Does it matter which mortgage broker / bank you use?

Asked by Sarah Allen, Dallas, TX Tue Dec 14, 2010

Hello,
I plan to purchase a house in the near future. I have picked out the part(s) of town that interest me and have done just about all the research I can think of. All that is left is just to buy it... to do that I will need a loan.

So, other than finding a good rate... does it matter where I go? I can put 15-20% down. Now, I am looking for suggestions for actual mortgage providers and advice to what issues I should take into consideration? Does choosing a smaller mortgage provider who has more control over which appraisers is used make a difference?

Thanks,
MIke

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Answers

41
Joe Cawley, , 02184
Fri Dec 17, 2010
Mike:
The two most important questions to ask your banker before completing a mortgage application through them are; 1.) Will you sell my mortgage to another company and 2.) What is the APR...the APR or Annual Percentage Rate provides you with what you will actually be paying over the life of the loan.

Do some homework on the internet. There are banks that provide you with loan expense detail before you even apply and you can get this information right online. Bankrate.com is a very good place to start.

Also, if you are working with an agent, then tell them that you want the comparables pulled and printed out for you, so that when the appraisal is done, you have paper in hand with properties that sold in the area that compare to your property.

Good luck to you.

Joe Cawley
Partners Investment Properties
Web Reference:  http://www.pipre.com
4 votes
T.E. & Naima…, Agent, Dallas, TX
Sun Dec 19, 2010
I'm not sure if you understood all the advice offered to you, but basically
- do some shopping around
- deal with someone who actually answers your questions and explains things.

Banks are not required to tell you how much money they're making on a loan (and yes, they do make money). Hardly any of them hold onto a loan after making it. Brokers are required to tell you how much they're making (not the profit, just the margin). So, your shopping comparison should focus on two numbers:
- how much cash to close
- how large is the monthly payment.
Even if you can see how much a broker is making, it doesn't mean the bank is making less because their GFE has no number filled in - brokers get their money from banks a lot of times, which is why you need to get the best combination of cash-to-close and monthly payment for you.

Unfortunately, the new GFE doesn't really help you there and confuses practices used in the Northeast with our practices here in Texas. The worksheet is a better document to help you see the transaction in understandable form, but it has a lot of detail.

If you can put down 20%, you can avoid having to pay mortgage insurance each month, which can add to your monthly. If you have 15%, you might be able to save by putting a little more down.

Appraisers operate at arm's length. Some mortgage types, like FHA, require more stringent interpretation of conditions that are allowed than appraisers for conventional loans. Without knowing your situation in detail its hard to recommend a lender, but I have always had good luck at Beam Mortgage, and their rates and fees always seem to be the best combination.

I've seen ads on TV where the rate is exceptionally low but you have to read the fine print (that's on the screen for only a couple of seconds). They sock you with a cash fee (usually 2 discount points) which is 2% of the loan upfront. Big banks, Inc, will lend you money, too, but they don't tell you it takes them 60 days to make a decision.

Hopefully these points will help guide you in the right direction. If not, please feel free to contact me.
Web Reference:  http://www.SumnerRealty.com
1 vote
Justin Ruzic…, Agent, Greenville, SC
Fri Dec 17, 2010
Mike, not only do you need to research are many mortgage brokers and mortgage bankers, they need to give you a good faith estimate with some the same set of standards, Pick an address, that you might buy, it is not important if you purchase the home, but take that homes sales price, taxes, insurance costs and as them for a good faith estimate this will share with you all the bs fees they are going to through into the game. There are discount points, there are processing fees, there are taxes on mortgage, real estate prorated taxes, and much more more..all taxes will be same or should be since they are standards, it is the mortgage company fees you are i search for,which will be declared on the GFE...if they don't give that to you...they are lazy....go to the next one. Sun Coast Schools Federal Credit Union is the best rates I have seen...like NO junk fees and no points just a $395 fixed fee or something....it was shockingly low, but I refered a few customers to them recently and it was true.
Web Reference:  http://www.house-guy.com
1 vote
Alexander Vi…, Agent, Covina, CA
Fri Dec 17, 2010
You half answered your own question: broker vs. bank. It is important to use a direct lender (bank) in this market. In fact, most good agents and foreclosure reps will not accept a pre-approval letter from a loan broker.

