locally? the only problem is our credit isnt great so no bank would probably lend to us..should we search out local brokers or just look online? i dont want to start looking because i know once i do my home phone will be ringing off the hook and i hate that so id like to minimize that problem...thanks!
2007-07-02 01:46:20 · 5 answers · asked by toolate 3 in Business & Finance ➔ Renting & Real Estate
As a mortgage professional, I would say choose who you do business with wisely. Not that brokers are not helpful, they are, but many lack the credentials of being around for many years; like a bank. Meaning, banks are regulated tighter and many lenders that closed their doors the first quater of this year did so because of unprofessional mortgage brokers.
However, we are not all bad. Do some research, I would start looking on line in your local yellow pages. Review the websites they post. Call them, but do not provide your info, like social etc. ask them about programs available to you.
If you speak with a mortgage professional that will spend some time with you and provide you answers before pulling your credit - then they are steps ahead of the competition and will generally deliver better service long term.
If you fill out an online form - you are right your phone will ring off the hook with mortgage brokers trying to get your business. Your info will be sold over and over again, sad to say.
I am a mortgage banker/broker. Meaning I have access to bank products and if we do not have a product that would suit you, we are able to 'broker' that loan directly to a different lender through the bank. If we do this, we generally get better rates because we are a nationwide bank. I can lend in all 50 states except - WV, MD, ME, AK and HI.
If I can answer any more fo your questions, please give me a call
866-294-0011 Shannon
2007-07-02 02:14:29 · answer #1 · answered by Anonymous · 0⤊ 1⤋
In the UK we have websites like moneynet and charcol. I use those in the first instance. However the mortgage market is fairly de-regulated (as it is in the USA), so a call to a good broker would get them working for you. Many lenders only make some of their rates available if going through an intermediary, so a broker is ultimately your best bet
Word of caution - use a recommendation. It is always my policy to use the recommendation of someone I respect/trust and use the yellow pages as a last resort. For this sort of thing, this applies even more
2007-07-02 08:52:44 · answer #2 · answered by Hasski 2 · 0⤊ 0⤋
What you want to do is go with a broker, and not necessarily local. I do some of my best work in Arkansas, and I work in Indianapolis. Here's what you do: talk to one broker, have them do one credit pull, find out what your mid score is, get a Good Faith Estimate, and shop around, getting GFEs everywhere you go. Compare apples to apples. If you want a 30 year fixed, ask for it everywhere. If you want an ARM, ask for the same fixed period everywhere you go. Everywhere after the first, tell them that you know what your credit score is, and you do not authorize them to pull again. And remember my three maxims:
1. Nothing is ever free.
2. You get what you pay for.
3. Don't believe anything anyone tells you until they put it in writing.
2007-07-02 09:12:01 · answer #3 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Anything online, has the potential of being a scam.
2007-07-02 08:55:05 · answer #4 · answered by newyorkgal71 7 · 0⤊ 0⤋
This site is full of good information
http://www.bankrate.com/
2007-07-02 08:50:14 · answer #5 · answered by every_nameist8ken 2 · 0⤊ 0⤋