Recommendations for great mortgage broker?

We want to refinance our house and get a mortgage on a small investment property. We are both self employed so I need someone that knows their stuff.
We are in suffolk county.
Thanks

Recommendations for great mortgage broker?

We used Michael Bomparola at Citibank for our refi this past summer. He closed our original mortgage in '09 through Wells Fargo and kept up a "relationship" with us over the years after he moved to Citi. He was very easy to work with and really took the time to explain things to me -so much so that I remembered things/terms from 5 years ago about our mortgage. Haha! His number is 526-224-8933.

Re: Recommendations for great mortgage broker?

Kelly, we used Robert Morandi with Continental Home Loans. He is based out of Patchaouge (I beleive). Honest and straight forward guy with a lot of knowledge. His number is (631) 627-6060, ext 19.

Re: Recommendations for great mortgage broker?

Re: Recommendations for great mortgage broker?

Re: Recommendations for great mortgage broker?

Recommendations for great mortgage broker?

Thank you all! I will reach out to Rob!

Re: Recommendations for great mortgage broker?

I also recommend Robert Morandi with Continental Home Loans. He and everyone else at Continental was fantastic! Our mortgage process was super fast and easy!

Re: Recommendations for great mortgage broker?

CHL is a direct Lender

Re: Recommendations for great mortgage broker?

I've personally had the best experience with mortgage banks, such as CHL and U.S. Mortgage in terms of customer service. They fund their own loans and, after closing, package them and sell them, but MOST banks do that. They are, after all, in the business of making money.

But banks that fund their own loans and sell them are direct lenders still. I use the term "mortgage broker" to apply to someone who does not work for an entity that funds the loan, but who places the loan with another lender (basically matching up the borrower and lender). I sometimes get nervous with brokers as they don't have the same visibility into and control over the underwriting process, which is where things can go off the rails. The underwriter has the final say, period!

Also, even banks that don't sell the loans often hire another entity to service them.

I also believe that a borrower's experience with a lender is highly dependent on the individual people (loan officer, etc.) that they are dealing with.

Finally, I see a lot of posts on here about comparing rates, etc. The rates are mostly the rates. They will vary based on the borrower's qualifications, such as down payment, debt-to-income, but not so much from lender to lender. If some lender is quoting you a rate FAR below others, I would be looking into that to see if they are also charging points, jacking up closing costs, etc. The APR is a good way to compare apples to apples instead of just looking at the rate, as the APR will compare the total cost of the loan to the borrower, not just the interest rate. But again, it goes back to the fact that all lenders are in this to make money, so their loans have to be profitable to them in some way or the other.

Also, the "right lender" to some degree depends on what a particular buyer needs. Credit unions can be great on rates/costs, if you can qualify, BUT they are sticklers on things like C/Os, and they can take a bit longer to close. So if you need a super fast sale and know that the house you are buying is missing a C/O for a deck or something like that, you probably should avoid credit unions.