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12-20-2008, 07:58 PM
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Member
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Join Date: Aug 2007
91 posts, read 80,734 times
Reputation: 34
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Recommendation for a mortgage broker
Hello everyone. I am looking for a recommendation for a mortgage broker for a refinance. I am in the greater charlotte area. Thanks.
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12-20-2008, 08:05 PM
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What if Everyone Served Each Other?
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Join Date: Jun 2008
Location: Charlotte, NC
3,906 posts, read 1,651,904 times
Reputation: 657
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PLEASE do not use a mortgage broker. Go directly to the bank of your choice! You will save yourself a ton of money!
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12-20-2008, 09:36 PM
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Senior Member
Status:
"14 days left for temps under 86 degrees"
(set 9 days ago)
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Join Date: Oct 2006
Location: 29.76/-95.36
2,798 posts, read 169,453 times
Reputation: 748
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Quote:
Originally Posted by chicagocubs
PLEASE do not use a mortgage broker. Go directly to the bank of your choice! You will save yourself a ton of money!
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And, for sure you will hear from mortgage brokers that they get a special rate, bla bla bla that you as a consumer will not get.....don't believe it unless you walk into a bank together and the loan originator offers one rate to you and a quarter or half point rate lower to the broker. |
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12-21-2008, 08:38 AM
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Real Estate Agent
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Join Date: Dec 2006
Location: South Charlotte
1,167 posts, read 1,217,275 times
Reputation: 207
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Quote:
Originally Posted by chicagocubs
PLEASE do not use a mortgage broker. Go directly to the bank of your choice! You will save yourself a ton of money!
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I have never once seen a bank beat a mortgage broker's deal, not once.
Where are the savings you speak of? I've never seen them and noticed you have posted this advice a couple of times.
Just wondering. |
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12-21-2008, 08:40 AM
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Real Estate Agent
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Join Date: Dec 2006
Location: South Charlotte
1,167 posts, read 1,217,275 times
Reputation: 207
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Quote:
Originally Posted by johne482
And, for sure you will hear from mortgage brokers that they get a special rate, bla bla bla that you as a consumer will not get.....don't believe it unless you walk into a bank together and the loan originator offers one rate to you and a quarter or half point rate lower to the broker.
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They do, and are called wholesale rates. The broker my clients use beats banks rates and closing costs out all day long everyday. And not by just a little. I've seen 1% at times. |
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12-21-2008, 10:07 AM
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Senior Member
Status:
"14 days left for temps under 86 degrees"
(set 9 days ago)
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Join Date: Oct 2006
Location: 29.76/-95.36
2,798 posts, read 169,453 times
Reputation: 748
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Quote:
Originally Posted by Charlottean
They do, and are called wholesale rates. The broker my clients use beats banks rates and closing costs out all day long everyday. And not by just a little. I've seen 1% at times.
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OK..let's get down to business on this issue. I am buying in Feb 2009 a 7 unit complex in Concord. I have already spoken to my bank (BOA) regarding the transaction and I have some prelim. numbers.Needless to say, I cannot post personal information like this on a public forum board but if any MB would like to contact me by DM I will expand on the details with a qualified and accredited firm and obtain a rate.
I promise that I will report the results after I close on the property.
je |
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12-21-2008, 11:12 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,662,913 times
Reputation: 673
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Bad advice is to tell a borrower only to shop banks or to only shop brokers.
Good advice is to tell a borrower to shop BOTH.  |
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12-21-2008, 11:13 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,662,913 times
Reputation: 673
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Is this a commercial multifamily?
I thought BofA only did Residential multifamily
Quote:
Originally Posted by johne482
OK..let's get down to business on this issue. I am buying in Feb 2009 a 7 unit complex in Concord. I have already spoken to my bank (BOA) regarding the transaction and I have some prelim. numbers.Needless to say, I cannot post personal information like this on a public forum board but if any MB would like to contact me by DM I will expand on the details with a qualified and accredited firm and obtain a rate.
I promise that I will report the results after I close on the property.
je
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12-21-2008, 04:43 PM
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Member
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Join Date: Aug 2007
91 posts, read 80,734 times
Reputation: 34
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Quote:
Originally Posted by deecon
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Thank you. I will check them out. |
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