| Author |
Message |
    
bandw
Citizen
Username: Bandw
Post Number: 105
Registered: 1-2002
| | Posted on Tuesday, April 25, 2006 - 1:44 pm: | 
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Can anyone recommend a local mortgage broker? Thanks. |
1-2many
Supporter
Username: Wbg69
Post Number: 941
Registered: 6-2002
| | Posted on Tuesday, April 25, 2006 - 2:07 pm: |
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I've had good experiences with Fred Hepper at NJ Lenders, NJLenders.com. absolutely NO BS. |
moving soon
Citizen
Username: Movingsoon
Post Number: 99
Registered: 12-2004
| | Posted on Tuesday, April 25, 2006 - 2:14 pm: |
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FYI, it's very easy to search rates on the web. I found a couple of good sites, they compile rates everyday from both bricks and mortor banks and internet-based lenders. Google it and you'll find some good resources, which may be an alternative to a broker. |
bella
Citizen
Username: Bella
Post Number: 580
Registered: 7-2001
| | Posted on Tuesday, April 25, 2006 - 2:28 pm: |
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use LendingTree.com, FastFind.com or NexTag.com, but not for a broker. Trust me for an insider's view, most broker's would sell their own child for a buck |
Soparents
Citizen
Username: Soparents
Post Number: 237
Registered: 5-2005
| | Posted on Tuesday, April 25, 2006 - 2:30 pm: |
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973 758 9010 - Lou Vassilotti - First acceptance mortgage - he is now in East Hanover, but I have dealt with him over the last 5 years and recommended him to friends. A good solid professional. |
1-2many
Supporter
Username: Wbg69
Post Number: 942
Registered: 6-2002
| | Posted on Tuesday, April 25, 2006 - 3:00 pm: |
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sorry, bella's comment reminds me (I totally agree with it, btw) - I should have mentioned, NJ Lender is not a mortgage broker, but a mortgage lender. |
Scalia
Citizen
Username: Scalia
Post Number: 19
Registered: 7-2004
| | Posted on Tuesday, April 25, 2006 - 3:19 pm: |
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loansearch.com |
DRJ
Citizen
Username: Alaska
Post Number: 69
Registered: 9-2005
| | Posted on Tuesday, April 25, 2006 - 3:27 pm: |
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I have used loansearch.com twice for refinancings, and would highly recommend them. |
bella
Citizen
Username: Bella
Post Number: 581
Registered: 7-2001
| | Posted on Tuesday, April 25, 2006 - 3:30 pm: |
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can you tell I was typing that note on the run. it is full of typos. 
but I urge you to get a GFE and check out all the broker fees |
bandw
Citizen
Username: Bandw
Post Number: 106
Registered: 1-2002
| | Posted on Tuesday, April 25, 2006 - 4:06 pm: |
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Thanks to all for the information. Much appreciated. |
mammabear
Citizen
Username: Mammabear
Post Number: 316
Registered: 5-2001
| | Posted on Tuesday, April 25, 2006 - 5:42 pm: |
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bandw-
I've been in the biz for over 10 years...do NOT go on the internet and give ANYONE your social security number!!! You will have multiple lenders pull your credit, whereby lowering your credit score. Also, if you read the fine print, many of the rates quoted are best case scenarios and may not even be the rates you would qualify for...either for credit, income or rate lock reasons. Botton line..rates are rates...we all have the same ones. The only exception is the local bank who lends their own moneey out for a slightly lower rate because they can or as part of their community reinvestment.
If you need any advice, please pl me...NJ has weird laws regarding brokers, lenders & bankers.
Best-
Mammabear |
bella
Citizen
Username: Bella
Post Number: 582
Registered: 7-2001
| | Posted on Tuesday, April 25, 2006 - 10:53 pm: |
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Mammabear- Deduplication makes all mortgage inquiries done within 14 days only count as on inquiry. (at least with Transunion). The rates quoted are based on the credit pulled, the CEV of the house, and the income stated. If a customer is delusional about the value of the house or can not prove their income, yes the rate quoted may change based on these variations. That's why the rates quoted through online sercives are conditional based on the verification of the information that the customer gives.
Rates are rates, but broker fees are ridiculous. My advice, don't pay a broker to do what you can do online for free. Do your homework, figure out who has the best program for you. And go with a nationally chartered bank rather than a state chartered bank. |
bella
Citizen
Username: Bella
Post Number: 583
Registered: 7-2001
| | Posted on Tuesday, April 25, 2006 - 10:54 pm: |
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make that ONE inquiry, not on inquiry |
mammabear
Citizen
Username: Mammabear
Post Number: 317
Registered: 5-2001
| | Posted on Wednesday, April 26, 2006 - 11:56 am: |
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Bella-
Calling some 800 number online to talk to someone who makes $6 an hour regarding your mortgage is ludicrous! Employees are not trained to ask the most important questions so they frequently have no idea how to accuratly assess the situation. And multiple inquiries DO hurt your score...I can't count the number of times I have seen it. Plus, due to new regulations, borrowers have to explain all the inquiries that show up on their credit.
Finally, fees are always flexible. I am always willing to waive fees to meet (or beat!) another lender's quote. Any good banker would. Business is business and keeping your client happy is most important.
I am only speaking from my perspective on this situation...don't get me wrong...there are many bad mortgage people out there, but to generalize is a huge mistake. |
NJguy99
Citizen
Username: Njguy99
Post Number: 14
Registered: 3-2006
| | Posted on Wednesday, April 26, 2006 - 1:09 pm: |
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I have to put a plug in here for ISB Mortgage - part of Investors Savings Bank. Very competitive rates, low fees, and none of that mortgage-broker middleman business.
I've done two loans through them and been very happy. PL me and I'll give you the name of the person we used. |
bella
Citizen
Username: Bella
Post Number: 584
Registered: 7-2001
| | Posted on Wednesday, April 26, 2006 - 5:43 pm: |
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Mammabear- let me assure you that I do not get paid $6 an hour. I made that when I was babysitting in highschool. I also work for the number one lender on LendingTree.com in terms of volume and customer service satisfaction rankings.
Maybe you should research Fair Isaac and deduplication. If one of the credit bureaus has neglected to deduplicate inquiries that occur within the specified time frame, the bureau is obligated to correct the mistake.
I'm sorry if you are offended by the comment about brokers. (However, brokers are not bankers.) But you too have made a generalization about online lenders. (Many of whom are brick and mortor banks, for instance my bank is one of the five largest banking institutions in the world with branches through out the midwest and northeast, and the UK) |
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