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Post Statistics: 684 Views, 2 Replies
Latest Post: Wed, Apr 29 2009 11:47 PM by Dana Bain
  • Wed, Apr 29 2009 2:56 PM
    • Anonymous
    Significant Savings Going with a Mortgage Broker Rather than a Bank?
    Is there a significant savings going with a mortgage broker rather than bank? There appears to be no origination fee.Though they charge a commitment fee, it is about half the origination fee.
     
  • Wed, Apr 29 2009 10:29 PM

    I am interested in your 4.25% 30 year fixed rate loan.  What is the small buy down fee?  Why are you listed as a broker on the CA DRE website if you're a direct lender?  

     

    Edit:  This was in response to a reply that has since been deleted.

     - View My Profile
    Certified Mortgage Planner
    American/California Financial Services, Inc.
  • Wed, Apr 29 2009 11:47 PM

    Request a detailed GFE (Good Faith Estimate) upfront prior to paying any upfront money.

    Itemize the total closing cost on the GFE.

    The reason is some originators do not call the fees an origination fee or point , some call it a SURE FEE some call it something else.

    It does not matter in the end what it is called what matters is what the true cost of getting the loan is.

    Also stick with a local mortgage broker / mortgage banker / mortgage lender that is in the same state where you are living.

    Why because the Div of Banks in your state can take action all lot quicker than an originator that is across the country.

    Also check the reputation of the originator with your Div of Banks or BBB & hopefully  the state you are in is abiding by

     http://www.stateregulatoryregistry.org/NMLS//AM/Template.cfm?Section=Home3

     

    Happy Mortgage Shopping

     

    Dana Bain

     

    PS: If this is a refinance and when you go to closing and your settlement statement / HUD 1 has a large variance in higher closing cost that were not originally disclosed you can recind the transaction within three business days and any moneys you paid up front MUST be refunded.... 

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