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Thread summary:

Closing time: trouble with mortgage broker, tax returns, deposit, expiration date

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Old 08-08-2007, 08:13 PM
 
Location: Northwestern VA
982 posts, read 3,476,422 times
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Amen to what Tim said! Some brokers will tell you anything to get you to do business with them...and when you start asking probing questions, they'll bail. What I've noticed is that many of the brokers who make promises of unbelievably low interests rates are the same ones who fail to provide good faith estimates. I always recommend that my clients go with direct lenders who are local and referred by someone they trust.
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Old 08-08-2007, 09:01 PM
 
Location: Beautiful East TN!!
7,280 posts, read 21,241,772 times
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Quote:
Originally Posted by Tish Thompson View Post
Amen to what Tim said! Some brokers will tell you anything to get you to do business with them...and when you start asking probing questions, they'll bail. What I've noticed is that many of the brokers who make promises of unbelievably low interests rates are the same ones who fail to provide good faith estimates. I always recommend that my clients go with direct lenders who are local and referred by someone they trust.
Oh please tell me you were not insinuating that towards me as he was quoting and referring to my post?
In all the years I have been originating mortgages I have NEVER missed a closing date nor have there been any surprises at closing and yes, EVERY client gets a GFE at time of signing an application.
I am not saying I disagree with you at all, yes there are many bait and switch brokers out there, but again, I really hope you were not referring to me like your posts seems to read as you do not know me.
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Old 08-08-2007, 09:17 PM
 
Location: Beautiful East TN!!
7,280 posts, read 21,241,772 times
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Quote:
Originally Posted by TimtheGuy View Post
6.5% & 6.375% are quite a bit different than 6.0%. When is the last time you closed a 30 yr. fixed at 6.0% with 0.75 points like the original poster was "locked" at? Like my post states...that was probably back in early 2007.
You are correct, there is a big difference between the two. You can however still get those rates, with any yield spread on the back? Probably not but I personally try to do most of my loans at a par rate or very close to it because I don't think it is right to have my clients pay for my fees over a 30 year period so I could be looking at this from a very different angle. Sometimes the difference in 6.375% and 6.0% can be a buy down rate that might cost the borrower several hundred dollars, (or several thousand depending on the loan amount) up front but will lower their monthly payment and realize a great savings over many years for that at the time small fee. Especially if it is a fixed rate mortgage and they plan to keep the house for many years. If a buy down is available I always give my clients that option. It is their mortgage, they can choose. With many lenders I work with on a regular basis I see rate sheets that allow a rate to be bought down to 4.75%........is it economical to do so? All depends on the borrowers financial standings and long term plans. But is it an available option and possible? Yep. Is it available to all borrowers? No. Is it common? No.
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