Financing in 75238>Question Details

Timbrlan, Home Buyer in 75238

is it bad to go thru a mortgage broker on a fha mortgage?

Asked by Timbrlan, 75238 Wed Feb 8, 2012

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Christopher Pagli’s answer
A broker is the best of bothe worlds, they shop for the best rate and offer alot more then a single bank will. When you go through a bank you only get what they have to offer. I would find a broker that has experince with FHA loans, they are so popular today that it shouldn't be hard.

1 vote Thank Flag Link Wed Mar 21, 2012
Good reasons for using a broker:
1. We work with more than just one lender. With lender "overlays" making it harder to get loans approved, having more than one underwriter to work with often makes a deal work.
2. We get you closed faster than the big banks do now.
3. Licensed mortgage loan officers must pass a very rigorous test, and the bank LO's don't need to. Where do you think the LO's go who can't pass the test? To the big banks, of course.
4. Our interest rates and fees are often lower than those of the banks.
Good luck!
Barbara Coker
NMLS# 228545
Licensed loan officer with 29 years of experience in Texas
Web Reference:
1 vote Thank Flag Link Wed Feb 8, 2012
A good mortgage broker can always get you the very best deal available. For example. I am a Realtor and a Mortgage Broker. I own my own company and broker directly with over 15 of the top lenders in the country through their wholesale channels.

Last year a Wells Fargo employee asked me for a GFE to refinance his property. Not only was I able to beat his "employee discount" pricing with Wells Fargo I also used Wells Fargo wholesale to do his loan. From there I ended up refinancing the homes of 3 other colleagues in his office. My wholesale rates are always less than retail lenders rates. Here is another example. I am refinancing a Jumbo cash out refinance with a loan amount of $700,000. The client is currently with US Bank. He called them before calling me. US Bank's rate was over .375 higher than what I am able to do for him... also using US Bank.

When speaking with a lender, mortgage broker or mortgage banker you want to compare the lender fees and the interest rate. All other fees will be the same in the end. Because I own my own company I do not have to pay splits or fees to my broker. This allows me to price my loans below just about any lender or other mortgage broker out there. Because of this I am able to offer my clients the very best rate with the lowest fees available of just about anybody in the market.

On the flip side brokers can also charge higher fees than banks too... it all depends on who you are working with. Unlike Banks and Mortgage Bankers... Mortgage Brokers cannot hide fees from their clients like they can. When you deal with a licensed Mortgage Broker you know exactly what they are making on a loan... by law we have to show you every penny we make... Mortgage Bankers and retail lenders do not have to do this. In the end it does not really matter as your only objective is finding somebody you trust who is getting you a good deal in comparison to other lenders you have spoken with.

Good luck and if you would like me to send you a GFE on your refinance please call or email me. I have been in the mortgage and real estate business for over 11 years.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
1 vote Thank Flag Link Wed Feb 8, 2012
Bad? No. Better course of action, IMHO: work with a Local Mortgage Banker. Direct Lenders are much better sources of mortgage financing solutions. Your Mortgage Banker is Licensed and works directly with the Underwriter to provide better quality service and knowledge of Underwriting criteria.

A mortgage broker is a middleman. Your Mortgage Banker is the source.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
"Top Producer of Integrity, Service, and Results!”

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0 votes Thank Flag Link Mon Sep 24, 2012
Agreed. I know lots of great brokers that do FHA loans every day and in many instances, close them a lot faster than the big banks.
0 votes Thank Flag Link Wed Mar 21, 2012
We operate as a banker and broker loans as well. Example. I can broker a FHA loan with a borrower that has a 600-639 score. As a banker we need a 640 score min! So this is when brokering becomes a major advantage we can operate outside of those required guidelines. After 15 years in the business, it makes me feel good to see all of the positive responses from professionals on here in regards to how they view brokers. Keep it positive!
0 votes Thank Flag Link Wed Mar 21, 2012
Short answer: No. A lender's turntimes and customer services are always a factor, It really also heavily depends on the expereince and capabilities of your LO. So choose wisely.
0 votes Thank Flag Link Thu Mar 15, 2012
first of all, Realtors are not bankers or mortgage brokers. Most cases, they have no clue,

be pro-active, call your personal bank, ask your family members or trusted friends.
0 votes Thank Flag Link Wed Feb 8, 2012
Working with a good mortgage broker will almost always get you the best deal. I would recommend to get quotes (for rate and fees) from a couple of other companies to make sure that you are getting the best deal. I would say hands down the average mortgage broker in today's market environment is a lot more expreienced and savvy than your average BofA, Wells, Citi or Chase loan originator that you would deal with.

Don made a very telling argument about this. I have done the same with USAA employees, Wells and BofA employees and that is beat their own employer at getting a better rate and fees combination that worked out to the borrower's best interest.

Easton Crafts,
Directions Equity Home Loan
0 votes Thank Flag Link Wed Feb 8, 2012
I would try to if possible go with a lender either mortgage broker or one of the larger mortgage companies that have in house underwriting. This will typically help expedite things. Its ok to shop around. Look for a good mortage interest rate. Just make sure you choose carefully, you want your lender to communicate quickly and not give you any run around. Lending conditions are constantly changing. Try to get preaproved before you find a home, it will make sure you know what your purchase range is. Happy home hunting!
0 votes Thank Flag Link Wed Feb 8, 2012
Discuss with your real estate agent. We know and work with them everyday and we have first-hand knowledge of great mortgage companies and the not-so-great mortgage companies. I wish more buyers could understand what an important role they play in getting things done right and in a timely manner.

I work a lot with first time home buyers. Although, banks usually have a lower closing cost, that is such a small part of the long-term obligation. I have always had much better luck with mortgage companies and what they could offer my clients.
0 votes Thank Flag Link Wed Feb 8, 2012
No, there are good mortgage brokers out there.
Most find a smoother process with a mortgage banker.

EITHER is better than going direct to the bank.

I disagree with the 99 out of 100 comment.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
0 votes Thank Flag Link Wed Feb 8, 2012
Not in my opinion - some of my most trusted lenders are mortgage brokers. 99 times out of 100 a good mortgage broker will meet or beat a mortgage banker's quote anyway. It's a competitive market - you should get more than one quote for mortgage services, from brokers and bankers, and then you'll have answered your own question!
0 votes Thank Flag Link Wed Feb 8, 2012
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