| Posted By |
Message |
Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
|
I hate this whole mortgage shopping thing
I just don't understand any of this. How do I know what the best deal is. I have a committment letter through a broker with an origination fee.
I also got a quote from Lending Tree for the same % of the 80%, a different way to fund the 10% (we are doing an 80/10/10). She says there is no origination fee with her. She said to stay away from brokers and go direct.
I also got a quote from Bank of America (my bank).
I just can't seem to understand how any of this works. I feel so stupid
Vent over!
|
Posted 4/26/06 2:47 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
|
Re: I hate this whole mortgage shopping thing
vent away, its so stressfull. You just want to make sure there arent a milliom little fees added.....
|
| Posted 4/26/06 2:49 PM |
| |
|
krwm
<3
Member since 7/05 3466 total posts
Name:
|
Re: I hate this whole mortgage shopping thing
Don't feel dumb...wish I could help but I sat for hours with DH trying to understand all the numbers and ending up just staring at the ceiling in lala land...
I gave him the job of taking care of that part and I'd do all of the other things we needed prior to closing.
good luck! 
|
| Posted 4/26/06 2:51 PM |
| |
|
Bebalina
<3
Member since 6/05 2922 total posts
Name:
N
|
Re: I hate this whole mortgage shopping thing
Posted by Suzanne
I just don't understand any of this. How do I know what the best deal is. I have a committment letter through a broker with an origination fee.
I also got a quote from Lending Tree for the same % of the 80%, a different way to fund the 10% (we are doing an 80/10/10). She says there is no origination fee with her. She said to stay away from brokers and go direct.
I also got a quote from Bank of America (my bank).
I just can't seem to understand how any of this works. I feel so stupid
Vent over!
don't feel stupid, it's a stressful process, fortunately dh did most of the work, but he worked directly with a broker, she took care of all of it for us. 
|
| Posted 4/26/06 2:52 PM |
| |
|
Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
|
Re: I hate this whole mortgage shopping thing
I am going to see if DH can help me with it but I am the financial one in the relationship. I don't feel too financial right now :(
If I got the same % from Lending Tree as I did from the broker, why would I go with the broker if he is charging me an origination fee at closing? Right?
I think I need to speak to my broker on how the second loan would work since he has it as an interest only loan and the woman at Lending Tree has it as a fixed loan. I just don't want to call him yet until I understand this a little more or I won't understand what he is telling me anyway.
|
| Posted 4/26/06 2:58 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
|
Re: I hate this whole mortgage shopping thing
You could try contacting the following companies and asking them what their rates are and if they have any mortgage products that will meet your needs:
Watchovia
Wells Fargo
Bank of America
Citibank
North Fork Bank (but I think they might have been bought out)
Bank of NY
Astoria Federal Savings
Emigrant (do they do mortgages?)
Roslyn Savings Bank
Commerce
Washington Mutual
Chase
Teachers Federal Credit Union
Bethpage Federal Credit Union
Lendingtree.com
I have no idea how good or bad any of these lenders are. You should compare each of them and do what is best for you.
I would also read about the various types of mortgages out there. They have some financing options that are not the best, so you really need to be careful.
|
| Posted 4/26/06 3:06 PM |
| |
|
CellarDweller
LIF Adult
Member since 11/05 1562 total posts
Name:
Jennifer
|
Re: I hate this whole mortgage shopping thing
Suzanne - I know exactly what you're going thru - I handled getting our mortgage and I am totally not financially inclined.
Not sure this will help but - first I read Mortgages for Dummies and a bunch of stuff online about mortgages and interest rates.
Then I called four different places and got an idea of what options were available to us. I asked each one to email me a breakdown of the mortgage/fees/closing costs/etc.
Then I made a spreadsheet with a column for each option. I put in all the data and from that, I was able to compare the options a little bit better. Once I narrowed it down to two - I called each place back and spoke to the reps a little further. I wanted to make sure the person I would be dealing with was responsive and helpful.
The two options I was choosing between were very similar and, in the end, I went with the rep who returned all my calls and responded quickly and accurately.
Good luck!
|
| Posted 4/26/06 3:08 PM |
| |
|
Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
|
Re: I hate this whole mortgage shopping thing
Posted by MrsBSD
Suzanne - I know exactly what you're going thru - I handled getting our mortgage and I am totally not financially inclined.
Not sure this will help but - first I read Mortgages for Dummies and a bunch of stuff online about mortgages and interest rates.
Then I called four different places and got an idea of what options were available to us. I asked each one to email me a breakdown of the mortgage/fees/closing costs/etc.
Then I made a spreadsheet with a column for each option. I put in all the data and from that, I was able to compare the options a little bit better. Once I narrowed it down to two - I called each place back and spoke to the reps a little further. I wanted to make sure the person I would be dealing with was responsive and helpful.
The two options I was choosing between were very similar and, in the end, I went with the rep who returned all my calls and responded quickly and accurately.
Good luck!
Thanks. I am reading Mortgages for Dummies now but I need to make a decision soon.
Do you happen to still have a sample of the worksheet you created (without your numbers in it obviously)? I would love to see how you analyzed it all.
