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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Broker or Bank?
Did you guys use a broker or a bank? Can anyone give me details of their experience, negative or positive, with either one?
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Posted 6/10/06 11:08 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: Broker or Bank?
We used Washington Mutual Bank. Great experience! 
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| Posted 6/10/06 1:02 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Broker or Bank?
We use banks, but I've had a not so good experience with a broker. Not to say that brokers aren't good, it was just my experience and that was enough for me.
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| Posted 6/10/06 2:34 PM |
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MayDay16
LIF Infant
Member since 6/05 56 total posts
Name:
A
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Re: Broker or Bank?
Bank - Washington Mutual
A bank you are going right to the source as opposed to a broker who shops around to a bank to find the best deal.
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| Posted 6/10/06 2:35 PM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: Broker or Bank?
Posted by greeneyes361708
Did you guys use a broker or a bank? Can anyone give me details of their experience, negative or positive, with either one?
I am using a broker b/c they are giving me a better loan (better for me) than banks I've checked with and I get $500 back b/c of the real estate company I am buying the house from. The only thing with the broker is that they charge a lender fee and I believe banks don't. But I get $500 back so it cancels it out. Check with both. I was told if you shop for a mortgage for 14 days, it counts as 1 inquiry on your credit report even if you check with 100 different companies. But if on the 15th day you checked with 1 more company, then your total inquiries would be 2. A mortgage is such a big commitment that you should really check with both.
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| Posted 6/10/06 10:38 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Broker or Bank?
We used a broker and will never use a bank.
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| Posted 6/11/06 10:30 AM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Broker or Bank?
We used a broker for our purchase.
Bank (WAMU) for the HELOC on the old house to purchase the new home.
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| Posted 6/11/06 2:10 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Broker or Bank?
We used a friend who is a broker at Castle Rock Mortgage.
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| Posted 6/11/06 2:31 PM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: Broker or Bank?
We just had a horrific experience with 2 different brokers so we had to switch to a bank/lender (Countrywide) ...2 weeks before our closing date!! 
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| Posted 6/11/06 4:12 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Broker or Bank?
we prefer bank/credit union but have done both.
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| Posted 6/11/06 6:06 PM |
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Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
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Re: Broker or Bank?
Lender (Opteum Financial) the experience was flawless, our rate was great for us and closed really fast with zero problems.
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| Posted 6/11/06 8:25 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Broker or Bank?
Posted by MayDay16
Bank - Washington Mutual
A bank you are going right to the source as opposed to a broker who shops around to a bank to find the best deal.
but to play devils advocate- and I will add my DH is a broker and banker-
with a bank you a limited to what they have to offer- and with a broker they can shop for the best deal that works for you-
brokers don't pay retail with the banks - they pay wholesale-
I would shop around and go to more then one bank or broker
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| Posted 6/11/06 8:48 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Broker or Bank?
It depends on your financial situation. we have excellent credit and didn't need to pay any points, so we qualified for the lowest rates at all banks we visited. We spoke to a few brokers, but didn't think it was in our best interest to pay their fees to get a comparable rate to those we got without paying any fees. In the end, we went with Washington Mutual, and had zero problems. Everyone was extremely helpful. Best of luck.
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| Posted 6/11/06 9:23 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Broker or Bank?
Posted by MrsMadness
It depends on your financial situation. we have excellent credit and didn't need to pay any points, so we qualified for the lowest rates at all banks we visited. We spoke to a few brokers, but didn't think it was in our best interest to pay their fees to get a comparable rate to those we got without paying any fees. In the end, we went with Washington Mutual, and had zero problems. Everyone was extremely helpful. Best of luck.
watching the Suzie Orman show the other day about mortgages she said you should ALWAYS pay 1 point, NEVER not pay any points b/c you are paying a higher interest rate if you dont pay any points as oppose to if you do and you can write the point off in your taxes too. This is even with the Bestest of credit.
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| Posted 6/12/06 8:03 PM |
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princess99
LIF Adult
Member since 5/05 3944 total posts
Name:
ME
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Re: Broker or Bank?
Posted by 2Pisces
We used Washington Mutual Bank. Great experience!
Us too! They were great from start to finish!
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| Posted 6/12/06 8:32 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Broker or Bank?
When we purchased our co-op in 2001 interest rates were unbelievable - especially on co-ops. DH's company had referred a broker and we took advantage. We got very lucky in that she has been amazing to work with. When our co-op closing was delayed by over a month we risked losing the locked in rate but scrambled to help us out....even came to our closing immediately after her honeymoon. She has been amazing and we had such a great experience that we are using her again with the purchase of our home.
