Mortgage Info... (mortgage broker, credit, loans)

[nickandy]

Hi Guys,
Any recommendation on Mortgage Brokers. I see a lot of people bought houses, from this board, recently. Love to hear any good recommendations.

Also given the fact that mortgage rates vary daily (almost hourly) any good bellweather site to compare the rates to make sure you get a reasonably good rate from the broker? (a 1/2 or 1/4 % can add a lot $$$ to your mortgage).

Still living in Boston and hating the snow ,
Andy

[DanielChang]

NickAndy, I don't think we're permitted to offer recommendations through the public forum.

I have done comparison shopping each time (bought a house in 2005, set up a heloc in 2006, purchased a house in 2007 and under contract to purchase a house this month) and ended up going with one particular broker each time (he happened to offer the best terms). Initially I also tried lendingtree.com but the rates from those people were not very competitive. The second time, third, and fourth times around, I gave two others the opportunity to compete for my business but their terms were slightly less favorable (even when the rates were the same, the closing costs were higher).

I will DM you.

[SuperGrover]

Originally Posted by nickandy

Hi Guys,
Any recommendation on Mortgage Brokers. I see a lot of people bought houses, from this board, recently. Love to hear any good recommendations.

Also given the fact that mortgage rates vary daily (almost hourly) any good bellweather site to compare the rates to make sure you get a reasonably good rate from the broker? (a 1/2 or 1/4 % can add a lot $$$ to your mortgage).

Still living in Boston and hating the snow ,
Andy

I just moved down from Boston in November. This thursday at lunch break I went for a jog in shorts and a T-shirt. Its great to be here.

For the mortgage, Moderator cut: please use direct message . He just got me what I think is a geat 30-year fixed with tiny closing costs. Moderator cut: email removed

He seems to have a little fly-by-night type business, nothing as safe feeling as Chase or Citi, but all of the paper was in order when I closed, and the numbers were better than what the big banks would do.

[VickiR]

Be careful of the internet lenders. Right now they are having some major problems. I heard yesterday that E Loans was going out of business. Be careful. You don't want to get to the closing table and have the attorney tell you that they just got a call from the lender and your loan won't be funded. No funding...no mortgage...no home.

Vicki

[saturnfan]

I agree. Use a traditional bank or credit union if possible.

Many of these loan brokers are not good.

[MikeJaquish]

I have had excellent experiences, i.e., timeliness and complete packages, working with:

Moderator cut: please use direct message

It is safe to say that, personally, I would not consider working with an internet lender again as long as there is brick/mortar mortgage lending readily available.

And, you may have a hard time building a solid personal relationship with a good mortgage banker or broker currently, since the refi boom is eating up their lives. The good ones are extremely busy.
Just saying, be a little patient if you don't get immediate response to a vague request.

[carguync]

I just completed a jumbo refi (took advantage of the recent dip in rates) with an outstanding mortgage banker: Moderator cut: please use direct message

Fast, reliable, great terms, and friendly service. Keep in mind that in today's credit market there is often a gap between what mortgage people say they can do and what they are ultimately able to do.

[convergent]

I would suggest Moderator cut: please use direct message

We are buying a house before we sell our existing house, and he's been excellent on helping us through this.