Mortgage Advice needed.......

[Dee*Jay]

Butterfly - jumbos are generally thought to be higher risk, therefore lenders charge more to compensate for the increased exposure. Not a great answer, but that's how the financial institutions have come to justify the higher rate.

 

[butterfly 17]

You guys are not going to believe this.
I just got an IM from the mortgage broker who I was thinking about using. I never actually filled out an application or anything, just asked him to run a credit check to see my score and see what kind of interest rate I could get and also estimate my closing costs.

Well, I told him that we decided to go with someone else, but I have a friend who is looking for a house currently and I already recommended him.

Guess what he told me? He said I was a B*tch and to call him when I didn''t close? WTF? Then he goes on to say that he could''ve gotten me a better rate, rates have dropped and I was like, hello, I spoke to you yesterday and asked you what the rate was and you still quoted me the same rate. Also, he was charging me .75% for his brokers fee.

I can''t believe how unprofessional he is!!!

 

[Dee*Jay]

NO WAY! You need to speak with his superviser promptly. Since it was an IM do you have a record that you can print out? THAT IS COMPLETELY UNACCEPTABLE!!!

 

[lovelylulu]

that is unbelievable -- i''d report it to the better business bureau!

 

[Princes]

Date: 11/28/2006 1:10:46 PM
Author:butterfly 17

4- As far as closing costs are concerned, the mortgage broker is charging .75% fee for his services added to the closing costs fees, but his total is still only $19K, compared with Chase which is almost 21k, so how is it possible that his estimate is cheaper than Chase''s?

.75% is good from a broker.

Does the 19K and 21K include your 20% deposite??

if not, HOLY COW are you buying a million $ home or what? lol

here is a good place for mortgage info.

www.doityourself.com

they have a section for financial info. do some looking around and if you want make a post w/ your questions.

good luck!