Financing in Hoboken>Question Details

Hoboken1, Home Buyer in Hoboken, NJ

I'm looking for a mortgage in Hoboken as a first time home buyer. I've received a few good faith estimates

Asked by Hoboken1, Hoboken, NJ Mon Jun 29, 2009

with very high application and commitment fees. Can someone recommend either a broker or a lender that will not overcharge on fees?

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6
state what the fees are - perhaps they are not as high as you think.
0 votes Thank Flag Link Thu Dec 8, 2011
One thing you do not want to do is eliminate a mortgage broker from your options. Although most direct lenders will be cheaper, I have done quite a few deals with a brokerage who has matched terms/rates. The best part about a broker is that if you get a good one, they are extremely on top of things and get your loan done in a time efficient manner. I have a mortgage broker I use all the time and even though he is the same, or maybe a couple hundred dollars more, the guy closes loans on time which is what you need today. I have seen a lot of direct lenders (major banks) not care about timing, which is really unfortunate. Either way, compare your quotes. Nobody is guaranteed a smooth transaction. Good luck!
0 votes Thank Flag Link Tue Sep 29, 2009
Hi Hoboken1,


I am a direct lender located in South Jersey. I would be more than happy to work up some numbers for you. You can give me a call or shoot me an email. Either way works for me.

Danny Castagna
SR Loan Officer
E-Mortgage Management, LLC
222 Haddon Ave
Haddon Township NJ 08108
800-793-9633 ext 185
dcastagna@emmloans.com
Web Reference: http://www.emmloans.com
0 votes Thank Flag Link Tue Jun 30, 2009
Hi, absolutely.. please give my guy a call. I've closed at least 25 transactions with him, and my own loan, and he has never over promised and under delivered. Try to limit the mortgage reps you call to one's that write a large part of their business locally, they will be more in line not just with fees, but are more likely to be able to execute a loan on a condo, with a moderate to high tenant to owner ratio, low flood insurance and have access to real market numbers to ensure a fair appraisal.

Michael Mundy
Pinnacle Mortgage
his info is on his website - http://www.mundymortgages.com or email him at mmundy@pinnaclemortgage.biz please tell him you got his info from me, you're more likely to receive a quicker response.

Best of luck to you!
0 votes Thank Flag Link Mon Jun 29, 2009
Hoboken1,

I think you're doing the right thing --- well, I should say I think you're doing several things right.

1) If you're obtaining several different estimates, you are better off looking for CONSISTENCY in them, as opposed to the lowest rate or costs. At least at this stage of the game. When you are not yet committed to one lender or to a closing date, your rate will likely fluctuate anyway. You want to start seeing the same fees and services and understanding how they all come into play with your purchase.
2) By using Trulia, you are tapping into a great forum for practical information. There are a lot of good voices out here, and all seem very willing to help.
3) You don't know it yet, but you are learning the language of home purchasing and home financing and this is going to make you a better client and a better shopper as your close date draws nearer. It takes a little time, but if you don't rush you will quickly understand more than most.

Keep up the good work and if you'd like to include Mortgage Master Inc. in your comparisons, just drop me an e-mail and I'd be happy to get you what you need.

Best of luck,

Rob Spinosa
rspinosa@mortgagemasterinc.com
0 votes Thank Flag Link Mon Jun 29, 2009
That is a great question. What do you consider to be very high application and commitment fees? I would be happy to provide a no-obligation quote for you.
Web Reference: http://www.gfhomeloans.com
0 votes Thank Flag Link Mon Jun 29, 2009
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