Hi Rozonyc,

That's a good question, and the answer is probably not. The fees you pay are probably about the same as what you pay a direct lender. They all try to get as many fees as possible. See this link for the differences between Banks & Mortgage Brokers.

http://homebuying.about.com/cs/mortgagearticles/a/home_lenders.htm

The other thing you should do is talk to 2 Mortgage consultants or more initially and play ones rates against the other to see who gives you the best rate. Also, they must give you a disclosure of their fees when you get your Good Faith Estimate. Question all of the fees on the Good Faith Estimate and thn google the terms to make sure that you are not paying extra for no reason. Always bring the Good Faith Estimate to the closing!

As for the "best deal", that term has many different meanings to many different people. Importantly, you should find someone who has a high closure rate on their loans (very important in this day and age) and can do it in a timely fashion(also difficult). You will be asked for paperwork up to the closing, so don't be surprised. You may be asked for the same paperwork twice (this is with everyone, they are overwhelmed right now and the underwriters are crazy with new rules every 2 weeks). Make sure their rates are near the bottom of what is being lent right now. It may not be the absolute bottom for various reasons (Co-ops have higher rates than non-Co-ops).

The lender I am suggesting below is very good, but as with everyone, you should be in charge of the process. Remember they work for you. Tara is also a mortgage banker, as Deborah suggested below, so you can get the benefit of in house lending as well. Call Tara and Deborah and see who you like best, then let me know.

All the Best,

Joe Greene

Thanks Joe and Deborah for your suggestions. I know that using a mortgage broker should be a great option but doesn't using one mean more fees and more paperwork than just going to a lender directly? Additionally, how do I know he/she is actually getting me the best deal and not just the one that gets them the best fee from the lender?

Hi Rozonyc,

Yes, just as Weichert Broker Joe Green stated, coops require detailed analysis to determine which lender and program will accomodate the loan request. An experienced mortgage banker who has in house lending capabilities as well as the ability to broker the loan to other lenders is your best bet.

I would be happy to analyze your particular scenario to ensure that it makes sense for you.

Deborah Endres Camacho
Financial Services Representative
Mortgage Access Corp.
National Direct Lender with Headquarters in Morris Plains, NJ
Tel: 914-629-5661
Email: DCamacho@moacc.com

Hi Rozonyc,

I actually suggest going with a reputable mortgage broker or a Non-Fannie Mae underwritten bank. They generally have all the same products as the individual banks, big and small, plus they often have independent lenders that they are working with that won't have such strict underwriting (i.e. Chase will not lend on a co-op that is not 71% owner occupied, Fannie Mae requires new construction to be 70% sold). I work with Metro-Cities Mortgage (Tara Smith) and Wells Fargo (Chad Freeman) and in general I am exceedingly happy with them. I recommend giving them a call and see what they can do. They are honest and effective. Tell them I say "Hi."

Tara Smith
Senior Loan Consultant
333 Westchester Ave
White Plains, NY 10604
914-733-7900 X 234 Direct
914-912-6759 Cell
866-596-9952 Fax
tara.smith@prospectmtg.com
http://www.tsmith.myprospectmortgage.com/

Chad Freeman
Home Mortgage Consultant
Wells Fargo Home Mortgage
M4004-012
6116 Executive Blvd
Rockville, MD 20852
(301) 945-4367 Tel
(202) 378-6413 Cell
(866) 512-1458 Fax
Chad.Freeman@wellsfargo.com
https://www.wfhm.com/wfhm/chad-freeman

Joe Greene
917-974-2600