Message edited 4/26/2006 3:11:41 PM.
|
| Posted 4/26/06 3:11 PM |
| |
|
Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
|
Re: I hate this whole mortgage shopping thing
When we bought our co-op we went through a mortgage broker. DH called her and basically said - we're looking to purchase a co-op and need to finance the purchase. He told her he was calling around and would go with the best offer. He gave her two hours to get back to him and sure enough she had the best rate.
So....you might want to let the broker know that you have been looking around. Maybe they can work something out along the same lines as the mortgage companies you have been speaking to directly.
|
| Posted 4/26/06 3:12 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: I hate this whole mortgage shopping thing
You want the best advice?
Send all your good faith estimates to your lawyer and have him/her advise you. Thats what your lawyer is there for.
|
| Posted 4/26/06 3:13 PM |
| |
|
Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
|
Re: I hate this whole mortgage shopping thing
Posted by Ang-Rich
When we bought our co-op we went through a mortgage broker. DH called her and basically said - we're looking to purchase a co-op and need to finance the purchase. He told her he was calling around and would go with the best offer. He gave her two hours to get back to him and sure enough she had the best rate.
So....you might want to let the broker know that you have been looking around. Maybe they can work something out along the same lines as the mortgage companies you have been speaking to directly.
I plan on doing that once I call him. I am just trying to get a better understanding of what I am talking about before calling him so I can make sure that I understand what he is talking about.
I have not really spoken too much with this broker. He was recommended by my real estate agent. My friends used him too and like him but I am not sure if they shopped around or not. I was told he was not a hand holder and this is the case. All of this is happening so fast and have not had one conversation with him in regards to what we are looking to do. He just said he would do the best thing for us and trust him. Not sure how I feel about that.
|
| Posted 4/26/06 3:15 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: I hate this whole mortgage shopping thing
My husband has his own Mortgage office- he has helped a few people on LIW- he is happy to answer your questions - wheather you want to use him or not
FM me if you want his email
|
| Posted 4/26/06 3:22 PM |
| |
|
Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
|
Re: I hate this whole mortgage shopping thing
Posted by Beth1210
My husband has his own Mortgage office- he has helped a few people on LIW- he is happy to answer your questions - wheather you want to use him or not
FM me if you want his email
Thanks. You have FM.
I am so confused right now I dont even know what questions to ask anymore
|
| Posted 4/26/06 3:36 PM |
| |
|
june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
|
Re: I hate this whole mortgage shopping thing
I work For Washington Mutual. We do Mortgages if you want FM me and I can give you our # to call us. We can help you with your Questions Don't stress theres always help!!!!
|
| Posted 4/26/06 3:49 PM |
| |
|
patti08
Happy
Member since 5/05 3893 total posts
Name:
Patti
|
Re: I hate this whole mortgage shopping thing
Posted by DjPiLL
You want the best advice?
Send all your good faith estimates to your lawyer and have him/her advise you. Thats what your lawyer is there for.
I knew the expert would chime in. DjPill is right let your attorney or a personal account look it all over.
|
| Posted 4/26/06 4:45 PM |
| |
|
CellarDweller
LIF Adult
Member since 11/05 1562 total posts
Name:
Jennifer
|
Re: I hate this whole mortgage shopping thing
Posted by patti08
Posted by DjPiLL
You want the best advice?
Send all your good faith estimates to your lawyer and have him/her advise you. Thats what your lawyer is there for.
I knew the expert would chime in. DjPill is right let your attorney or a personal account look it all over.
I really wish I had known this! 
It never occured to me to have my atty look at the mortgage stuff.
Oh well...next time!
|
| Posted 4/26/06 4:53 PM |
| |
|
MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
|
Re: I hate this whole mortgage shopping thing
DH and I are in the same boat. We were working with this broker who switched companies. Well when he switched his % went up and didn't tell us. Our lawyer told us to ask him the other day and he told us it was 2.5%  Now I have a family friend who does mortgages and said she can give us 1% and less application/credit/processing fees.
So being curteous that we are, we gave this other guy and opportunity to lower his rate so he gets the sale, and he called back and said "I'm insulted after all the work I did for you, go with her!"
 Ughh..hello??? 5-6 thousand savings is a lot when you are trying to buy a new house.
But yea...anyway not to steal your board. Shopping around S U C K S but our lawyer told us to do it.
|
| Posted 4/27/06 5:55 AM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: I hate this whole mortgage shopping thing
do not feel dumb!! when we first started the whole house hunting process I could not believe how many variables went in to a mortgage.
IMO, instead of making you take useless college classes, they should make everyone take mortgages 101! there is SO MUCH to know and 1 bad decision will cost you $$$$$$$$$$
you are not alone! good luck
|
| Posted 4/27/06 7:28 AM |
| |
|
usuk2004
I'm ONE!
Member since 5/05 5150 total posts
Name:
Farah
|
Re: I hate this whole mortgage shopping thing
We used a broker - best $500 we ever spent - really!! interest rates change daily, and brokers have inside contacts with lenders. He searched for the best rate and was able to lock it in immediately. He also knew who was going to change their rates within the next week, month, etc. I'm sure they're not all as helpful, trustworthy, etc, but ours was highly recommended and saved us a ton of hassle!
|
| Posted 4/27/06 9:19 AM |
| |
|
