mortgage broker MIA .. how to find another?

[Spanky25]

Originally Posted by sdcity

I used a mortgage broker a few years ago (who was recommended by a friend) and now I need his services again but it looks like he left the industry? (Consumer Access - Browser Warning) I tried calling and emailing him and no response either.

He was very good and I'm a little apprehensive about finding another. He got me a great rate and cash back to help with closing. I think he was able to do this because he worked with a lot of mortgage lenders like United Wholesale, which was the best rate at that time.

So my next step is to find his replacement. But how do I do this without wasting a lot of time. Do I email a bunch of brokers and ask what lenders they work with? Is lenders the right word or is it guarantor or something? Also, I know my guy was pretty close to a 1 man shop, so how do I filter out the places with a lot of overhead (that I end up paying for). I contacted a couple of places through the list on United Wholesale and they had secretaries and such coordinating my communications with them... not a good sign.

Finally, when I spoke to them they took the approach of "think for me" instead of telling me the facts and letting me figure it out. Pretty turned off about people who dont deal in facts... and dont want to spend time looking for them.

Any advice?

I was ALWAYS one for Big Banks (Never a Broker). However, Credit Unions have the BEST rates. I am refi next week. I will also switch over all my other accounts to them. They don’t answer to Wall St.

[widespreadfan]

I would just "google" mortgage broker in your area. Credit unions or mortgage brokers are going to have the best rates unless you fit into one of the big bank's boxes.

[Edge Mortgages]

According to my experience, the decision of selecting a mortgage broker should be taken wisely because they can make the process much faster and safer. It save you from major loan application mistakes like a poorly written loan application. Prior to choosing one mortgage broker make 2-3 meetings for converting them into "my interactive agent" and to check their knowledge or experience. Even mortgage broker is a better option over banks as they can provide low-interest-rate because of their good network and 24*7 availability, and more. Take suggestions or verify about the reputation and market hold of brokers so that you get the best.

[luv4horses]

Did you get that great rate in 2007 or 2008? Could be the broker was part of the lead-in to the Great Recession.

I like to check out mortgage rates on bankrate website. You can see rates based on your zipcode plus see what the annualized rates are for comparison once you add in the fees. Online broker sites on the other hand get you lots of annoying phone calls.

[frankrj]

Originally Posted by Grlzrl

You are better off going through bankrate.com to find the best deal. It's an apples to apple comparison. I never understand why anyone uses brokers for cars, mortgages, etc. I do understand a real estate broker. But to find the best deal is so easy these days, why spend the money?

this is not true. There are many good local brokers out there. Many of them advertise on BankRate, Zillow Google or Facebook. Bankrate doesn't mean you'll have a great experience or apples to apples comparison.

I would Trust Zillow, Google, and Yelp local reviews on brokers and specifically the individual. Or even a local credit union will beat out most lenders.

Bankrate is more nationalized with vanilla loan programs and reviews from mostly national mortgage companies. Best to go direct to the company than to go through an affiliate like BankRate as the company may need to charge you more to pay BankRate marketing cost.

Pretty simple. You reduce your costs when the companies reduces its overhead. I go direct for auto insurance and always get a better deal than these overpriced comparison sites.
I gave these comparison sites a chance on two different renewals periods and each time going direct was the far better low cost choice.

With so many mortgage programs available some licensed originators specialize only in govt. or conventional and know zilch about non-qm.