A common myth is that some lenders have different interest rates. There is only one source of money: The Fed, and all banks pay the same rate. The difference is the loan fees, which are often exchanged for interest points.

And no lenders have control over appraisers anymore, for better or for worse.
Web Reference:  http://agentvilla.com
1 vote
Scott Butcher, , Austin, TX
Fri Dec 17, 2010
Mike,

Each and every Mortgage Banker/Broker at a boutique mortgage company like myself and others that have posted below operate as their own, individual entreprenuial business unlike a salaired employee at a large bank (Wells, Chase, Citi, etc.). Consequently, 99.9% of the time I believe your going to get quicker & better customer service via an independant mortgage professional because we have to in order to survive. The difference between a Mortgage Banker & a Mortgage Broker is that the Banker is your lender (loan will process, underwrite and fund 'in-house') versus a Broker that will only act as an intermediary in the process (ie. Banker's have more control over the loan process). Both have access to numerous differnet lenders when pricing your loan. So, going to a Mortgage Banker is effectively the same as going and talking to 10-15 different lenders at the same time versus getting 1 quote from Chase & 1 quote from Wells and 1 quote from Bank of America, etc. etc.

Feel free to talk to as many lenders as you like and see who is competitive on rates, but also try to get a feel for that person's personality and make sure that you can work together. Anyone can be a front runner, but try to make sure you pick someone that can move the process forward when the process bogs down. At the end of the day, you want to be able to trust that your lender of choice will fight tooth & nail to make sure you get your loan closed on time.

I agree with Jerry on the Appraisal front regarding Fannie & Freddie. Different Jumbo lenders have different approved appraiser lists which do offer some flexibility in selelcting an appraiser, but as far as 'steering' an appraisal towards a certain valuation, that item is now deemed illegal via new 2008 SAFE Act regulations. A lender is not allowed to interact with the appraiser until its completion.

Good luck.
1 vote
Jerry Holcomb, , Dallas County, TX
Wed Dec 15, 2010
Hi Mike:
As you can see from all the comments it does matter.
I would like to hear something back from you as a home buyer what your thoughts are on all these responses so we as professionals know if this truly matters to you.
thanks,
Jerry Holcomb
1 vote
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Wed Dec 15, 2010
Mortgage 'Broker' and Mortgage 'Banker' will have better rates and service than the big national banks.
Mortgage 'broker' sends your file out to be underwritten and closed/funded.
Mortgage 'banker' does everything in house..... processing, closing, funding..... this allows for more control by the loan officer and results in a smother process most time.
Don't get me wrong, there are good 'brokers'..... I used to be one. But I work for a 'banker' for good reaso and that is the flexibility and control of the process.

If you have a realtor, they can refer you to a good loan officer. If you do not, then your lender can refer you to a good realtor.

Good luck! And please feel free to call or email with follow up questions.

Tom Burris
Mortgage Banker
214-763-4629 cell/text/nights/weekends
tomburris@dallasloanguy.com
1 vote
Kim Stover S…, Agent, Southlake, TX
Wed Dec 15, 2010
Hi Mike,

When looking or a reputable Loan Broker, I would suggest you ensure they are up to date on licensing with the new laws that have gone in to affect. I have a few Loan Brokers that are very good at what they do and will ensure your interests are protected. If you'd like their contact details, please email me and I'll send on to you. I can be reached at kms7966@aol.com

Best Regards,
Kim Stover-Schumacher, TX Realtor
Private Label Realty
214-762-0952
1 vote
Paige E Elli…, , Dallas, TX
Tue Dec 14, 2010
Yes. Who you choose does matter. Some mortgage providers have access to local money that others don't. Most can help you get an appraiser that knows the neighborhood you are looking into. Some are far more professional in following up, getting you answers on the weekend, and providing you real service. Take advice from you Realtor as to who is reputable in your area.
1 vote
Kenneth "Ken…, Agent, Dallas, TX
Fri Aug 3, 2012
Pick any lender of your choice and get pre qualified first through them. This should not cost you anything. Make sure their upfront on the interest rate, fixed loan or not and points you will have to pay for the loan. Lenders that charge a fee upfront, I would RUN. Home loans are based on credit so as long as you have decent credit and income, you are good to go. 20% down you wont pay to pay PMI (private mortgage insurance) which is about .08% of the loan monthly.

