Refinance Mortgage

I want to buy a house but need help and I want to find a good reputable Mortgage Broker experiened with FHA loans that can help, work, and guide me to what I need to do.

Well there is nothing wrong with a broker. I mean ironic they suggested Bank of america which just bought the company that supported and funded more loans from brkers than any other financial institution in the world. I would suggest contacting several lender banks or brokers the majority will be able to do FHA. Banks regularly cap the revenue on loans as opposed to brokers, but that doesn’t mean you can’t get a better deal with one or the other. If you go to HUD.gov there is a link somewhere for approved FHA lenders, but if you are looking for a level of service. Ask freinds and family, real estate agents and probably most importantly ask some title companies in town ( they d all the loan closings and they know who is good and bad)

I just get the Florida Mortgage Broker License and I want to do part of my ads with your response. I will really really appreciate your inputs and help.
Also, tips in how to get clients for this busines and in real estate because I get the license in Florida too in these days.

I am completly new in this business areas and need orientation from real people who really knows these areas and want to help.

Thank you very much and I will appreciate any help.

Att.,

Carlos

You should check out Brian Sacks’ Website at:

http://www.loanofficersuccess.com

My bank won’t give me the best rate to renew my mortgage, but there are costs with going through a broker. Any good / bad experiences people can share?

You don’t pay a fee to a mortgage broker any more than you would by going to a bank. That is a common misconception. Also a broker will have access to many different programs and lenders while your options with your bank are limited.

I am a mortgage broker and want find out how I can fund small business loans too. can I broker them to banks?

Business loans are a lot more complicated then mortgages. Take a business course at your local community college before you try this.

I have a good faith estimate showing nothing on line 808, mortgage broker fee. It says compensation to broker from lender (not paid out of applicant’s loan proceeds). I spoke with another mortgage broker who said this is not true, the lender will collect from us and then pay broker. He says they will come to closing saying we need to pay more. He charges $660 mort. broker fee. Any idea if he is right? or could we really not have to pay broker fee?

The purpose of the GFE is to disclose the estimated costs of the loan prior to getting a loan. If he is going to charge you, he needs to let you know before you go to closing.

But mortgage brokers can make money in three ways:

1. Charge a mortgage broker fee (on line 808), or
2. Be compensated by the lender (which is what you have)
3. A combination of the two

When a mortgage broker is figuring out your rate, he is looking at the pricing of a specific rate. For instance, 6.5% may be the par rate, or the rate at which there is no discount and no rebate to the broker. However, if he instead gives you a rate of 6.75%, he may get a rebate of, say 1%.

Some brokers will give you the lowest rate (par or even lower) and charge you an upfront mortgage broker fee. Others will charge you a smaller amount and make the rest on the "back end." Still others may charge you nothing, but give you a high enough rate to still make money on the back.

If you were to go to another broker, they may give you a better rate but charge up front. It’s not a bad thing necessarily. If the higher rate only costs you another $10/month, but saves you $3000, that’s comparable to paying the same amount for the first 25 years (3000 / 10 is 300 months, which is 25 years) of your loan, ie, it would take 25 years at the lower rate before you actually start saving money compared to that higher rate.

I saw a posting online for a mortgage broker, don’t I have to be a loan officer first?
(I am not DRE licensed yet)

In California, there are two separate approaches to becoming a Mortgage Broker, each with its own rules and responsibilities. One is under the California Department of Corporations, www.corp.ca.gov, based on the California Finance Lenders Law (CFL). The other is under The California Department of Real Estate (DRE), www.dre.cahwnet.gov.

Mortgage Brokers licensed under the California Department of Real Estate may perform regular broker and negotiating business with banks, savings & loans, credit unions, and thrift & loans. Mortgage Brokers licensed under the Department of Corporations may only negotiate loans with a lender licensed under the California Finance Lenders Law.

My mortgage broker withheld information that my interest only amount was a teaser rate. After 3 months, went from 2400.00 month to 4100.00. Unreachable. Now in horrible situation, can’t refinance – no equity in this market. He also misrepresented our income and called it "stated". We did sign the papers but didn’t notice what he had put down as our income. Was almost double. Isn’t there anything we can do?

Ok, let’s get real for a moment here. Far too many people are coming out of the woodwork singing this same song. Now it must be hard to deal with the fact that you made a mistake buying more house than you could afford, but it’s getting old blaming brokers for it. I assume you can do 3rd grade math, so how is it that you could not add and figure out that 2400/month could not possibly add up to a 30 year fully amortized loan on the amount you were financing? And another thing, there is NO WAY that you got a loan that was interest only for just 3 months and there is NO WAY that an interest only payment would jump to a 4100 payment EVER. Not only did you not read what you signed, but you still don’t understand what you have.

You had to sign a good faith estimate. You had to sign the 1003 (The application which stated your income). You had to sign multiple loan documents at closing, and you read none of them? You knew your payments were supposed to be $4100. Math is math. You had selective hearing and only heard what you wanted to hear. Like so many others YOU and YOU alone are to blame and NO lawyer will take your case, because YOU have none. Stop blaming people for your actions. You wanted a $2400 payment on a house that YOU knew YOU could not afford.

And finally, what difference does what was written down as your income have. YOU knew what your real income was. YOU knew what the payment was. YOU still signed the papers.

How many brokers did you walk away from before you chose this one? How many gave you a rate that you then said "I can do better than that". "Joe blow mortgage broker said they can do this". You did this to yourself trying to save a buck. You were looking for "the best deal" and you got it. Now live with it. Next time someone tells you "it may cost a bit more but in the long run …" LISTEN TO THEM!

I am building a house & it is 85% done. My mortgage broker is withholding money from me to finish my house. He avoids my calls & when I do get a hold of him, he tells me he has no money to give me. Can I go to another lender & take this loan away from him?

Yes, you could refinance the whole deal with another lender. There are lenders that only deal with construction loans. You just need to find one in your area.

We’re in Alberta and thinking of buying a house in Ontario. Can we use a local mortgage broker or does it have to be in Ontario?

Hi this is Grant Powell a Mortgage Broker is Vancouver BC just so you know currently i am doing deals all across Canada including Ontario so yes a broker an do a deal outside of province

I locked in a rate with a mortgage broker yesterday. Am I obligated or did I commit to use that broker? I wished I had shopped around first and I’m wondering if its too late. Thanks!

No, you are not obligated but if the rate lock expires and you try to re-lock, you are subject to the higher pricing. And yes, you would lose your lock-in fee. Many places have stopped charging application and lock-in fees now. So, if they ask you for a fee, go somewhere else. Good Luck! You can always go to other mortgage brokers to check out the rates. Also, see if you qualify for government assisted loans.