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Can I ask why you are thinking of going the mortgage broker route rather than directly through a bank? Unless you have a very hard to place loan, I think it's usually to a buyer's advantage to go to a direct lender (be it a mortgage bank, a commercial bank, or a credit union).
It's usually cheaper than using a broker, and your loan officer has more control over the process (as he deals with the underwriters in his own lending institution). A mortgage broker will need to place your loan with a lender, and I've had situations that have turned bad for my clients because the mortgage broker did not know what was happening with the lender and what the potential issues were. There's less transparency, so sometimes the mortgage brokers can't close the loan in the end becuase the bank they put the loan with won't. With a direct lender, a good loan originator can spot potential issues at the outset and consult with the underwriters on it upfront.
I've also had clients successfully use mortgage brokers without a hitch, but in my experience, it's the less desirable route!
Evan LeFloch
Warshaw Capital
500 Summer St.
Stamford, CT 06901
Phone888) 509-5637
I posted his Zillow review page and I have personally used him twice - once for a new purchase and next to refinance an investment property in Long Island and Queens. Evan without a doubt has gone above and beyond in both instances. The new purchase was as smooth as could be and was ready to close two weeks ahead of schedule - we had to wait for the sellers to be ready.
The next was a refinance on an investment property so it was a little more tricky. There was an issue with new bank accepting an assignment (CEMA). Because of the issue the broker could have used another bank, but instead Evan was able to restructure the deal to do it without an assignment and I still paid the same closing costs as the original deal. He seriously goes above and beyond even responding to an email a 1 o'clock in the morning. Now that is great service.
I found his rates were .25-.5 lower than the lowest I could find with banks in general. The closing costs weren't any higher since Evan was paid directly by the bank. In fact it was less expensive than using a direct lender from my experience. I also feel more at ease going with a mortgage broker because they have access to many different banks and loan programs. I would have wasted months if I went directly to the bank and they didn't accept my assignment. With a professional, good quality mortgage broker such as Evan he was able to navigate the deal for the best possible outcome for me.
Here is NY Times article that explains why Mortgage Brokers get such a bad wrap. It was written in 2009 and I believe a lot has changed in the mortgage industry. As I stated before I went with a mortgage broker despite having excellent credit and financials. I wasn't going for an exotic mortgage - just a straightforward 30 year fixed.
Helpful advice from the article "Mortgage brokers work for themselves, not for you. They do not provide a personal shopping service and may compare only a handful of lenders on your behalf. If you want to be sure you’re getting the best rate and the lowest costs, the only way to come close to succeeding is to hunt extensively on your own.". I think this is wise advice - do your research! I did. Also it is true that Mortgage brokers work for themselves - after all, this is how they make their living and money, but, think about it, what kind of reputation would a mortgage broker have that only looks out for their own interests and rips homeowners off?
Believe me, times have changed in the mortgage game and lenders now require you to jump through hoops in their little dog and pony show - especially in New York. Whether these changes are better than the times when they would give money to anyone with a pulse and could make their mark on some papers only time will tell if it is real change.
Do yourself a favor and research the current rates, read as much as you can and educate yourself on mortgages and owning a home. After all, it is one of the largest purchases you will make in your life.
Brian Tom with Cliffco Mortgage BANKER - He is not a broker. He usually can beat everyone's closing costs. Everyone that I have recommended to him has been very happy. 516-448-2434.
My cousin was very satisfied with the service provided by Artisan Mortgage from Islip.
They helped her with the sale of condo, the purchase of new home and most recently with refinance.
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888) 509-5637