Hope that helps some.

GOOD LUCK.

Kenny
0 votes
Sarah Montes, , Dallas, TX
Wed Mar 30, 2011
CALL ME TODAY FOR A QUOTE!

SARAH MONTES
DALLAS,TX
(972) 455-2004
0 votes
Rosalyn Tray…, Agent, Dallas, TX
Tue Dec 28, 2010
When you are shopping for your lender, one question you may ask, Does he has an appraiser pool, and Who are his Preston Hollow appraiser companies. There are two outstanding companies very familiar with Preston Hollow. Please let me know if you want their names and telephone numbers.

Good Luck,
Rosalyn Traylor
RE/MAX Premier Group
Preston Hollow Alliance
214-351-0766
rose@come2bigd.com
http://Come2BigD.com
0 votes
Laura Fleisc…, Agent, Hollis, ME
Wed Dec 22, 2010
I am not certain what it is like in TX but here in Maine there are some lenders that have better lending programs (esp for 1st time buyers) than others. Several of the bank that I work with have access to a MSHA program and a "gift of green" which helps buyers with closing costs. So it really depends on your situation. Speak to banks and small independent lenders and work the best deal for yourself. Your buyer agent should have a list of valued lenders that they work with...and that is a good place to start.
Web Reference:  http://www.amytarboxteam.com
0 votes
Phyllis Cros…, , Tampa, FL
Wed Dec 22, 2010
HI MIKE!

Just as you conduct interviews with --- "a Buyers' Agent" Realtor --- to help you in your home search and reach a comfortability level, you should do the same in your search for a mortgage lender.
Ask friends, Realtors, and people you know who they would refer to you.

You can start with your bank. I would suggest you stay local in choosing your lender, meet face to face with a lender or have a lengthy phone conversation. Then go from there with regard to rates and types of loan. While you may be planning to have a larger down payment of "X" and going with a conventional loan - you may find a home you love, for instance, that needs an updated kitchen. and you may want to go FHA with a lower down payment. Just a thought.



Another thought is --to start an accordian file, and stay organized from the beginning of your search to the day of your closing......
Label sections - Interviews of Realtors, Interviews with Lenders (rates, quotes, etc.), Listings of interest, short list and provided sold comps ,sales contract and addendums, loan documents, closing documents, etc. You'll be glad you did.

Have fun shopping for a home... and don't rush yourself. COMPS (SOLDS) are key!


PHYLLIS CROSBY, REALTOR/GRI
REMAX REALTEC GROUP
PALM HARBOR, FLORIDA
813-380-6833 direct
813-886-2356 direct

phylliscrosby@tampabay.rr.com

"If you are shopping for a home in Florida, do not hesitate to contact me."

Real estate laws vary state to state.
0 votes
Vera Gonzalez, Agent, Sterling Heights, MI
Fri Dec 17, 2010
Mikethehomeshopper,

Everyone has given great advice.Your realtor should have a couple leads. The difference could be thousands of dollars in savings on the loan itself and closing costs. Get an officer who explains all costs and steps. Good luck,

Vera
0 votes
Gary Geer, Agent, Antioch, IL
Fri Dec 17, 2010
I suggest that you talk to several lenders in your area including mortgage brokers and local banks. Some smaller banks actually keep their loans and do not sell them. This may be a plus. Shop for the best service and rates. Also consider a lender that will work with you in the future should you decide to re-finance at a a later date.

