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Getting a mortgage - going through a funding group vs. going straight to the bank
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Mrs213
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Member since 2/09 18986 total posts
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Getting a mortgage - going through a funding group vs. going straight to the bank
Do they charge you more to do this? Is it better to go straight to the bank and say I want to apply for my mortgage here?
ETA: We are getting ready to apply for the mortgage and have been working with my friends husbands. The closing costs he projected on the good faith estimate are approx 7.5%
I don't understand these things so I have no idea what this includes...
I am trying to figure out what to do if it's going to save us several thousand dollars...
Message edited 4/20/2010 7:17:46 PM.
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Posted 4/20/10 7:13 PM  |
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Prudential Douglas Elliman Real Estate
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Re: Getting a mortgage - going through a funding group vs. going straight to the bank
When we bought our first home we went through a broker and with our second we did the leg work and went through a bank.
We will never go through a broker again. We paid close to $22K on a loan amount of $300K! For our second home our loan amount is more and we paid $9100. What our GFE from our bank is what we ended up paying at closing. With the broker we needed to bring an extra $4 or $5 thousand to the closing table. We are lucky we had that cash in the bank and we didn't find out about it until the day of closing.
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| Posted 4/20/10 7:58 PM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Getting a mortgage - going through a funding group vs. going straight to the bank
Posted by JerseyMamaOf2
When we bought our first home we went through a broker and with our second we did the leg work and went through a bank.
We will never go through a broker again. We paid close to $22K on a loan amount of $300K! For our second home our loan amount is more and we paid $9100. What our GFE from our bank is what we ended up paying at closing. With the broker we needed to bring an extra $4 or $5 thousand to the closing table. We are lucky we had that cash in the bank and we didn't find out about it until the day of closing.
Wow that is crazy - I think this is going to be bad news for us. I better start calling some banks
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| Posted 4/20/10 8:26 PM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Getting a mortgage - going through a funding group vs. going straight to the bank
Now I don't know what to do and if I already owe this guy money - I already
He already sent me a loan application, am I off the hook if I haven't filled it out or signed anything yet?? He gave us our preapproval letter. This is going to be very uncomfortable is a coworkers husband
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| Posted 4/20/10 8:45 PM |
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Re: Getting a mortgage - going through a funding group vs. going straight to the bank
You don't have to go with him just because he gave you a pre-approval letter, or because you filled out a loan application. DH and I filled out many loan apps before choosing the perfect lender for us.
BTW, we went with Bethpage Federal Credit Union- great rates and decent closing costs.
HTH 
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| Posted 4/20/10 8:54 PM |
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