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Mortgage Question
Posted on 2/16/15 at 2:42 pm
Posted on 2/16/15 at 2:42 pm
My wife and I are currently looking for a new home. We just recently sold our first house before we were able to find a new spot.
In any event, I am working with a mortgage broker in order to find a loan at the best interest rates. However, I'm also planning on shopping him out.
My question is does it make sense to get another mortgage broker (GMFS, NOLA Lending, etc.) to do the same exact thing he is doing or should I speak to someone at a bank (such as Capital One or Neighbors)?
Thanks in advance for the help!
In any event, I am working with a mortgage broker in order to find a loan at the best interest rates. However, I'm also planning on shopping him out.
My question is does it make sense to get another mortgage broker (GMFS, NOLA Lending, etc.) to do the same exact thing he is doing or should I speak to someone at a bank (such as Capital One or Neighbors)?
Thanks in advance for the help!
This post was edited on 2/16/15 at 2:43 pm
1
Posted on 2/16/15 at 3:25 pm to Gugich22
I'm a broker here in BR, gmfs is one of my lenders but on the wholeside side, the gmfs side branches are retail, just like nola, they can still charge you origination/points, processing, application and even a credit report fee. I see it all the time when buyer send me their fee sheets.
a good loan officer can quote you a rate without pulling your credit, all we need to know is your middle credit score and how much you plan to put down, your credit score will determine your rate and loan program. what kind of down payment are you putting down. only time we lose to the bank is when one is loyal to them.
when comparing fee sheets don't look at what total closing will be because we don't know what your taxes, homeowners premium and title fees will be. only item to compare is the rate and if they are charging you junk fees.
hope this helps
a good loan officer can quote you a rate without pulling your credit, all we need to know is your middle credit score and how much you plan to put down, your credit score will determine your rate and loan program. what kind of down payment are you putting down. only time we lose to the bank is when one is loyal to them.
when comparing fee sheets don't look at what total closing will be because we don't know what your taxes, homeowners premium and title fees will be. only item to compare is the rate and if they are charging you junk fees.
hope this helps
Posted on 2/16/15 at 3:28 pm to lsu tigerdog
quote:
lsu tigerdog
what would you consider "junk fees?" I have heard of people negotiating certain fees out of the costs. Is that possible?
Posted on 2/16/15 at 4:04 pm to lsujro
quote:
lsu tigerdog
what would you consider "junk fees?" I have heard of people negotiating certain fees out of the costs. Is that possible?
Posted on 2/16/15 at 4:06 pm to lsu tigerdog
For instance, I'm reviewing the fees worksheet just sent over by my broker and I see the following fees:
Appraisal Fee
Attorney Fee
Lender's Title Insurance
Owner's Title Insurance
Mortgage Recording Charge
Are these normal?
Appraisal Fee
Attorney Fee
Lender's Title Insurance
Owner's Title Insurance
Mortgage Recording Charge
Are these normal?
Posted on 2/16/15 at 4:34 pm to Gugich22
those are standard fee. for title insurance you have to have lenders title insurance but at closing you can opt out of owners title insurance. all title company's are within a $150 difference.
cost of appraisal will run $475 and you'll want to get a termite certificate, that can range from $55 to $105 depending on who you use.
junk fee's, origination/points, application, credit report and even a processing fee is considered junk fees.
for setting up your escrow, lender will collect min 15 months of homeowners insurance, and about 5 to 7 months of reserves for property taxes.
who is the broker that sent you their feee sheet.
cost of appraisal will run $475 and you'll want to get a termite certificate, that can range from $55 to $105 depending on who you use.
junk fee's, origination/points, application, credit report and even a processing fee is considered junk fees.
for setting up your escrow, lender will collect min 15 months of homeowners insurance, and about 5 to 7 months of reserves for property taxes.
who is the broker that sent you their feee sheet.
Posted on 2/16/15 at 4:50 pm to lsu tigerdog
quote:
for setting up your escrow, lender will collect min 15 months of homeowners insurance, and about 5 to 7 months of reserves for property taxes.
who is the broker that sent you their feee sheet.
i don't necessarily want to disclose that information but it's one of the smaller brokers in town.
Thanks for the information!
Posted on 2/16/15 at 5:02 pm to Gugich22
I'm pretty sure lenders and owners title insurance will be the same exact amount no matter what title company you use. The recording charge is the cost to record the documents so that should be the same for the most part. You want to look at any other charges.
Posted on 2/17/15 at 8:34 am to lsu tigerdog
quote:
lsu tigerdog
thanks. another question - is there an advantage to using an independent broker (who presumably could offer rates from several banks) over a specific bank for mortgage?
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