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Old 12-14-2008, 03:47 PM
 
2 posts, read 6,037 times
Reputation: 10

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Hello

I am looking to buy a townhouse / condo in the Minneapolis area. If anyone has advice on a reputable buyers agent it would be much appreciated. Also, any info on honest mortgage brokers that won't load the loan with junk fees?

I thought that I had an agent lined up, but this agent referred me to a broker that has presented a Good Faith Estimate with many extra 'fees'........ Am not feeling trustful of either of these 2 right now.
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Old 12-19-2008, 04:10 PM
 
1 posts, read 3,762 times
Reputation: 11
PMing you with my mortgage broker. I can also give you a 'whom not to use' agent if you'd like . . .

We closed on a house that was 19 days from first showing to closing with Thanksgiving in the middle. The deal WOULD not have gone through without our mortgage broker. Mark's good faith estimate was better than the first one that my agent's choice gave and better than the 'improved' one that she gave too.

I don't know if it is okay to post his info, hence the PM. But if is okay to post, I would love to send some business his way and help people find a trustworthy agent. The guy who recommended him to me said 'I'd trust Mark with my life.' That was good enough for me!

Oh, and he has a real desk in a real office with a local company that has been is business for over 20 years. Can't be too careful these days!
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Old 12-19-2008, 04:50 PM
 
Location: Minneapolis, MN
9,777 posts, read 14,643,100 times
Reputation: 5001
I just PM'ed mine too. I was very fortunate to get set up with an awesome realtor/mortgage broker team that stuck through till the bitter end of my 16 month long house search.
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Old 12-19-2008, 09:55 PM
 
7,641 posts, read 8,956,671 times
Reputation: 6857
Quote:
Originally Posted by yobetsy View Post
Hello

I am looking to buy a townhouse / condo in the Minneapolis area. If anyone has advice on a reputable buyers agent it would be much appreciated. Also, any info on honest mortgage brokers that won't load the loan with junk fees?

I thought that I had an agent lined up, but this agent referred me to a broker that has presented a Good Faith Estimate with many extra 'fees'........ Am not feeling trustful of either of these 2 right now.

Edina Reality has the best website to search for a property (google it). I know agents in the northern part of town but not an expert in the Cities. Personally, I like to work with the listing agent. You can more easily get in the head of the seller if you are savvy by working with the listing agent.

As far as a mortgage broker. They will all try for the fees. You need to educate them that you don't pay the fees. Pick up the phone and interview them. Just by letting a broker know that you have been around the block helps your case.

You miliage may vary but I've done well using my approach.
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Old 05-18-2009, 04:55 PM
 
1 posts, read 3,530 times
Reputation: 10
I am also looking for a buyer's agent in the Twin Cities - in particular, looking in Northeast, South Minneapolis, and the Mac-Groveland area of St. Paul. Thanks in advance!
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Old 05-21-2009, 09:00 PM
 
Location: Elk River, MN
9 posts, read 32,977 times
Reputation: 10
My 2 cents ...just be sure to interview a few differnt agents and brokers. Service levels vary greatly!
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Old 05-21-2009, 10:04 PM
 
31 posts, read 108,969 times
Reputation: 28
sometimes alot of those fees are just worded odd even though they may be legit. I would ask your mortgage broker to explain all the fees to you and/or ask a first time home buyer counselor to look over the Good Faith Estimate if you need the contact info of a counselor I have the one that I took some homebuyer classes with and if you want a good real estate agent that will treat you right just contact me as I know the one I am using for over 10 years now and he'll treat you right or feel free to ask the counselor for some recommendations PM me for direct info if you like
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Old 05-26-2009, 06:26 PM
 
Location: Twin Cities, MN
10 posts, read 122,907 times
Reputation: 14
There is a trade off between rate and fees. For a mortgage broker, the fees they have to pay the investor vary depending upon the investor and the loan program utilized.

Fannie and Freddie have added additional delivery fees for loans with certain characteristics. The fees may not be discoverable until after credit is pulled and/or the appraisal is completed and sent through underwriting.

For each loan, the mortgage broker may not precisely know his bottom line at the point which the customer locks the rate and the initial disclosures are required to be made. They have to make their best guess. Some pad it creatively.

Third party costs are relatively uniform. Ask the lender to break out third party/required government related fees, such as appraisal, title, mortgage registration tax, recording fees, etc. That will get you closest to an apples to apples comparison, assuming the same length of lock, note rate and product are considered.

Also, if the credit pull expires before closing or the underwriter requires a new pull to clear some condition, if the middle credit score of the low scoring borrower breaks into a lower threshold, this could easily change final loan pricing. Does the lender take that risk or does the borrower? It could be substantial

Some loan officers and lenders have helped create the black helicopter theories about lender fees, by being creative and greedy. Most, but not all of them, have been flushed. They will be back eventually.

I'd keep the analysis simple, because by the time you have compared one lender's pricing in the morning, the lender you check with in the afternoon may be the the lender with the least fees, but a higher rate only because the market changed. BTW, we had 2 re-pricing waves today by our investors, both times, worsening rates You should have checked with me first
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