Re: Mortgage brokers..Pro\'s or Con\'s
My wife and I tried to use Intergrity Mortgage once......ONCE. They tried to get us to sign a deal where they got like 4000.00 to "find" us someone to loan us the money. I immediately said NO WAY. Then to add to their silly butthead ways, they had an appraisor call to schedule a time to come out........WHAT.........I was not working with them. Seems they tried to "get" my business by going forward with the plan without my authorization. Some "intergity".
Second, I have listened to the Quicken loan thing......I would not touch one with your money, much less mine. 10 years and you pay NOTHING on principal, then you pay MORE in interest than the printed rate today, NO THANKS.
Then you have those that have 125% financing.........Dont think so. If you have to sell you have to borrow again to finish paying it off, or you can not even sell. 80/20 is the least you should have. Many folks today will be shown "interest only" payments to get them interested only to find out much later that they still owe the same or more on the house they bought.
Have you tried talking to a bank, in person, one to one, with the laon officer? Even a direct mortgage company? YOU can do what the broker does a lot cheaper and may find a better deal.
The people we use now for everything do not charge us one dime. They take our apps, send it to the lender, get approved and we close. We pay no "fee". The lender pays them. My home now is on 4.25 rate/ 4.87 yeild for 15 years. I could not have gotten a better plan, and I tried. We had this for 2 years now, my home will be paid for in less than 10 years from now as we pay about 12% extra on principal per month.
Oh and dont go for those bi-monthly either, you can do that on your own, pay it off faster, and you get to keep your money in whatever you have for 2 extra weeks. Divide your house payment by 12, pay that extra each month, same money, but you pay it off faster and less cost (some actually charge you to pay more times a year).
I know someone that actually had their house on a credit card billing plan. Paid interest only if that was all he could. You never pay these off in reality.
I have done a lot of this, even sold loans at one time.......standard mortgage, monthly, 20% down at least, no fancy payment schedules, no fancy interest only etc.......just plain old mortgage is best.
Hope this at least gets you looking on your own. Many times (always IMHO) you can do better this way. Oh one more, dont let anyone charge you to do a loan app...........the only time you should pay for services is if they are going to service (give) you the loan.
