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Objective data on mortgage lenders...

Discussion in 'Archived Threads 2001-2004' started by Drew Bethel, Sep 29, 2002.

  1. Drew Bethel

    Drew Bethel Screenwriter

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    Any idea where I can look for this kind of info? Interest rate is key but some data on service is also important. I'm about to pull the trigger and get pre-approved in a few days but the numbers of lenders is endless. Hope someone can help. Thanks.
     
  2. Steve Russell

    Steve Russell Stunt Coordinator

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    I don't have a place for service info but I would recommend that you do look into it. My mortgage provider has been less than helpful. Several times there have been potential snags in the process and they did not even call me to tell me. I only found out about the problems because I called to check on things and they mentioned them incidentally. What I can't figure out is I am paying them all this money, close to $3500 in closing costs and I'M the one doing all of the work and running around playing phone tag with everyone. Has been really frustrating. Especially when they call 3 days before closing to ask for information that you provided a month ago. What the hell ever happened to customer service?(especially $3500 worth of customer service). I would ask them specifically how things are handled and who is responsible for what. I can't tell you how many times in the last month my stress level has been in orbit. Fortunately it is almost over for me.
     
  3. Drew Bethel

    Drew Bethel Screenwriter

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    Thanks Russell. That sounds like a nightmare for you. Good luck with them.
     
  4. Max Knight

    Max Knight Supporting Actor

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    Yeah, I'm about to close (Wednesday), and I'm using eTrade. They have been royal pains in the ass. For example:

    1. Was supposed to close last month. The seller pushed the date out a month. eTrade made me re-file for the loan, and lost my paperwork, so I had to resubmit everything (after telling me "you won't have to resubmit anything, we'll keep all your paperwork"). A big pain.

    2. We were supposed to close today, but then I got a call Friday afternoon that they had not received some paperwork from the homeowner's association (despite the fact that I had called every day for the last week to find out if they needed anything or if there was anything I could do to help), and thus could not possibly close before the 2nd. It took me 5 minutes to call the home owners association and have the paperwork faxed to them, but it was "beyond their deadline for the transaction". This pushed an end of the month closing to a beginning of the month closing, with all the associated financial headaches.

    3. I have a no closing cost mortgage. Now I'm told that there is a $630 "bank fee" that I have to pay. It wasn't counted as a closing cost, because "it doesn't go to us". Now, they are the bank. The bank fee goes to someone else?!

    In short, I got a good rate, but they have fought me every step of the way. Buying a house or condo is a lonely job (no pun intended). The only person interested in your well being is your lawyer, and that's because you are paying him. Remember:

    The Broker works for the sellers.
    The Seller's lawyer works for the sellers.
    The bank only looks out for itself, and in my experience wants to push things out for as long as possible.

    They are all against you!
     
  5. Patrick Sun

    Patrick Sun Moderator
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    Try and ask your friends for they experiences with local lenders, one who has an office in case you need to become "up close and personal" about your loan.

    I just recently re-fi'd my mortgage (closed last Tuesday) and it didn't take anymore than one month from the time I started the process to the closing. I picked a lender with the same affiliation as my current mortgage so that I could do what's called a "streamline" re-fi (where the lender already had all my information and all I had to do was sign a couple forms for the application which I fedexed back to the broker, and then show up at the lawyer's office to sign the rest of my life away once again at closing).

    During the entire process I did have to call my "new" broker twice to get the signing date at the lawyer's office, and I had to call a few time the lawyer's office who are preparing the paperwork to find out how much I needed to bring with me in a cashier's check (it wound up that the total was low enough that I just wrote them a personal check). It was the day of the lawyer office visit before I got not only directions to the office, but the amount that I would have to pay to get the loan squared away (less then $200). That was cutting it a little close, but it worked out.

    But if you expect the loan processors to keep you up to date, that's the wrong attitude. You really need to take it upon yourself to check the status of the loan in scheduled intervals and make sure if clarifications/documentation is needed to get the process running smoother. These loan processor are inundated with loans and re-fi's, and they most likely won't call you until the very last minute, so it's better to take the initiative and be that pain in their ass and make sure all of your ducks are in a row when you show up at closing.

    My re-fi went off without a hitch, but I know it did because I took it upon myself to make sure the loan processors had what they needed from me, and that I got myself to the place I needed to be to sign the papers and brought what was needed at closing.

    I have a friend who's trying to re-fi, and it's been almost 3 months since he started the process. You must be prepared to do some of the legwork to get the ball rolling in the right direction when you seek out a mortgage.
     
