I have no business relationship with either of these mortgage brokers.
The real question is who are the good Mortgage Brokers that will work with you and help you find the right program for your unique individual needs.
I have the programs of many of the local lenders at my disposal but which one we ultimately choose to work with depends on your specific credit, assets, employment and income.
There are many excellent lenders in the area and like anything buyers who are financing their purchase with a loan should shop around and compare. Costs of the loan are one thing but look at the process and how that broker will guide you through it. Borrowing money today, even with excellent credit, is not for the faint of heart.
Interest rates on a 30 year fixed loan were up about 11 basis points last week to the highest levels since September of last year. We keep hearing how the Fed is going to raise rates but I find it hard to see a market where rates rise significantly. The United States has a huge loan, almost 19 trillion, that we have to pay interest on. We cannot balance a budget without additional interest payments.
Rates are still historically low and buyers should lock in fixed rates and try to get a conventional loan where private mortgage insurance is not a life of the loan expense. We have a client we are working with who did not listen to our "use a direct lender with in-house underwriting" recommendation and decided to use his "old friend". We have now negotiated three extensions with the seller and his old buddy better get the deal done in the next couple days or he has $15,000 at risk.
The lender you choose is incredibly important so choose wisely...........
Paradise Sharks Real Estate