Reply
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: First Time Homebuyer in this Crazy Housing Market


NewbieReed wrote:

MovingForward_2012 wrote:
I found my Broker through a realtor reference as I was looking for houses online and requested more additional info. The realtor asked how much do I have as a downpayment and I told him that I was interested in one of the CHFA programs that puts the downpayment into a second mortgage so the realtor referred me to a Broker that did those types of loans. I got preapproved through that broker and hired a realtor and started to look at homes. I found a new construction I really liked and proceeded to put an offer in on it. They told me it would be beneficial if I went through the builder's lender to get $15K in incentives. So I decided to do that and started working with one of their loan officers. I never actually signed any docs with the Broker as the loan app was done over the phone. I was scheduled to come in and meet with the broker in person but never did as I switched to the builder's lender before my appointment. And I wasn't charged any cancellation fees or any other fee. The Broker got to know me over the phone.

Many brokers band together and start stand alone mortgage loan companies like CityWide or Countrywide home loans, which are companies where you would work with a Broker.

AAaah. I see. Thanks for sharing.

i definitely think that we'll be going with a broker -- i need a seasoned hand to guide me.


No problem.  You are more than welcome.  :-)

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}