All the best,
Gary Geer
http://www.GaryGeer.com
0 votes
G, Home Buyer, Los Angeles, CA
Fri Dec 17, 2010
Yes... it does...... it is very important to know about your mortgage & bank companies....
0 votes
Laura Myers…, Agent, Scottsdale, AZ
Fri Dec 17, 2010
With new regulations bankers have felt the squeeze to at least have a banking relationship. The lenders right now are getting sooo detailed in everything they want for approvals. So do get all your record keeping in front of you and work with a lender who actually wants to get ahead of the process with you and knows guidelines and ask "what is your on time closing ratio for purchase loans", "what is your ratio of refinance vs purchase loans" and if you are buying a short sale ask how much experience they have in that. It isn't about the rates all the time its more than ever about the experience. Also, ask about in house underwriting and processing which is good for access to control over getting things done on time. if they have to ship between states then delays and control become an issue. Also, length of time with the lender they are sending you to because relationships there will be important if you need a rush on your file.
Good Luck!
Laura Myers
Keller Williams Arizona Realty
Select Realty Group
480-600-6213
0 votes
Steven Zanko, Agent, Naperville, IL
Fri Dec 17, 2010
Yes, Independent Mortgage Brokers who can deal with direct loans can provide better results. Mortage Brokers are usually licensed with the state. Bank mortgage lenders are not always licensed with the state. They are just employees of a private company. Much the same as a home builder's sales representative is an employee and not a licensed real estate professional. The difference here is COLAD or Confidentiality, Obedience, Loyalty, Accountabilty, and Disclosure to you the client. In addition, a direct mortgage lender can supply the funds directly to the title company at closing and may not require wiring them upon closing day from a bigger location usually common to big banks. Underwriting of the loan is handled different internally as well. Currently, the challenge buyers face in the financing mortgage market is the apprasial process and valuing the home in question.
0 votes
Tracy McPeek, , Alturas, CA
Fri Dec 17, 2010
Absolutely it matters which one you use. You have to comparison shop because each and every Mortgage Banker/Broker will have different fees and charges. Sometimes there may also be a big difference in the customer service you may get. It is always better to shop around to make sure you are getting the best possible deal you can.
0 votes
Anne Bokalo, Agent, CANTON, TX
Fri Dec 17, 2010
To get a good rateon a loan you have good credit and no hiccups besides that cash for down payment and closing costs. Your background will determione that as far as credit worthiness. On the positive side if you have had a job long term that should always be ion your favor. As far as getting a mortage I suggest that youi shop around until you meet someone that you can communicate with and understand. Your realtor is one who could suggest several good ones from experience. I shopped around when I was looking for mine and just talking to a few of them on the phone gave me a feeling wether there was interest in helping me or not.
0 votes
Becky Nguyen, Agent, Lancaster, PA
Fri Dec 17, 2010
Hello, Mike. I recommend that you connect with a qualified, licensed Realtor, who will have a list of reputable lenders to refer you too. Once you've connected with that lender, you will want to secure an initial fee worksheet that discloses estimated fees related to closing costs, prepaid closing costs and escrows, your estimated monthly payments based on your comfort level with purchase price that includes principal and interest, property tax, homeowner's insurance, and either FHA or PMI insurance (dependent upon type of loan you secure). You will want to find out what type of loan benefits you the most, its current interest rate (this will fluctuate until you lock in, which can be done after you've secured a ratified agreement, and have completed a loan application with the lender). Lastly, ensure that you secure a pre-approved letter so that when you and your Realtor are ready to submit an offer, you are able to disclose to the seller that you are a qualified buyer, giving you an advantage over someone who may have opted to take a backwards approach toward buying a home.

Most importantly, Mike, you want to walk away feeling confident with the lender you select because the two most important people in your life during the home buying process are your Realtor and your Mortgage Consultant. When in doubt, ask questions. That's what we are here for, and if we don't know the answer, we'll find out, and get right back to you. It would be my pleasure to refer you to a qualified professional in your area when you're ready to take the next step toward homeownership, Mike.

