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Joanna
LIF Infant
Member since 3/07 99 total posts
Name:
Joanna
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Mortgage Broker Question
I hope I'm not driving people crazy with my questions (one day I will be able to provide the same feedback to others  ).
This is for a Co-op.
One of the stipulations from the seller was to use a different mortgage lender to get pre-qualified. We had a pre-qualified letter from a company DH's brother used in Maryland (they have offices in NY, but aren't that big here). We went ahead and were pre-qualified from the seller's person, the broker was very nice. He called me today to tell me that he heard the deal was going through. Question #1: Is it safe to use this guy or is he too intertwined with the seller and the seller's broker? Does this matter? Question #2: He quoted the upfront charge as $350 application fee and $325 appraisal fee? Does this sound correct? He can get us a rate at 6% right now.
Any thoughts would be greatly appreciated!!! TIA!!! This process is making me soooooo anxious.
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Posted 3/22/07 12:23 PM  |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: Mortgage Broker Question
I can't help you on Question #1, but regarding Question #2, the quote is about right. I guess everyone is different, but for the Application Fee, Appraisal Fee and Credit Report fee combined was $565 for me. I think the credit report was $20. So one of your fees is a little higher than mine --- about $100.
When I go home I will look at the form and see what was what.
Message edited 3/22/2007 12:37:14 PM.
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| Posted 3/22/07 12:35 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: Mortgage Broker Question
I would shop around- my husbands also recommends Chase for Co-op loans
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| Posted 3/22/07 3:59 PM |
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Libragal07
Loving Summer.....
Member since 8/06 6636 total posts
Name:
Samantha aka Sammy Bones
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Re: Mortgage Broker Question
Posted by Beth1210
I would shop around- my husbands also recommends Chase for Co-op loans
I do mortgages and I agree,
Chase
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| Posted 3/22/07 5:06 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Mortgage Broker Question
the only reason the seller wants buyers to be pre-approved through a specific broker is because the selling agent convinced them it was their best interest to have this done and then in turn, the REA has a deal with the mortgage broker to get a kick back. happens everyday...heck, i do it when i can! its totally safe for you as a buyer, no need to be concerned. but you'll learn that in the wonderful world of real estate, networking is everything! 
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| Posted 3/22/07 5:24 PM |
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Joanna
LIF Infant
Member since 3/07 99 total posts
Name:
Joanna
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Re: Mortgage Broker Question
Posted by Beth1210
I would shop around- my husbands also recommends Chase for Co-op loans
I called Chase - they quoted $1495 for the closing cost and a rate of 6.125. That seems great - thanks!! Should I call other brokers and more banks??
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| Posted 3/22/07 7:46 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: Mortgage Broker Question
Posted by Joanna
Posted by Beth1210
I would shop around- my husbands also recommends Chase for Co-op loans
I called Chase - they quoted $1495 for the closing cost and a rate of 6.125. That seems great - thanks!! Should I call other brokers and more banks??
my DH is in the biz and he sends all his co-op deals to them
but maybe call a few more places just so you know you are getting a good deal
that sounds great!
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| Posted 3/22/07 7:58 PM |
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