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Old 10-23-2008, 06:33 PM
 
546 posts, read 2,017,633 times
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When going for a small mortgage lending firm, say the loan vendor is a small vendor named X for instance, not as stable/large as vendors like Well Fargo's for instance, if we go for X because their I rate is the lowest, what happens if X company goes bankrupt? What happens to our ownership title and the record of how much loan we have been paying back to X company? Will it get transferred to an alternate vendor whom takes over X and will the I rate stay the same in that case?

Also, what’s the difference between going through a independent mortgage broker and just directly to our own a bank for a loan?

Lastly, what’s the difference between going through a independent mortgage broker to get a loan from company Y and just directly to Y company to get a loan? thanks.
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Old 10-23-2008, 06:47 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,223,309 times
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hueimo, you know there is a mortgage forum here as well right??? this question would be really good up there in that forum.

But, my 2 cents. Right now, I like smaller, local banks and credit unions for mortgages. I think they are more healthy than the big boys (like Wells Fargo). Just my humble opinion.

typically a mortgage broker works for several diff. companies and look at many loan companies and loan products to, theoretically, get you the best terms.

a mortgage banker typically works for one institution, like your local bank or a large lending institution like Wells Fargo or National City.

Shelly
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Old 10-23-2008, 06:59 PM
 
Location: Cary, NC
1,036 posts, read 3,758,319 times
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Already answered the question on the business forum.... you should really find the best forum for a question (mortgage in this case) and just post it once. Makes it a lot easier on people trying to help you and for you to keep track of responses.
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Old 10-23-2008, 07:40 PM
 
546 posts, read 2,017,633 times
Reputation: 157
Quote:
Originally Posted by rcarrillo View Post
Already answered the question on the business forum.... you should really find the best forum for a question (mortgage in this case) and just post it once. Makes it a lot easier on people trying to help you and for you to keep track of responses.
sorry, I didn't know that there was a mortgage forum, how do i delete and move this topic over? thakns.
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Old 10-23-2008, 08:25 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,223,309 times
Reputation: 816
you don't need to delete. just go out to the forum listing and go to the mortg forum and post there. you will get a lot of mortg folks to help you out. good luck.

shelly
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