2006-06-28 09:16:59 · answer #5 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
huh?
2006-07-05 02:44:30 · answer #6 · answered by ton_rimas 2 · 0⤊ 0⤋