Brandongoodm…, Home Buyer in Fort Lauderdale, FL

How should I decide which lender I should be using?

Asked by Brandongoodman, Fort Lauderdale, FL Mon Mar 18, 2013

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Answers

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Meir,

You seem so very quick and eager to give advice about mortgages and shopping costs.

....you wrote below...."Don't just compare rates alone; ask for a FULL breakdown of ALL cost involved, for you to obtain a loan.
There are lots of "junk fees" different lenders are trying to collect.
Bargain with them!"

But it seems, that when the tables are turned to REALTOR REBATES, that's a completely different story for some reason? Why?

Please educate us all on your knowledge of "Junk Fees" “lenders are trying collect” and how this compares to realtor "Transaction Fees"..... in addition to 6% of the FULL sales price of a property in otherwise TAX FREE Forfeited Home Equity in realtor commission points charged.

This is just a friendly comparison, a matching of notes if you will, in effort to educate the consumers reading this post in regards to what realtors charge buyers and sellers vs lenders, basically comparing apples to apples.

Let’s keep this very civil with the consumer’s best interest in mind please. 

Thank you,

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com http://WWW.PRO-OPTION.COM
Ph: 888 662 4404
#204296

Prior Service U.S. Marine Corps
1 vote Thank Flag Link Mon Mar 18, 2013
This is an easy question! Me ;)

Let me know if you would like me to compare some different options for you. Best of luck!

Ryan Brandenburger
954-394-9005
http://WWW.Bayburg.com
0 votes Thank Flag Link Mon Mar 25, 2013
I always recommend finding the Realtor that you want to work with first. Chances are that they will be able to recommend a few mortgage professionals that they have had success with.

Your Realtor is someone whom you should be able to trust to give you the best advice. And we deal with mortgage professionals all the time, from all different places....both mortgage brokers who work with different lenders, and direct lenders who work directly for the bank. Therefore are able to recommend a few lenders, and then you have to decide who you feel will give you your best deal, both in interest rate, closing fees and service.

Best of luck to you!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Scohen77@aol.com
0 votes Thank Flag Link Thu Mar 21, 2013
Brandongoodman,

Our clients who have been pleased with their lenders found them through a referral from a friend, family member or trusted professional (like a Realtor). Another option is to interview at least three lenders and choose the one that best suits you.

Best of luck!

Chad Gray PA, Realtor
Luxury Living Fort Lauderdale
Coldwell Banker Residential Real Estate
754-300-6040

100% of clients rated our service as "EXCELLENT"!
0 votes Thank Flag Link Wed Mar 20, 2013
Once you have a couple of good mortgages pros, find out what product you'll be needing for your
financing. Once you know what product you need to have, ask the pros what your APR will be
with the same loan amount, same downpayment, same note rate, and same credit rating (all the same) - so you can compare apples with apples, not oranges...

The higher APR means higher closing costs.
You don't need that, generally speaking.

However, if only one lender offers the program you need (like limited condo review to purchase in otherwise non-financable condominium, or Homepath condo or investment property, etc.) - then go with the lender that you will be financed. A minor difference in payment vs. not being able to buy?
Not a brainer! Buying is better than not being able to buy any day.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue Mar 19, 2013
Call a mortgage broker that realtors depend on. Preston Ware 561-329-0075, or go to his website at http://www.PrestonWare.com. He will be able to answer all of your questions.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Mon Mar 18, 2013
using a Mortgage Broker is usually the cheaper way to go. The buyer must do their own diligence in researching the best pricing requesting GFE. Also use BankRate.com

Good Luck
0 votes Thank Flag Link Mon Mar 18, 2013
I would ask for a recommendation from a real estate professional. It is not just about the rates. While the rate is important a real professional stays in communication and closes on schedule. If your lender offeres you a low rate and your contract expires before you are ready to close it could cost you the deal.
0 votes Thank Flag Link Mon Mar 18, 2013
Steve, I'm not going to get into any dog fight here (really, not need for it), but, when you write
'in addition to 6% of the FULL sales price' a lay person may assume that this is the 'law of the land' (6% broker fees) and I'm pretty sure you know better than that...
Have a prosperous day!
0 votes Thank Flag Link Mon Mar 18, 2013
I have to assume, aside the "logic" of working volumes, that any professional willing to give up 50% and UP (!!) of his/her fees (as per examples below) know exactly their worth....and beeing the cheapset is pretty much the only thing they bring to the table? Just wondering....
0 votes Thank Flag Link Mon Mar 18, 2013
Don't just compare rates alone; ask for a FULL breakdown of ALL cost involved, for you to obtain a loan.
There are lots of "junk fees" different lenders are trying to collect.
Bargain with them!

Was this answer helpful? If so please click on the "green thumbs up" or the "best answer". Thank YOU!

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com
0 votes Thank Flag Link Mon Mar 18, 2013
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Here is a way to shop for who best to work with:

http://www.trulia.com/blog/steve_31/2012/07/2012_loan_progra…

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0 votes Thank Flag Link Mon Mar 18, 2013
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