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Old 06-05-2012, 01:00 PM
 
7,742 posts, read 15,141,129 times
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accidentally posted this in the steiner thread

Does anyone have a rec for a mortgage broker?

Looks like the 15 year rate is at 2.85%

crazy..
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Old 06-05-2012, 01:03 PM
 
Location: Austin, TX
15,273 posts, read 35,667,143 times
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I do not recommend mortgage brokers - they make their money off of volume of mortgages, not quality of service. Hunt around yourself, you will be better off in the long run.

Btw, the lowest rates come with caveats (i.e. you HAVE to escrow your taxes/insurance, or they will charge you a quarter point more).
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Old 06-05-2012, 01:18 PM
 
Location: Austin, TX
499 posts, read 1,307,341 times
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I got a few local quotes, as well as doing Lendingtree which got me some quotes from a few more brokers here and based out of Houston. I ended up avoiding brokers and going to Bankrate and picking the cheapest lender. Realtor warned "Noooo!!!" but it worked out just fine. For the same rate I saved thousands in closing costs, and the brokers would not/could not match it.
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Old 06-05-2012, 01:47 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,067,761 times
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Quote:
Originally Posted by Austin97 View Post
accidentally posted this in the steiner thread

Does anyone have a rec for a mortgage broker?

Looks like the 15 year rate is at 2.85%

crazy..
UFCU. Nobody is able to beat the rates at UFCU. One of my buyers was at 2.75% on a 15 year last week, with reasonable fees.

We use to cringe when buyers used UFCU because they could never seem to close on time, which is extremely, extremely annoying and unacceptable. But they seem to have solved that problem as we haven't had any late closings recently. Of course, on a refi, that doesn't matter as much.

Steve
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Old 06-05-2012, 02:54 PM
 
Location: Volcano
12,969 posts, read 28,464,547 times
Reputation: 10760
Quote:
Originally Posted by Trainwreck20 View Post
I do not recommend mortgage brokers - they make their money off of volume of mortgages, not quality of service.
I think that's way too simplistic an assessment. Although there are lame mortgage brokers, there are also great mortgage brokers. And while not everyone may need a mortgage broker, some may find them incredibly valuable. The good ones more than earn their fee.

If you have a relatively simple financing and purchase situation, and are comfortable with doing your own research and negotiation on real estate deals, you may not find a value-add from dealing with a broker. On the other hand, if you have a complex buying situation, especially one in which you are having difficulty financing a property, and you're not experienced with real estate deals, then a broker could be your savior.

There are many internet resources available to help you sort out whether or not to use a mortgage broker. Here's one:
Is a Mortgage Broker Really Necessary?

Good luck!
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Old 06-05-2012, 02:58 PM
 
Location: Central Texas
20,958 posts, read 45,437,507 times
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Austin97, in keeping with the City-Data TOS, I DM'd you a recommendation.
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Old 06-05-2012, 04:31 PM
 
29 posts, read 54,061 times
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I also sent you a DM Austin97
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Old 06-05-2012, 06:35 PM
 
7,742 posts, read 15,141,129 times
Reputation: 4295
Thanks everyone, I feel comfortable doing my own research and I usually use bankrate to at least look at the rates I should be getting. Im going to try going direct.
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Old 06-20-2012, 09:50 AM
 
20 posts, read 72,351 times
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I, too, am looking for recommendtions for a local broker/lender. I'm looking for a lender that does their underwriting in house. Does anyone have any recommendations?
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Old 06-20-2012, 09:53 AM
 
2,007 posts, read 2,908,084 times
Reputation: 3129
Bradley Rife at Hometrust Mortgage Company : Home
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