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ladybug78
LIF Adolescent
Member since 1/06 719 total posts
Name:
K
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Mortgage broker vent!
We are currently working with a mortgage broker to see what kind of rates he can get us...I am so frustrated because rates dipped last week and they are up again this week and I feel like we should have locked in...We haven't signed anything with the broker saying that we are definitely going to use him in the end so I don't know what to do at this point...Any advice? 
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Posted 3/7/08 11:51 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Mortgage broker vent!
they will drop again most likely at months' end.
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| Posted 3/7/08 11:52 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Mortgage broker vent!
Continue working with him, but get on the ball yourself and start calling up your/dh's bank and get rates. You never know. You might find a really good rate on your own.
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| Posted 3/7/08 11:53 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage broker vent!
I don't know why you would be venting about the broker, as compared to venting about the rates (if that's what you meant).
Rates change daily and I always advise people to lock in if they have access to a rate they are comfortable with. But sometimes people get greedy and try to get something better and 9 times out of 10 the rates go back up.
You can't time the mortgage market because even though the fed has been dropping the prime rate quite a bit recently, the mortgage rates are not affected by this.
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| Posted 3/7/08 11:53 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Mortgage broker vent!
I would def. start calling banks to get an idea on rates asap.
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| Posted 3/7/08 11:54 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Mortgage broker vent!
Wait until the FED meets on Mar 18th to lock in. They will most likely slash the base rate again.
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| Posted 3/7/08 12:00 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage broker vent!
Posted by MrsBlueSash
Wait until the FED meets on Mar 18th to lock in. They will most likely slash the base rate again.
This doesn't guarantee the mortgage rates will go down.
This will only guarantee that short-term rates will go down (like HELOCs, car loans, savings accounts, etc.)
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| Posted 3/7/08 12:02 PM |
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ladybug78
LIF Adolescent
Member since 1/06 719 total posts
Name:
K
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Re: Mortgage broker vent!
Posted by ave1024
I don't know why you would be venting about the broker, as compared to venting about the rates (if that's what you meant).
Rates change daily and I always advise people to lock in if they have access to a rate they are comfortable with. But sometimes people get greedy and try to get something better and 9 times out of 10 the rates go back up.
You can't time the mortgage market because even though the fed has been dropping the prime rate quite a bit recently, the mortgage rates are not affected by this.
Well, I thought the broker works for us and should be looking out for the best rates for us...After all, that is why we would pay him in the end.
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| Posted 3/7/08 12:05 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Mortgage broker vent!
Posted by ave1024
Posted by MrsBlueSash
Wait until the FED meets on Mar 18th to lock in. They will most likely slash the base rate again.
This doesn't guarantee the mortgage rates will go down.
This will only guarantee that short-term rates will go down (like HELOCs, car loans, savings accounts, etc.)
True, but I would still wait. It is more likely that they will go down (for a short period after the rate cute) than that they stay the same or even go up. They went down after the last cut so while they may not be proportionate to the reduction, they will most likely decrease some amount and every little bit counts.
Message edited 3/7/2008 12:09:14 PM.
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| Posted 3/7/08 12:08 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Mortgage broker vent!
Posted by ave1024
Posted by MrsBlueSash
Wait until the FED meets on Mar 18th to lock in. They will most likely slash the base rate again.
This doesn't guarantee the mortgage rates will go down.
This will only guarantee that short-term rates will go down (like HELOCs, car loans, savings accounts, etc.)
Yep - the mortgage rates are based on the bond market. And you can't time the rates.
It does stink when the rates are higher when it's time for you to lock in - the same thing happened to us when we did our lock.
When we dealt with a broker - he told us that the rate we lock in at would be the highest rate we would possibly get - that there was a chance that he could get us a lower rate. Low and behold, he did - a couple weeks later he was able to get us a lower rate with a different bank (mainly due to the length of the lock - it went from 60 days to 30 days).
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| Posted 3/7/08 12:36 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Mortgage broker vent!
Posted by ladybug78
Posted by ave1024
I don't know why you would be venting about the broker, as compared to venting about the rates (if that's what you meant).
