Can someone recommend an excellent mortgage broker to me?

Question

I live in Oakwood Village, Ohio. I need to refinance my home this month. The last mortgage broker I went to did not do a good job. He did something wrong. I have an adjustable rate. After doing some research(which I should have done before on the mortgage broker), having an adjustable rate now is not good. My present payments are too high. I have other bills. Could someone recommed a reliable mortgage broker or yourself if you can help? Thanks.

Answer 1

Hi chant,

I'm a Broker in Oregon, however not licensed in Ohio.

I refer all my business to Jamie Boyd @ FirstOhio Banc & Lending.

Give her a call, she is super to work with.

440-808-8674
Toll free - 866-808-8674

~Trey

Answer 2

If you are rate shopping then by all means check as many mortgage bankers and lenders as you like. There is a reason that your sales broker recommended this person to you. They perform and actually get the job done. Mortgage bankers and brokers charge about the same as any bank would. Mortgage bankers and brokers also have more underwriters to select a mortgage loan from for you. What your interest rate is based on is your credit score. You would get about the same rate from any other lender as your current mortgage banker or broker has for you presently. If expense is of great concern for you, request from the mortgage broker a Good Faith Estimate (GFE) he should have given you one already as it a federal requirement that you are given one three (3) days after you complete your application. If anything change during the course of your mortgage process again your mortgage broker is required by the federal government to provide you another GFE to you no matter how small or large the change is. You might also request a Truth In Lending (TIL) These two forms should give you the cost of the mortgage loan, the terms of the loan as well as the interest rate. If you have a problem reading the forms insist that the mortgage broker explain each to you as well as the cost and why. The reason most individuals get in trouble in purchasing a home is they do not ask enough questions. They don't want others to think they are not aware or look ignorant. Well you are gonna look exactly that way if you sign for an adjustable rate mortgage that you were not aware that you were getting. So ask questions, ask questions (not a typo) the more intelligent you are about the process the less likely that you will have a bad mortgage and real estate experience and the better you will be able to make decisions about this very important investment you are about to make. Just remember that each person has a different credit score, a different financial situation and earning power than others. A mortgage is not a one fit all. I hope this has been of some benefit to you, good luck. "FIGHT ON"

Answer 3

Well you have a couple choices already offered to you. There is some confusion (as in an answer you have) about how a Mortgage Broker can benefit you. A Mortgage Broker can usually obtain a lower interest rate than you may be able to get on your own by walking into a bank. Simply put a Mortgage Broker has millions of dollars that they can control and send to any bank they wish to use, thus banks can give them rates lower than to the public. I personally feel that you need a Mortgage Broker who has lenders Nationwide who will compete for your business. Keep in mind nothing is free, so have a budget and make sure you get what you need and not whatever the Mortgage Consultant tells you to do and ask questions. I hope this helps you but if you need anything please email me [e-mail].

Answer 4

Ouch - When the rates were really good in the past years, still hard to understand why Adjustables were so strong....And having been in the business for many years, I have and always will like the good ol fashion fixed rate. I understand why some ppl got an adjustable (it is considered a quick fix to some), but in the long run a person's rate is going to go up, and they find they can not afford their home, that they have paid for, for years. Will get off my soap box - sorry. I am a Broker - and it upsets me that ppl are losing their homes, just for this reason, and have no equity to get out of their situation.....

Now. To help you. You do need to talk to a broker, if you think you can not get a mortgage at your local Bank. Why is that.?

A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home or plaing to refinance, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Decided on the type of program (loan ) you are wanting. A 30 yr fix is still roughly at a 6.5 rate right now - but if you are needing a 90 percent ltv the rate is around 7 percent and a 95 ltv is 7.375 and a 100 percent rate is 7.5 ( This is a estimate only, since I do not know what your credit score's are....There are also, interest only loans - option arms (where you pick the payment, from 4 payments, including interest only). Interest only are lower payments, but nothing is being paid on your home. Some self-employed ppl like the payment options, in a lean month when money is tight., they can pay a lesser amount.

Good Luck to you - A Broker, who cares, will go over it all with you and be in contact with you daily. The one on one customer service is important, to you, the client, to let you know the whole loan process

If I can help you in any way check out my web site, for links to all the credit reporting agency's and other useful information. I have many programs available, and lenders to choose from - to help you get the best rate available. From USDA Rural, Government loans, Conforming, Sup-Prime, Investment, Commercial just to name a few.

Answer 5

I work for a mortgage broker in Cuyahoga Falls, OH. One of the previous comments made, "we are middlemen", is untrue. We can almost always get a better deal than if you just walk into a bank yourself.

My company is a member of the Better Business Bureau with a PERFECT record (try to find 0 complaints, it's pretty hard).

Your situation sounds very familiar and I'm confident I could help you find the best deal.

I'd be happy to give you a quote - also, since I'm local we can sit down face-to-face which means something to most of my clients.

Email me at [e-mail] and we can talk.

Good luck to you,

Rob

Answer 6

I recommend refinancing with your current lender. You'll usually get a better rate because of your personal attachment with them already.

You're also going to need to look at your mortgage carefully because if they didn't explain that to you you may also have a prepayment penalty. I'm guessing that you've had your mortgage for at least 3 years, which is usually when adjustable mortgages change. But I would check to make sure you can refi with out a penalty. They usually run about 6 months worth of interest.

Answer 7

The best way to find a good broker is to not use a broker. Unless you have really bad credit you should just go to a bank or better yet a credit union and get your loan from them. A broker is just a middle man who will go to the same bank you could have and charge you a fee to do it.

Answer 8

Lou
1st Metropolitan Mortgage
202-470-6271

Answer 9

I'd be more than happy to price out some options for you and I'll work in a quick in timely manner, with excellent communication. Contact me at your convenience.

I have better than 10% "Best Answer" Ratio here on Yahoo! Answers, which is the most immediate reference I can give you to my worthiness.

Answer 10

Why don't you simply go to three banks and ask for their solution and offer?