Are Mortgage Brokers Necessary?

[Rubyfruit]

If your situation isn't 100% perfect (credit, first time buyer, etc.), do you think their fee is worth their services or not?

 

[WaxNWane]

This has to be the least attention paid to one of your threads. (Maybe next time put "Should I fuck my mortgage broker?", then ask the un-sexy questions...the old bait & switch.)

I just bought a house 2 months ago, it was a new house, and the builder had their own lending agency. So, I'm of no help experience-wise. There are some websites that I *think* act as mortgage brokers, essentially - they have lots of FAQ's & general info that might help:

http://www.countrywide.com/ & http://www.ditech.com/home/

I've heard some not-so-flattering things about www.lendingtree.com.


I did find a little more info:
http://www.fool.com/homecenter/finance/05.htm

And what looks like an individual's site that had some pretty good info:
http://www.mtgprofessor.com/recent_columns.htm

Hope it helps.

 

[cutie pie]

Take some time and search the web. When we bought our house a little over two years ago, I found much better interest rates online than anybody local could give us. I ended up dealing with QuickenLoans and they were wonderful to work with.

 

[nakedangelina]

If your situation isn't 100% perfect (credit, first time buyer, etc.), do you think their fee is worth their services or not?

No. Brokers are basically a middle man who is going to farm out your SS# to everyone he can, and lower your Fico (credit score) in the process.
Go thru a LOAN OFFICER who works for a mortgage co alone. If you do not fit the "perfect customer" Bank of America or Wamu credit wise, there are several sites where you can apply online and they have people contact you by phone or email. You then give them PERMISSION to pull your credit, after you have talked and they know what you are looking for.

 

[Guest]

We used a broker in Dec. First time homeowning was scary and I wanted someone I could call at anytime. She helped me. But, it may vary from place to place. If you feel comfortable, forget a middle man.