Rates change daily and I always advise people to lock in if they have access to a rate they are comfortable with. But sometimes people get greedy and try to get something better and 9 times out of 10 the rates go back up.
You can't time the mortgage market because even though the fed has been dropping the prime rate quite a bit recently, the mortgage rates are not affected by this.
Well, I thought the broker works for us and should be looking out for the best rates for us...After all, that is why we would pay him in the end.
The broker can't predict when rates are going to go up or drop. The broker should be able to find the best rates at a particular time, but it's up to you to decide whether you want to lock in or wait and hope that the rates will drop.
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| Posted 3/7/08 12:38 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage broker vent!
Posted by MrsS2005
Posted by ladybug78
Posted by ave1024
I don't know why you would be venting about the broker, as compared to venting about the rates (if that's what you meant).
Rates change daily and I always advise people to lock in if they have access to a rate they are comfortable with. But sometimes people get greedy and try to get something better and 9 times out of 10 the rates go back up.
You can't time the mortgage market because even though the fed has been dropping the prime rate quite a bit recently, the mortgage rates are not affected by this.
Well, I thought the broker works for us and should be looking out for the best rates for us...After all, that is why we would pay him in the end.
The broker can't predict when rates are going to go up or drop. The broker should be able to find the best rates at a particular time, but it's up to you to decide whether you want to lock in or wait and hope that the rates will drop.
Agreed. The broker can't predict which way the rates will go any better than you or me. It's up to you to decide when you are ready to lock in and then the broker will be able to break down which bank he is working with currently has the best rate.
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| Posted 3/7/08 12:51 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Mortgage broker vent!
Where are you in the home buying process? We locked too early and almost risked having to pay a penalty if we didn't close quickly enough...
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| Posted 3/7/08 1:15 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 vent!
the broker can't do much but give you an estimate of the rate until you are actually going thru with the loan
he/she isn't just going to search daily for the best rate for you until you are serious
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| Posted 3/7/08 7:03 PM |
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ladybug78
LIF Adolescent
Member since 1/06 719 total posts
Name:
K
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Re: Mortgage broker vent!
Posted by Beth1210
the broker can't do much but give you an estimate of the rate until you are actually going thru with the loan
he/she isn't just going to search daily for the best rate for you until you are serious
We are serious-we are in contract and he has our contract along with pay stubs, bank statements etc.-We are waiting on him at this point to go forward.
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| Posted 3/8/08 8:11 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 vent!
then find someone else
if you aren't happy now- you aren't happy
he should be happy to have the business
my DH was working on deals from his hospital bed
Message edited 3/8/2008 10:20:41 PM.
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| Posted 3/8/08 10:16 PM |
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ladybug78
LIF Adolescent
Member since 1/06 719 total posts
Name:
K
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Re: Mortgage broker vent!
Posted by Beth1210
then find someone else
if you aren't happy now- you aren't happy
he should be happy to have the business
my DH was working on deals from his hospital bed
I wish this guy was as motivated as your DH! It just seems like he should be guiding us through this whole process and I can barely get a hold of him when I have questions...I think we are going to go elsewhere at this point
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| Posted 3/8/08 10:31 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 vent!
I hope you find someone that you are happier with
I can't imagine this guy isn't hungry to close this deal
it's been a rough 10 months for everyone in the business-
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| Posted 3/10/08 4:16 PM |
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ladybug78
LIF Adolescent
Member since 1/06 719 total posts
Name:
K
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Re: Mortgage broker vent!
Posted by Beth1210
I hope you find someone that you are happier with
I can't imagine this guy isn't hungry to close this deal
it's been a rough 10 months for everyone in the business-
It's crazy that I thought the same thing that he would be happy for our business! We haven't even gotten a good faith estimate or any rates yet from him...And I called a bank and another broker today and will have good faith estimates from them tomorrow and this other broker has had all of our info for over 2 weeks now with nothing!
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| Posted 3/10/08 4:48 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 vent!
I don't really get it or know
maybe he isn't planning on staying in the business or just doesn't have great follow thru skills????
hope you find someone that is right for you
I would tell you to call my DH - but he isn't offically set up at his new company yet- and he wouldn't be able to focus on this till next week
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| Posted 3/10/08 4:58 PM |
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