upfront broker questions
We are shopping for a loan now in Georgia to purchase a bank owned property. I have a broker telling me he'll do the loan for nothing. I barely know this person, no loyalty or reason why he should work for free.So I found 3 brokers in my area that were UMBs. The lowest one so far quoted me .5 to do the loan, plus a $500 transaction fee. Is that pretty competitive? I am thinking with a UMB, you look at the fees together and there is no YSP. Is my mortgage broker making money on the spread?Also I need a lender to perform this for us. by kennykrokow from Auburn, Georgia. Sep 28th 2009
Joshua Crater (Rate1st.com)
#204 ranked lender in California - 47 contributions
At Rate1st.com We have over 25,000 direct lending sources so we can Guarantee to find you the best deal available. Start by going to www.Rate1st.com or call us Toll Free 24/7 at 1-877-728-3178. Rate1st.com is a nationwide mortgage resource specializing in Conforming, Conforming/Jumbo, Super Jumbo, FHA, and VA financing. In this market it is very important to know the company you are working with. Read More in our About Us, Why Rate1st?, How We Work and Frequently Ask Question pages. Quick Facts: We provide FREE Financial Planning advice with every loan - 98% of our clients recommend us to friends and family - We have access to all the top portfolio lenders offering our clients the BEST rates available - Fast and Easy Pre-Qualification process - Compare all your mortgage options with our home loan experts and see how we excel above the rest.
Reggie Hayes (rhayes)
#15 ranked lender in New Jersey - 12 contributions
Wow, there are some really sarcastic answers here. But, there is a reason for it. One instance you question when a broker says that he will do the loan for free, which he will not, second you question the fairness of .5 plus 500 app fee. There is work that we do as Loan Officers that we get paid for, just as you do in your profession. My suggestion is for you to go to your local bank that you are comfortable with or get referred to someone by someone that you trust and let the people work with your situation to get your deal done. Also, the Internet, Joe up the street, and "They" have never CLOSED a loan.
Eric Anderson (eanderson)
#208 ranked lender in California - 1 contribution
Since OCM Bancorp Is a direct lender. So I can assure you that we can provide you with the best loan program. It doen't matter if you're looking for the lowest rate or cost, even a combination there of. OCM Bancorp is the best. Sincerely,Eric L. Anderson
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