Financing in Shakopee>Question Details

Estherk, Home Buyer in

Mortgage brokers?

Asked by Estherk, Thu Jul 24, 2008

With the interest rate skyrocketing as it is, I'm looking into mortgage brokers. Do you know of reputable mortgage brokers with integrity? Also, I'm trying to minimize multiple credit pulls. What should I do?

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I don't know that rates are skyrocketing. They are higher than they were 6 months ago but they are still good.
Web Reference: http://GetPrequalified.com
0 votes Thank Flag Link Wed Aug 13, 2008
Hi, Estherk--

You've probably already closed, but if you're in Minnesota, I would highly recommend Sue Woodard. She is a nationally recognized and highly knowledgeable broker. I'm a loan officer in Idaho recommending another loan officer in a different state; that should tell you something!

http://www.suewoodard.com
651.287.5814
sue@suewoodard.com

Best of luck to you!
0 votes Thank Flag Link Wed Aug 13, 2008
Hi Estherk,

I highly recommend Kathy Harrison with Bell Mortgage.

She has integrity & is very honest. If you are talking/comparing good faith estimates (gfe) with different lenders, Kathy will review the other gfe's and tell you if she can provide a better service to you than what you are looking at. If she can't, she'll tell you it's a good deal and you should go with it.

Kathy has assisted many of my clients over the years, including some of my family members! They always go back & refer her to their friends and family.

Give her a call, drop her an email, check out her website - she'll do right by you!
Kathy Harrison
Bell Mortgage
952-278-8708
http://www.financinghelp.com
Kathy.Harrison@financinghelp.com
Web Reference: http://www.MaryBrickley.com
0 votes Thank Flag Link Wed Jul 30, 2008
Please check out the page below. Our company works ONLY with home buyers, so these lenders are the top of the line in terms of professionalism and integrity.
0 votes Thank Flag Link Thu Jul 24, 2008
Find someone via referral who is honest. I walked into Washington Mutual bank with a credit score of 785 and they mislead me, lied to my face and took $28000 dollars from me. The loan officer told me she was going to put me into the same loan I had just with a larger loan amount. That first loan was a 5 year fixed adjustable loan. I trusted her, she lied right to my face and never mentioned the words "NEGITIVE AMORTIZATION" I would have said not just no but hell no! She put me into a 1 year adjustable loan with negitive amortization. (read the fine print before ever agreeing to this type of loan. My wife pays the bills and the first 3 payments came with a big circle around the payment that they showed to paym that is what my wife paid, one year later when the loan adjusted (another little item she neglected to tell me) I discover what had been going on, we owed $28,000+ more that the original loan amount. I was so mad. I complained and they told me sorry, that happen we will redo the loan. I applied for the new loan, they told me their requirments had change, they reappraised the house for 85,000 dollars less and they would not do the loan. I went to another company and they appraised the home for 85,000 more that wamu did and they gave me the loan when wamu screwed me. This was before I became a loan officer.
The problem is that no one knows how to read the forms they sign or what they actually mean. For this reason I have become a realtor and a loan officer. I explain the process and I show my clients the actual bank rate sheets which as a consumer I had NEVER been shown. I feel it is my responsiblity to help my clients understand how the banks work and how the rate sheets actually works. Then my client picks the loan they desire. I do not steer them into a loan that makes me the most money. I show them the difference and they select. I have taken out over 30 loans in my real estate investing and I have NEVER been shown a rate sheet from a bank nor had any one explain how that part works.
The real sad part is that I have seen is family memebers taking advantage of their own family. HOw can that be anything else but GREED! Regulations have now been put in place where you have to be shown what your broker or banker is making on the loan. But if you don't read it you wont know and by then its to late.
Find someone who will explain the process and show you the rates from the Banks. Mortgage brokers do not fund the loans they use banks.
If I can be of any help you can find David Rivas at http://www.caminomortgage.com or feel free to email me there or at david.rivas1@century21.com.
0 votes Thank Flag Link Thu Jul 24, 2008
Estherk,

I think you might be a little misinformed on the role of a mortgage broker. Yes, they do shop around for different rates with different companies, but that isn't to say that assures you a better price than a loan officer that only works for one bank or what another broker would quote. Sometimes a broker is better, sometimes a banker. The difference is where their money comes from. A broker does not hold the loan, a banker (Wells Fargo, US Bank, etc) has the money to underwrite and hold your loan indefinitely on their own... so they are direct lenders vs. resellers of others' loan programs. With recent tightening of lending standards, I've found a couple situations where a banker has been able to get loans for my clients a broker could not.

Also, since rates change every day (sometimes 3x a day) and vary by loan product, it is important it is an apple-to-apple comparison.

Finally, some bankers and brokers will "goose" their fees so that they can buy down the interest rate. It is important that each quote you get be comprehensive and only look at the lender fees, not the title, taxes or escrow amounts as those are based on whatever it costs and sometimes lenders will set them artificially low to account for their inflated fees.
Web Reference: http://www.AaronSOLD.com
0 votes Thank Flag Link Thu Jul 24, 2008
Thanks for your answers so far. Are the people you have recommended loan officers who work for a particular bank or mortgage brokers who are able to comparison shop for me to help me obtain the best rates?
0 votes Thank Flag Link Thu Jul 24, 2008
Dan Nugent

Mortgage Banker
M&I Marshall & Ilsley Bank
Office: 952.836.3053
Mobile: 612.801.1837
dan.nugent@micorp.com
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Thu Jul 24, 2008
Estherk,

Give Greg Marzolf a call at Bremer Bank. Great local MN Regional Bank and outstanding loan officer 25+ years.
Direct Dial: 651-726-6008
Fax: 651-726-6070
Email: ggmarzolf@bremer.com

http://www.bremer.com/Home/Personal/MortgageLender.aspx?id=993

Jay
0 votes Thank Flag Link Thu Jul 24, 2008
I sure do know some excellant mortgage brokers here in Florida. Donna Piscitelli of American Mortgage Group at 813-909-9598, dmkelly1968@yahoo.com and Gilbert Lima of Excel Mortgageat 813-495-0475, gilbert@excelmortgage.com.
PLEASE don't worry about credit pulls as long as you are shopping for the same thing (A Mortgage) they count as one. A mortgage is the second biggest decission on the biggest purchase most people do in their lifetime. Now if your having credit pulls for a boat, limo and an RV at the same time it's a different story.
0 votes Thank Flag Link Thu Jul 24, 2008
We've worked with this guy for over 7 years and have personally used him for our mortgages:

Blair Mathewson
Prime Mortgage
763-222-1502
blair@prime-mortgage.com
0 votes Thank Flag Link Thu Jul 24, 2008
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