In kindness,
Becky Nguyen, Realtor
Prudential Homesale Services Group
Lancaster, PA
(717) 371-1298
bnguyen@prudentialhomesale.com
0 votes
Jerry Holcomb, , Dallas County, TX
Fri Dec 17, 2010
Hi Mike:
With out knowing exactly the size of loan you are wanting to place on the home in Preston Hollow it is difficult to answer your appraiser question.
HVCC (Home Valuation Code of Conduct) is the ruling you are speaking of and yes, it in my mind if one of the major issues of home values dropping in America.
Now, the good news....!
If you are looking to place a mortgage over $417,000.00 on the property HVCC does not apply to your financing. Because HVCC is only on Fannie Mae, Freddie Mac loans. Jumbo loan lenders that I work with allow me to pick the appraiser. I have worked that area for years from construction to purchase financing. I would be honored to offer my advice and service for your new home purchase.
Gave me a call 972-827-7890 or e-mail Jerry@dallasfhaloans.com
0 votes
Don Maclary, Agent, Virginia Beach, VA
Fri Dec 17, 2010
The days of selecting an appraiser are gone, However pick a loan officer who has a good reputation and you feel comfortable with.
Ask people if they know a good loan officer. You might be supprised how quickly you hear the same name come up.
More so you will get comments like, Don't know a good one but stay away from????
0 votes
Sarah Allen, Agent, Dallas, TX
Wed Dec 15, 2010
Wow... thanks for all the answers! I will definitely look up some of the providers mentioned. So, if anyone knows of lenders/brokers with expertise in the Preston Hollow area... then please let me know!

The reason I asked about the appraiser selection process is that I have heard that the new system is not working so well. For example, appraisers who do not know the area or who don't even go visit the house are getting assigned to provide the value and these poor-quality appraiser often are simply wrong. It sounds like a crap shoot. I was told by a realtor that a smaller lender has more control over which appraiser is used... I dont know how that might be and I dont know if it is true???

Again, thanks for all that you have provided.

Regards,
Mike
0 votes
Jo Sutton, Agent, Dallas, TX
Wed Dec 15, 2010
It does matter, especially if you want a level of service that most big banks can't provide. The best place to begin is with an experienced and service-oriented Realtor. He or she will be able to offer you several alternatives when it comes to selecting a mortgage broker. They will be professionals who have proven that they have the client's best interest at heart and who do what they say when they say they are going to do it. I will not refer a client to anyone that I don't already know I and the client can rely on. I always provide several broker's names, because it is important that you shop for the best rates and products depending on your needs. While most are pretty much the same, different companies have different products, qualifying terms and underwriting procedures. The broker you select should be willing to attend to every detail to get the loan closed on time and without undue stress to you as the buyer.
Web Reference:  http://www.ellerealty.com
0 votes
Don Groff, Agent, Austin, TX
Wed Dec 15, 2010
Hello Mike,

The most important thing is to compare and find somebody you trust can get the job done for you. I am also a mortgage broker along with being a Realtor. It is important to shop around to know you are getting a good deal. As a broker I use major lenders like Wells Fargo and Chase along with many other lenders. My rates and fees are much less than if you go directly to those lenders yourself.

I would recommend you get a few quotes and interview some bankers or brokers to get an idea of what they can offer. There can be a really big difference. The lease expensive individual may not always be the best one to use so take some time to get to know anybody you are considering so that you can make an informed decision. The last thing you want is financing issues to pop up during the transaction.

Good luck to you.

Don Groff
Realtor | Mortgage Broker
Keller Williams | 360 Lending Group
512.669.5599
listings@dongroff.com
0 votes
Roxanne DeBe…, Agent, Plano, TX
Wed Dec 15, 2010
OKay, you got some great answers from the realtor and mortgage community. Here are some mortgage companies that I have personally had experience with and found them to be great to work with. Tim West of Prime Lending and his phone number is 214-287-0017, Bill Merrit, Compass Bank, 972-447-6544, and Wayne Lancaster, View Point 972-731-9331. Of course always check their rates to see who is the most competitive. If you have any additional real estate questions, please give me a call at 214-676-8040 or email me at roxanne@thedeberryteam.com. Thank you for allowing the realtor community to be of service.

