the rates are on that particular day. I can be reached at 818-481-8555 if you have questions.
What most people forget to mention is that, statistically speaking, you will refinance or sell your home every three to five years. Given this fact, you just need to determine if the diference in payments you are being charged by the banker will be higher than the upfront costs being charged by the broker over the course of 36-60 months.
As far as the trust issue, I am a big believer in knowing who you're doing business with BEFORE you commit yourself either way. The State has a site that you can check up on the loan officers you are considering working with. Here's the link: http://eservices.psiexams.com/crec/search.jsp
Hope this helps. Best Regards.
If they want your business-- they will go what is takes, in order to match the interest rate.
All the Best,
Kathryn Carlson, Licensed Real Estate Broker Owner ,
Bachelor of Science, Realtor, Accredited. Luxury Home Specialist, e-Pro Certified
Memberships: National Association of Realtors,
Colorado Association of Realtors, Denver Board of Realtors, Council of Residential Specialists,
Council of Luxury Home Specialists, Colorado Mortgage Holding Company, Licensed HUD Broker, Denver Metrolist
Homes and Lifestyles of Colorado
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Your answers to these considerations will direct you to the terms of the loan that best fits you.
A word about the two offers before you. The fees on the Well's loan are less because the revenue to pay them are hidden in the rate. In terms of 'Total Cost", if you plan on staying in this loan more than five yrs (appx), it is always cheaper to pay now, rather than later. (translated: pay the fees and take the lower rate.)
There is a statement that all rates are going to be close, broker or not. This may or may not be true a 30 yr fixed rate on Wells Fargo's web site https://www.wellsfargo.com/mortgage/rates?dm=DMIWFHPRAT&
gives a rate of 6.125% (with an ARP of 6.353% on 145k loan) 30 yr fixed with a further look into their website you see they are charging 1point. (as of 6.22pm 2/14/2007)
Where as a broker there was a rate I found for 5.875% (with an APR of 6.064 on 145k) And I am charging 1 point as well.
In real money the savings is not .250% with a broker, but it is .289% of the loan in real costs.
It sounds to me that the broker you talked and was charging you 1/2 point more) to was trying to make a little more than he should. As a broker we should be able to save you money over all, or be honest, and say " Bank so and so is betting me, you better lock that rate"
The best thing to do, is check bankrate.com find out where the rates are on average, then do your shopping. Keep in mind that right on "Bankrates" site under rates it says "Rates my include Points" but they dont say how many points it may include so call a broker, call a bank. Find out the lock policy. Is your rate locked when they quote it? and if not what do you have to do to get it locked? If rates drop in two days, can you get the better rate or are you stuck with that rate (unless you change banks or brokers)
As far as trusting brokers go, get a referral to someone that someone you know has used. Or go the the Colorado Assn of Mortgage Brokers website.
Don't forget about asking them if the rate is locked, and ENSURE they both have impeccable reputations and deliver the loan at closing they quoted at the beginning.
A lot of banks broker loans out, but sometimes independent brokers have more flexibility in pricing and more loan program choices.
It is always a good idea to get at least 2-3 quotes.
If you go to a Mortgage Broker, Check them out. Ask for some references. There are good and bad Mortgage Brokers out there. Make sure your transaction is handled by someone that has your best interest in mind.