Mortgage Brokers In Charlotte (loan, broker, how much)

[Loves Saddlebreds]

Hi All - my husband and I have lived and purchased a couple of homes, once on the pennisula in No. Cal and then in MA. When we bought our Menlo Park home, we used a mortgage broker that shopped around our profile and presented different mortgage options to us by type, term, down payment, etc.. When we bought our MA property, we shopped banks and picked one.

Well we've found a property here in Charlotte we will most likely be looking for a construction or renovation loan. We would like to renovate it before moving into it. Most people on this board have just talked about financing with the builder and/or construction company - do mortgage brokers exist in Charlotte or do I hunt on my own?? TIA.

[CharlotteAgent]

Yes they are everyewhere. I can recommend a couple. PM me if your interested.

[lovesMountains]

Originally Posted by Loves Saddlebreds

Hi All - my husband and I have lived and purchased a couple of homes, once on the pennisula in No. Cal and then in MA. When we bought our Menlo Park home, we used a mortgage broker that shopped around our profile and presented different mortgage options to us by type, term, down payment, etc.. When we bought our MA property, we shopped banks and picked one.

Well we've found a property here in Charlotte we will most likely be looking for a construction or renovation loan. We would like to renovate it before moving into it. Most people on this board have just talked about financing with the builder and/or construction company - do mortgage brokers exist in Charlotte or do I hunt on my own?? TIA.

And check out Bank of America - they have some good loan programs that other banks don't.

[Charlotte ePro]

Originally Posted by lovesMountains

And check out Bank of America - they have some good loan programs that other banks don't.

I respectfully disagree with that statement. They may be "good" compared to other banks, but certainly not the best deal you can find. They also kill you on closing costs. I date a BofA exec in new product development, and thats coming straight out of her mouth.

I would look at mortgage corps like HomeBanc or GMAC.

[Charlottean]

I agree with Charlotte E-Pro's reply 100%.

Absolutely not the way to go as far as a Mortgage is concerned.

[3johnsons]

There are MANY brokers in Charlotte (and obviously at least ONE here... ). Do your homework and ask for the good faith estimate in advance. Also ask how much yield spread premium your broker is going to make on your interest rate. Not everyone understands that often times you CAN get a lower rate, but since the mortgage company PAYS the mortgage broker based on the interest rate they get for you, you get stuck with a little higher rate so the broker can make more money on the back end of the deal (the lender pays the broker at closing the Yield Spread). The Yield Spread Premium is a fee that many brokers wish did not have to be disclosed on the HUD-1 settlement statement for obvious reasons!

All that to say please do your homework and don't be afraid to question the person in whom you place trust to secure you the best loan with the best interest rate availabe.