Fran H, Home Buyer in Brooklyn, NY

I need to get pre-approved for a mortgage

Asked by Fran H, Brooklyn, NY Tue Feb 19, 2008

where should I go to get the best rate - my own bank or mortgage broker.

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7
In today's world of mortgages things are changing by the day. I agree with others that you need someone involved completely in mortgages at this time. The rules and programs are changing constantly. You need to get preapproved with a legitimate person so that they are not just saying yes, yes and really haven't done the job correctly. As a mortgage broker myself for 17 years I have seen all kinds of tricks or problems. With a bank you have the programs and rates of ONE lender. With a broker, I see my role as finding the best rate and best program just for you. I am not limited to the rules of one lender. For example, a VERY well known lender that I always loved to deal with is probably seriously wounded by all that happened because their rates are MUCH HIGHER than others now. I am so disappointed as I loved to work with them and they always had the best rate. How could you know that? In addition, the lenders wholesale to a broker. Therefore you can get the same rate you would with the bank directly but get SUPERIOR service and professionalism. In my business, there is someone to answer your call. You would not find yourself pushing buttons to try to get through to a real person or get an answer. Finally, I suggest it not be done though the internet as this is your most personal information and I would not send my personal info through the internet to ? I am in Eastern Queens/Long Island and will be happy to answer any questions.
0 votes Thank Flag Link Mon Feb 25, 2008
I can definitely help get pre-approved, i just got a pre-approval letter in less than a day, its really easy. i love this company, have used them many times and they do a lot in the Brooklyn area. You can call Cheryl at 718.528.0645 , She is such a sweet heart and honest from the brokers i have dealt with in the past. Hope that helps!
0 votes Thank Flag Link Mon Feb 25, 2008
You should talk to a couple of loan officer to compare. I think it is a good idea to see what different types of quotes that you will get.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Fri Feb 22, 2008
Fran,

Whether a broker or a banker, we all get the money from the same places. Wall Street eventually backs the larger loan amounts whereas the Federal Government and their appointed agencies Fannie Mae and Freddie Mac secure the smaller loan amounts. As in any purchase, a person has choices so don't be fooled into thinking getting the best rate is the most important aspect of your transaction. A reputable lender whether broker or banker will have you as their primary concern above all else. The customer is always right! Make sure you choose someone who explains very clearly the important aspects of the loan YOU choose after being educated on your options. Also, with the landscape of lending changing so rapidly, you will want to work with someone who is involved in this field full-time and has their attention firmly fixed on these changes.

Please feel free to contact me @ jturnquist@guardhill.com or my direct line 646-519-7521. More about my firm can be found @ http://www.guardhill.com.
0 votes Thank Flag Link Tue Feb 19, 2008
Fran, their is a third choice as well. A mortgage banker is a person at a firm that has the interest rates and programs of a bunch of banks. They make sure they give you the best rates available and give you multiple programs to help you qualify for a mortgage. They lend their own money but sell the loan off because they don't do servicing (collection of money due, tax payments,....)

Also please know that mortgage interest rates are based on treasury bond yields, thus the difference in interest rates among the different banks at most is .but usually only .25% which equates to $0.16 for every thousand dollars borrowed (which can ad up, I agree). The real difference between banks, bankers and brokers is in the costs to do the loan. Usually brokers charge you more to do the loan because they are charged more to have the loan done. Brokers also have been known to inflate the cost of the loan till the day of closing, unbeknownst to you (not all brokers do this). A bank or a mortgage banker is required to disclose all fees at time of application so their are usually no surprises.
Ask your friends who own a home if they liked their mortgage person they dealt with and did they feel he or she was honorable. I too can do the loan and if you wish to contact me my e-mail follows cgrushin@gateway-funding.com. Good luck.
0 votes Thank Flag Link Tue Feb 19, 2008
If you apply at a bank, you must conform to their programs. If you apply at a mortgage broker, they have programs with many banks and can find one that fits you.

If you contact me offline, I will be happy to make several recommendations. It is important that you speak to many to get a clear understanding of fees and charges (it's not just about interest rates). Gail@GailGladstone.com
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Feb 19, 2008
I WILL PREFER TO GET A MORTGAGE BROKER.
SEE YELLOW PAGES AND ASK FOR REFERENCES.
IT DOES NOT HURT TO TALK TO YOUR BANKERS ALSO. THEY MIGHT HAVE GOOD LOAN PROGRAM.
0 votes Thank Flag Link Tue Feb 19, 2008
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