Forex Digest

I'm looking into getting a home loan. How do I know if the mortgage broker I'm using is getting me the best rate? What is the etiquette of using multiple brokers? Is there a reliable web resource where I can enter parameters and check as well?

There is nothing wrong in working with multiple brokers. After all, it's an open market. Remember, banks and brokers have only their own best interest in their mind. There is only one person who is going to be on your side - you.

You don't have to tell a broker that you are working with someone else as well, as it's none of their business./

2008-08-09 10:36:07 by Cal

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After getting a preapproval, I have signed a loan application with one company and they did all they could and still gave me a no. Then the next day I went to a different mortgage company and they told me yes after two days. I just got a call from the first mortgage broker changing their answer to a yes. What am I obligated too? I signed a loan application with the first mortgage company but they told me no, so I went looking for another option.

Let the 1st place know you went to another broker & they will probably fight to keep your business! Just don't ignore them. Let them know what is going on & ask why you were declined in the 1st place.

2008-08-19 10:43:04 by Ason

One of the mortgage brokers I spoke with said that it doesn't hurt your credit score to get pre-approved by more than one broker/lender. But, if being pre-approved by a particular broker/lender doesn't actually lock you to that broker/lender, then is there a real benefit to getting pre-approved by multiple brokers/lenders? Does it incent them to give you better rates?

I'm looking to buy my first home, and would appreciate your guidance and experience. Thanks!

Getting pre approved simply gives both you and the seller a good feeling of what kind of a loan you can be approved for. You know the price ranges you can look for to get the payments you want, and the seller can feel good that you being pre approved shouldn't have problems getting financing.

Getting pre approved by more than one lender soes nothing to improve this. The one broker is probably hoping you'll get pre-approved with them, because they know that a preapproval means you are much more likely to get financing through him, which means he makes a commission.

But you have done what you needed, you are preapproved. You don't need more than that, going through additional brokers to get more preapprovals would just be eating up more of your time. Instead, you should now be concentrating on what house to buy.

My advice would be to get preapproved at one only, but you can still get information on loan programs through different brokers. That way, when you do agree with the seller on a particular transaction, you can go with the loan program that makes the most sense to you. You will have 2-3 days after the seller accepts your offer before you have to start formal loan processing, so you will have that time then to do your final homework and decision on what broker and loan program to use.

2007-07-26 16:36:29 by snowpealeaf

Mortgage brokers who own businesses must submit applications to all lenders that they want to do businesses with. I want to be able to submit one application (in the interest of time) and have that application go to various lenders at once. If anyone knows of a website (or any other suggestions) that can facilitate this, I would appreciate it. Thanks.

hi mr ross

you can go to http://www.lendingtree.com

:>peace

2006-11-01 09:07:27 by Mr. Ross

In the middle of January my new husband and I began the process of refinancing our loan. We live in Maryland and we began working with a lender in our area. We paid for an appraiser to come (their recommended appraiser) for $350, as well as paid $200 for some fee that Bank of America charged. The mortgate broker came over to our house and we signed all of the necessary papers about our refinance. Over the next 5 months they have constantly asked us for paperwork that we have already submitted over and over again. Our W2 forms, our bank statements etc...they blamed the bank for losing this paperwork and so we have submitted these items multiple times. Also, they would always say "we're pretty sure you'll be closing this week" Today we received a call saying that our loan is dead, even though just last week the broker told us that he had received an extension on our closing and we should close within 5 days. He said our loan was dead because our appraisal was over 6 months old, which it is not. He said the title company can at anytime throw out the appraisal if it goes past 6 months. The broker is now saying he cannot get our money back, but if we recommend him to other people for their mortgage, and he makes money, he will give us our money back. He keeps on making up excuses on how my credit score is too low, even though before he said it was fine. He also said I would have to pay a $100 collection off of my credit report which I did immediately, and now he's saying that's a problem. It seems as though they have tried to make this go for as long as he could and now that there is nothing else to ask for, they are saying the loan is dead. What is going on, can we take legal action, what can we do!??!

signed,
FRUSTRATED

This issue may not be the mortgage broker, but one from Bank of America instead. BoA is huge and has undergone drastic changes since the financial meltdown of last year. Underwriting guidelines are not fixed in stone. What may have been an acceptable credit situation a few months ago may no longer be acceptable. The title firm has nothing to do with the age of the appraisal. That is also a BoA requirement.

When one applies for a mortgage of any kind, there is never a guarantee that it will be approved until it actually closes.

2009-06-12 08:31:49 by Me!