Finding a lender you can trust first step in getting mortgage
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#1 May 18, 2008
This article is wrong. The lender isn't the one who you should be looking at. You should be looking at the broker of the loan. The lender just lends out money. The broker takes all the borrowers info and finds a certain loan for that client. The broker is in charge of explaining your mortgage, too.
#2 May 18, 2008
Furthermore, mortgages are bought and sold on a secondary market. The mortgage remains the same, but the lender is different. Often times, a mortgage can be bought by another lender right after closing! The point here is that you may choose a lender at first, but you may get another one or two changes down the road. So, focusing on a lender is the wrong focus. Bad article, as far as that is concerned.
#3 May 18, 2008
"Don't call Larry the Lender on the second floor of the pizza shop who's got a sign out that he's a mortgage broker,'' said Jack Sarver, chief executive of the TeleCommunity Credit Union, a 75-year-old credit union in the Portage Lakes area that also has a branch in Bath Township." ...stupid comment! WHY WOULD A MORTGAGE BROKER ADVERTISE THEMSELVES AS "LARRY THE LENDER" ?
#4 May 18, 2008
#5 May 18, 2008
WELL...they can't and don't advertise that way. It's against Ohio Financial regulations to do that on advertisements. So...you don't see those signs out there. Whoosh...(don't whoosh about things you don't know about)
#6 May 18, 2008
I've been a mortgage lender since 1998 - both for local banks, and mortgage bankers. Moved is flat out wrong on the focus.
While it's true that loans are often sold, borrowers ought to be concerned about the servicing of the loan. Some lenders that sell the ownership of the loan to someone like Freddie Mac or Fannie Mae still service the loan (collecting payments, paying escrow items).
To Moved, as a banker, I've lent my institution's funds to borrowers and have explained the loan terms to them. In 10 years, you'll not find one of my customers that didn't find me at closing - didn't see me compare the Good Faith Estimate and the original Truth In Lending to their FINAL Settlement Statement. In 10 years, not one of my customers found an adjustable rate when they thought they had a fixed rate. You can see the point.
Here's the reality of lending - your local bank branch KNOWS what they charge on closing costs, just like your local credit union or mortgage banker. Mortgage BROKERS have the horror stories of terms changing (perhaps the lender stopped offering the loan) or fees changing (perhaps the broker changed lenders..)
Prior to your next argument that broker's expanded the rate of homeownership and lent to people the banks were not -- here's the answer. Local banks and local credit unions built communities and lent to people with a reasonable shot of paying it back. All of us are in the mess we are in because loans were made to people who were not ready yet, but with homeownership counseling and credit education, might have been ready to be a homeowner.
To Moved, I wonder what brokerage you either owned or worked for. Your comments sound like they came from someone like a Jim Petit (The Mortgage Man or whatever the moniker was for his defunct Financial Savers Association) or Jim Nabors (Former national president of the National Association of Mortgager Brokers) who for years was knows as Mr. Money out of Sandusky.(So, perhaps "Larry the Lender" isn't too far off.)
#8 May 18, 2008
... Just closed on a $2 million loan, 3-year ARM with a British gentleman taking advantage of the dollar! How about you?(in Ohio?)
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