[parks61]

Hello all, I will be coming down 9/18 and have been talking to people here in Kentucky about my upcoming visit to TV. It was suggested I contact a mortgage broker for a better deal - any comments?

[rshoffer]

Try Wells Fargo.

[redwitch]

I was a mortgage broker for 3 years -- quit because sales really isn't my thing. They frequently have access to some pretty good deals. The trick is to find a good one that doesn't overcharge you. Be careful of the no fees/no points loans -- you pay for that with higher interest rates.

An honest broker will be pretty happy making about 1% per loan but at least $1K per loan. If they're making much more than that, run the other direction -- they're much more interested in their profit than your loan and don't care about future referrals.

It is usually well worth loan shopping if you have the time -- check a bank, a credit union (some do do home loans) and a mortgage broker. Ask for estimated closing costs from both (yes, they can do that before you even get a loan -- it will be a rough guestimate but should be relatively accurate). Ask what their processng fees, points, loan origination fees are. Find out interest rates and points paid and who will be paying them (for a no points/no fee loan, the lender usually pays the points and fees and adds them to your loan package via a higher rate). If they quote you a low interest rate, ask if they can lock it in immediately. (It's easy to quote a rate and then just say that rates went up, sorry, when it is time to actually get the loan. At the same time, lenders will offer specials to a broker from time to time that can get you phenonomal deals.)

[parks61]

Hey redwitch, Thanks for the reply and all the advice and info. you seem to know a lot about it. If you still have any contacts in the business hook me up - I'll be there Sept 18 and hope to make the place I belive is called Crispers on the 19th. I think I read that all the singles meet there. Hope to run into you.