Roxanne
0 votes
Laura Feghali, Agent, Stamford, CT
Wed Dec 15, 2010
Hello Mike,
Yes, it does matter which mortgage company you plan on using as some lenders offer more of a variety on types of laon packages. Some of the smaller banks may have only a few programs to offer where most mortgage bankers have a larger portfolio of lenders to select from so can shop to find you the best loan package to fit your needs.
Also, keep in mind that some lenders charge higher fees than others. Be sure to ask.
I hope this is helpful to you.
Good Luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
..., , Lexington, MA
Wed Dec 15, 2010
Hi

You've received good advice - the key would be to get someone experienced who will close your loan on time. Unlike a refinance, there's a lot to lose if they can't meet the deadlines of your purchase contract. They'll need to be on top of things, working with you and the real estate agents to get all that is needed in place and ready to close. That's the tough part but you can feel potential lenders or brokers out in a phone conversation - just see with whom you are most confident and comfortable.

I'm federally chartered and can close loans in any state - feel free to include me in those you interview and good luck with your home purchase!!

Tom
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Dec 15, 2010
Most of smaller boutique mortgage brokers have "cheaper rates" than national banks you are not paying for National Advertising campaigns.

However contact brokers you have interest in DON'T EVER GIVE OUT YOU SSN till you have made a choice talk rates, determine if they speak with you in "your terms for full understanding" . AND if you are doing FHA loan NOT all loan officers are approved for these types of loans.

Compare "apples to apples' what appears to be "cheap on front end" could cost you money.

GREAT QUESTION

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Dec 15, 2010
It certainly does, although most banks and mortgage companies will have similar rates, some may charge higher points and or closing costs than others. The biggest fctor is whoch will offer you the best service. I would interview a couple of different loan officers say 1 from a major national bank and 1 form a local mortgage company, they can prequailify you at no cost, quote you rates and costs and let you know what tyope of service they offer. You can than choose which fits your needs.

Please see my blog for tips on getting a mortgage in todays market
0 votes
Kirk Tatom -…, , Dallas, TX
Wed Dec 15, 2010
Mike,

It will make a huge difference on what channel of funding you use.

A broker will give you 10 times the customer service with at least a .25% better in rate across the board.

Brokers deal on the wholesale side of lending and therefore have better rates. One of the greatest things . . . . you'll be able to call your broker on Saturday and actually get him on the phone instead of calling a phone tree in India.

Here's what I would suggest. Go to Bank of America (or whoever your local bank) and get a quote. It shouldn't take more than 20 minutes. I would then call a couple of mortgage brokers and do the same thing. I think you'll find a big difference in the way you're treated and the interest rate you get.

I hope this helps!
0 votes
Brian Rayl, Agent, Dallas, TX
Tue Dec 14, 2010
I agree that it absolutely matters.

You have a few different types of mortgage brokers out there.

1) Big banks, i.e. Wells Fargo, Bank of America, etc. Many of these banks have good rates, but they are typically overwhelmed with the amount of work they have to do and I have seen several closings held up because the bank could not get all of the paperwork together in a timely manner. I have even heard of bank executives from a big bank having trouble with their OWN loans going through in a timely manner.

2) Online loan companies. You can typically find great deals with these companies, but you have to look closely at the fees involved with obtaining that loan and the terms involved. Online companies often have higher fees than normal and you are not dealing with someone local so when there is an issue you have to make a phone call, sit on hold, or leave a message.

3) The third option (and my opinion the best) is to deal with a reputable, local, 3rd party mortgage broker. These brokers are independent, yet have connections with a variety of banks and loan companies which means they can get very competitive interest rates and terms, as well as very competitive costs involved with loan origination.

Regardless of which options you use, make sure you ask for a Good Faith Estimate (GFE) that breaks down their closing costs and compare apples to apples.

You should also ask what types of mortgages that the company has done recently (FHA, VA, Jumbo, etc) to make sure they have experience with the type of loan you will be obtaining.

If you would like a referral to a couple of great loan officers, please feel free to contact me. I have 2 main ones that I work with all the time that I would trust my own loan with... in fact, I HAVE!

Brian Rayl, REALTOR®, e-PRO
Keller Williams Elite - Dallas/Park Cities
972-949-4222
Brian@Rayl-Estate.com
http://brianrayl.com
Web Reference:  http://brianrayl.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Tue Dec 14, 2010
Mike,

Absolutely it matters.
It as is vital as getting the right realtor who will guide you through the process.
Some lenders close on time, some don't.
Some lenders charge large fees, some don't.
Some work with you to put you in the right product for your situation, some don't.

