Any info on Mortgage Brokers? (San Antonio, Anton: loans, broker, buying a house)

[TXsurburbanmom]

We are buying a house and were using the company recommended by our realtor but the origination fee is really high. My husband heard a lady on a radio show and contacted her. There is no origination fee thus saving us thousands--they are both FHA and our last FHA loan also didn't have the origination fee. I just can't find any reviews on the company so it worries me. They've been around 10 years so I guess they are a real company but you'd think in 10 years someone would have something to say.

I'm not sure if you can answer me on this post or not since it's realty related but if anyone knows anything about Preference Mortgage Corp or 1st Preference Mortgage (they seem to be the same) could you DM me or something. I guess I'm afraid we'll pay them then not have a loan at all

[TexasRedneck]

I guess this question always confuses me....why do you even need a broker? Doesn't your own bank offer mortgages? If not, talk with them and see if they recommend anyone. Stop by the nearest Randolph-Brooks FCU and see if they can help you - you might have to switch your banking to them, but I can promise you that they are a great financial institution IMO!!!

[TXsurburbanmom]

We bank at RBFCU and I suggested my husband check with them. He already checked USAA but they don't do FHA so my husband never even got a quote. I was trying to avoid being the one completely responsible for getting the loan this time around but maybe I do need to get more involved!

[TexasRedneck]

When we built this house 7 years ago, I filled out the application (like 2 pages), and turned it in. 2 hours later we had a *final* approval. Smoothest home-buying process I ever experienced!! We've refi'd twice w/them since then - $500 or less total fees each time! They don't sell their loans, so that's another really nice "plus" for 'em!

[sshurgot]

Based on what I see out there, no origination fee means a higher interest rate.

I've never heard of Preference. From experience, I can tell you that you want a reputable mortgage institution. I had a closing last week on a house I had listed and the buyers used RBFCU; they got a great rate and low fees. The stack of documents was kept to a minimum and the docs arrived to the title company early for a smooth closing. There are several great mortgage companies in San Antonio so you have choices.

One of the most important factors is getting all the docs to the title company in a timely manner so that you can close on time. Some mortgage brokers and lenders seem to get their stuff together at the last minute. The seller is under no obligation to extend the contract, and by the time you've paid an option fee, the inspector, and the appraisal fee you have about $1,000 invested in the purchase. And you may also lose your earnest money.

[kevcrawford]

I've never heard of Preference either. Doesn't mean anything, but they're not one of the big players in town. For the reason to use a broker, I've had deals run through banks and brokers. 100% of the time, the broker is more driven to keep the deal on track, keep me updated, and if there's something slowing it down, they're more likely to go kick down the underwriter's door and get things rolling. Going straight to the bank, you often get a minimum wage processor that couldn't care less if you get the deal done on time or not.

And as said above, if there's no origination, it's built in somewhere. The broker and bank HAS to get paid somehow. Most fees are very fair.

[TXsurburbanmom]

Thanks y'all. After all my stressfull worrying the original company decided they could drop the origination and meet the lower interest rate the second company claimed they could offer. Guess we're moving forward on the house now!