  6. Tim Markley

    Tim Markley Screenwriter

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  7. Ashley Seymour

    Ashley Seymour Supporting Actor

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    Max is facing -
    The Broker works for the sellers.
    Don't use the seller's broker, get a Buyer Broker and make him/her do more of the work. They should be able to do a reasonable loan prequalification before going the lender and give you a quick breakdown of closing costs.
    The Seller's lawyer works for the sellers.
    We rarely use lawyers. Title companies provide title insurance and escrow closing services and since they represent neither buyer or seller give reasonably impartial service.
    The bank only looks out for itself, and in my experience wants to push things out for as long as possible.
    At least the first part is correct. At the time of submission of the Purchase and Sale Agreement to the lender they are required to provide a "good faith" estimate of closing costs. Lenders should be able to close in two to three weeks at the most. Check out Savings and Loans, then Banks, Mortgage Brokers, and finally e-crap.
    Rates are soo competitive today that a lender that quotes even a quarter point higher should be questions. If a lender quotes a quarter or a half point lower than the norm, look to see if there are points to get that loan. About 1 point should reduce the rate 1/8 %. It is a poor choice as it will take about 10 years to recover the cost of the point in the reduction of monthly interest payment.
    Drew, whatever else you may think, current rates are to die for. My first rate was 10% and the second home had a rate of 13.375% and was an ARM with an 18% cap.
     
  8. Steve Russell

    Steve Russell Stunt Coordinator

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    I don't mind making some phone calls to check on things but if there is a problem that could cause the deal to fall through the lender should alert the customer(I am still a customer, right?) as soon as possible. Not when I call 3 days later to check on things and find out incidentally. I still think that customer service has gone to hell. I am paying for their services right? Or am I paying them to sit on their asses and take my money. My closing went smoothly and I am glad it is over but I'm still irritated about the way they do business.
     
  9. GordonL

    GordonL Supporting Actor

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    Take a look at Gomez. They have customer rankings on some of the bigger mortgage lenders. I went with Countrywide for my refi and have no regrets. From application to settlement took about 3 weeks and everything went smoothly. You probably won't get rock bottom rates but you don't get any hassles either.
    If you want to take a chance on other lenders, check out www.interest.com www.bankrate.com
     
  10. Drew Bethel

    Drew Bethel Screenwriter

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    I think the key is to ask for the APR, not just the rate. Everyone is quoting the same rate but when you ask for the APR there can be differences as high as a quarter point.

    Another problem I have is getting a straight answer on the amoount of time I will have to pay MIP(similar to PMI) on an FHA. One lender said 10 years, the other said when the ltv is 78%, the other lender says forever. Go figure!
     
  11. Max Knight

    Max Knight Supporting Actor

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    Let me update my saga:

    Got a call today from my lawyer telling me that etrade's lawyer just told them we can't close tomorrow because "the closing date was not confirmed 48 hours in advance". This is bull, because etrade set the new closing date last Friday. I'm trying to sort it out right now.

    I am so stressed at this point that I feel like I'm going to have a heart attack.

    Note to Ashley:

    I don't know if things are different in Idaho, but in New York City everyone has to be lawyered up, and I've never heard of a Buyers Broker. Sounds like you have things much better out there!
     
  12. Ashley Seymour

    Ashley Seymour Supporting Actor

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    Max comments:
    I don't know if things are different in Idaho, but in New York City everyone has to be lawyered up, and I've never heard of a Buyers Broker. Sounds like you have things much better out there!
    I am aware of the requirement to use lawyers in many of the east coast states. You do what is customary, or required, in your state.
    Idaho has a mandatory disclosure of agency in real estate transactions. A buyer and seller both have to sign an acknowledgement of a receipt of a state provided form. The brochure describes what is the difference between a broker, a salesperson and a sales associate. It describes what it means to be a customer, a client, and who the real estate professional can represent, buyer, seller or both.
    To become an agent for the buyer, a contract is signed by both the buyer and the real estate professional which answers how will the brokerage be paid and when, how long is the contract, and the liability for buying through another broker, plus a permission to represent both buyer and seller if agreed.
    A Buyer Broker is obligated to keep confidential a buyer's motivation to buy, bargaining position and any information that may create an advantage for the seller. All material facts must be disclosed.
    Typically a Buyer Broker fee is paid a closing for the amount offered by the listing broker in the information provided about the property.
     

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