None of the lenders should have control over the appraisal process any more.
I would steer clear of any that tell you they do.
This changed about 18months ago. Now any lender has to assign it to a pool
of appraisers and cannot choose.
Of course you want a fair appraisal, but you don't want a lender influencing an
appraiser just so they can get the loan for you. That's often not in your best interest.

I am very picky about lenders and only recommend what I consider the cream of the crop.
Feel free to email me for a referral.

If you are interested in foreclosures, here are a few in the vicinity of Preston Hollow.
http://www.mlsfinder.com/tx_ntreis/robertbrucelynn/index.cfm…

Bruce Lynn
Keller Williams Realty
Web Reference:  http://www.teamlynn.com
0 votes
Bill Hays, Agent, Cardiff, AL
Tue Dec 14, 2010
Yes it matters because who you choose can make or break your deal. In your shoes I would want a loan rep who can close and would stay away from BofA. As Paige says, assuming you have one, ask your Realtor for several referrals and talk with them.

@Greg - your loan guys first name is a bank name - now that has got to create confusion!

BeachBrokerBill
DRE#01775528
0 votes
Jerry Holcomb, , Dallas County, TX
Tue Dec 14, 2010
Hi Mike:
As a Local Mortgage Banker for over 8 years I can tell you there is a huge difference in the company and the Originator's Team that helps you find the right loan program to fit your needs. In today's lending climate the large Banks are swamped and loans are taking forever to close.
I have taken several loans from these Huge Banks that could not close in 65+ days and turned them around in 17 days.
As far as Rate, be sure you review all fees. In most all cases the higher the rate, the lower the fees and vice versa, The key is working with someone that can explain WHY to choose the best program and terms that meet your needs. Saving a few Dollars now or a the lowest interest rate mat cost you much more over time.
Until we sit down and discuss your needs and goals, knowing what is best for you is a crap shoot.
Would you call a Doctor and ask for a diagnose with out having your vitals?
Id you would like to arrange a consultation give me a call 972-827-7890
0 votes
Susie Reichl…, , Dallas County, TX
Tue Dec 14, 2010
Fees may vary with different types of lenders. So, it is important to see just what each lender quotes as an interest rate and the fees associated with it. These can vary greatly. Avoid online lenders. Most listing agents want Buyers to use a company that is local or one they may have an association with. If you want some specific suggestions, let me know.
No one has any control over the appraisers. There is a new system in place to make sure that does not happen.
Hope this helps.

Susie Reichley
Coldwell Banker
469-855-7610
0 votes
Kathleen Tes…, Agent, Plano, TX
Tue Dec 14, 2010
Yes, it matters.
Mortgage brokers charge different fees. One may add "junk" fees or be higher on their fees.
So I would suggest pricing several mortgage brokers and compare. Ask for a Good Faith Estimate to compare.
And service is paramount. I would make sure they provide the best service.
I would ask your Realtor for referrals. Or I can provide if you would like.
Sincerely, Kathleen Testa
0 votes
Greg Fowler, Agent, Dallas, TX
Tue Dec 14, 2010
Mike,

Many mortgage brokers have broad access to wholesale lenders and can find good rates. What separates a good broker from an excellent broker is the personal service that they provide to their clients. Hands down I will refer Chase Pinkston at Integrity Mortgage. From small loan amounts to large, I have seen Chase provide nothing but stellar service to his clients. Please contact me at 214-215-8097 and I will be happy to provide his full contact information.

To get things a bit closer to home, Chase is also a Preston Hollow resident.

Good Luck!!


Greg Fowler
Keller WIlliams Dallas City Center
214-215-8097
0 votes
Mortgages By…, , California
Tue Dec 14, 2010
Hi Mike, I can recommend a mortgage broker that I have personally used based in College Station. They aren't local to you, but they've done good work for me and can get the loan taken care of for you. Feel free to go to my website (the link is below) and contact me via email. i can send you the information.

Mark Fitzpatrick
American Capital
0 votes
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