ETA: About 2 years ago we refinanced on our own. After all that we agreed that the broker was worth the fee. JMO.
Message edited 6/13/2006 9:40:34 AM.
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| Posted 6/13/06 9:39 AM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: Broker or Bank?
For those of you who used Washington Mutual , were you pleased because of the quality of service or were they able to get you better rates?
Message edited 6/13/2006 9:42:19 AM.
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| Posted 6/13/06 9:42 AM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Broker or Bank?
we used both. Our first was a broker who was fantastic...the second with a bank who was fantastic - we lucked out and developed great relationships with both.
on the otherhand, our last experience with a broker was not good. Our agent asked if we could call her and just get a pre-approval letter while we were looking, but were free to use anyone we wanted.
when we told her that we were going with the bank she called up yelling that we should have given her a chance to beat the deal the bank gave us! I mean yelling! I calmly said, yelling won't sway me, if thats what you think. and afterwards she called the sellers agent and told her that she didn't think we could afford the loan!!! It caused huge problems, but luckily at that point we had a committment letter from the bank...what a mess...I guess since the market changed, people are fighting for loans
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| Posted 6/13/06 10:00 AM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: Broker or Bank?
Posted by Ricki
we used both. Our first was a broker who was fantastic...the second with a bank who was fantastic - we lucked out and developed great relationships with both.
on the otherhand, our last experience with a broker was not good. Our agent asked if we could call her and just get a pre-approval letter while we were looking, but were free to use anyone we wanted.
when we told her that we were going with the bank she called up yelling that we should have given her a chance to beat the deal the bank gave us! I mean yelling! I calmly said, yelling won't sway me, if thats what you think. and afterwards she called the sellers agent and told her that she didn't think we could afford the loan!!! It caused huge problems, but luckily at that point we had a committment letter from the bank...what a mess...I guess since the market changed, people are fighting for loans
This happened to us too!!!!!!!!
The guy called up ranting and raving at me! DH got on the pone and told him where to go.
He also said that we needed to give him a chance to beat the deal and I told him he should've given me the best deal he could do in the 1st place!!!
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| Posted 6/13/06 10:27 AM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Broker or Bank?
Posted by kaklesmay
Posted by Ricki
we used both. Our first was a broker who was fantastic...the second with a bank who was fantastic - we lucked out and developed great relationships with both.
on the otherhand, our last experience with a broker was not good. Our agent asked if we could call her and just get a pre-approval letter while we were looking, but were free to use anyone we wanted.
when we told her that we were going with the bank she called up yelling that we should have given her a chance to beat the deal the bank gave us! I mean yelling! I calmly said, yelling won't sway me, if thats what you think. and afterwards she called the sellers agent and told her that she didn't think we could afford the loan!!! It caused huge problems, but luckily at that point we had a committment letter from the bank...what a mess...I guess since the market changed, people are fighting for loans
This happened to us too!!!!!!!!
The guy called up ranting and raving at me! DH got on the pone and told him where to go.
He also said that we needed to give him a chance to beat the deal and I told him he should've given me the best deal he could do in the 1st place!!!
We had this happen too- we went with another broker(not a bank) who gave us the best deal. We went back to the orginal person we spoke to first and she was so angry- yelling at my DH that we "double-app" her and how dare he- what is wrong with these people!
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| Posted 6/13/06 12:01 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Broker or Bank?
I have used both - Broker and Bank, and I prefer working directly with the bank, as long as you know how to shop around and get the best rates. In my experiences, there were always hidden charges with the rates the brokers were giving me: points I was unaware i would have to pay for, service charges etc.. Working with the bank directly I was shocked to find out that I new each and every item I was being charged for upfront and there were no surprises.....
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| Posted 6/13/06 4:55 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Broker or Bank?
When we got our Mortgage it was before I worked for Wamu. We went through a broker that my DH was friends with. He said NO POINTS! Got to closing and our lawyer said you ARE paying a point! It was to late to turn back 
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| Posted 6/13/06 5:01 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Broker or Bank?
I don't know if this option exists in NY, but this time we went with an upfront mortgage broker. He gave us his fees up front and really only paid the half point and for the appraisial. No hidden stuff- it worked out great.
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| Posted 6/13/06 6:01 PM |
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