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Best financial decision when buying a house: Hire a Mortage Broker?

By
Real Estate Agent with RE/MAX Coastal Properties

Yeah Not!!

Well, at least that's what the Mortgage Broker said in a recent blog post about banks not offering or advertising the best rates.  I'm gonna go with "I disagree for $200 Bob"

If you are a first time home buyer, and happen to meet big bad wolfBefore you are referred to a tried and true list of lenders by your realtor

you may be lured into a false sense of confused  and "of course I know what I'm doing". And the sound of "it's only 2% doesn't sound bad.  Borrower beware, that's 2% of a $200,000 home. Yes that's $4000 of what you were saving to use towards your house, has now been promised to "you know who" for doing something you can do... pick up the phone.

It doesn't go towards the downpayment or closing costs, just in "you know who's pocket"  AND to add insult to injury you will still have to man paying the lenders charges also.  So don't be this guy, call your favorite agent and get some guidance.  You'll be glad you did.

Posted by

 karenbutler realtor      Karen Buter, Realtor

             850-830-8780

Karen@KarenButler.com

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I agree completely.

There are good mortgage brokers to be sure.  However, they can only approve.  They can't fund. 

If they approve a buyer and can't sell that loan, the buyer can't close.

It's complicated to be sure but I don't refer to mortgage brokers. 

Direct lenders only.

Jun 04, 2015 06:28 AM
Karen Butler
RE/MAX Coastal Properties - Fort Walton Beach, FL
Eglin AFB/ Fort Walton Beach /Destin Relocation

You are correct, a while back, I had referred some buyers to a local lender who was willing to give a lenders credit.  They didn't like the interest rate, so went online, and proudly told me they found someone who would give them a lower rate.  I washed my hands and say oooo-kay!  Well imagine my surprise when I received the HUD-1, and it had the original lender on it.  And a hefty wolf fee of $6000.00!!!  Heck they could have paid $500 directly to the lender to get that same rate!

Jun 04, 2015 07:17 AM