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HI, my husband and I recently signed a contract for a Short sale property the beginning of the month. We are still waiting for the seller to sign and paperwork to be sent to the bank.
My question is I've dealt with a Mortgage broker for a while as we previously were looking into co-ops. In any case I'm wondering if I should have shopped around a bit before just dealing with the only broker I've known. My credit shore is in the mid 700's and my husband is in the low 700's, we are getting a VA loan.
We met and signed some paperwork to start the loan process with Plaza home mortgage, but the application has not been submitted yet as I was waiting to get his DD214. Is it to late to shop around? We already have 3 hard pulls from the broker in the past year and a half when I was fixing/working on my husbands credit and she needed updated scores.
She is great to work with with but I'm just wondering if I might be able to get a better deal with a bigger bank?
Well are loan is for $350k + VA funding fee of $8.4k. She put in a rate of 3.75 (closing costs total $12,094) but said that once we have the contract approved by the bank we can go for 3.25 which would be about $2k more in closing costs if rates stay consistant. I guess looking at the orignation fee of 2.5% ($8,960) it just seems pretty high even though we are getting a credit of 4% (-14,336) from the lender.
Maybe I'm just putting to much thought into this...I guess $12k in closing costs isn't to bad when you factor in we are putting 0 down. Dealing with a short sale gives you so much time to reanalyze and look over things since your just playing the waiting game.
NY, in NYC to be precise since it's probably more expense with certain things then upstate
ok, thank you for you input. I appreciate it! I think i will contact Veterans United to see what they can quote me.
I mean i think certain charges are standrd but it's just the 2.5% orignation fee that is bothering me. Are credit is in decent shape and she said we shouldn't have any problems getting a loan.
I'm getting a few more quotes before I call and see if they can negociate their origination fee. I got an email yesterday that they sent my file to underwriting, but the seller is signing the contract today? Does this make sense...
Is the Lender paying the Broker? Is that part of the Lender credit of 4%.
If the Lender is paying the Broker then sometimes the fee is not as negotiable since it is actually included in your credit. It is an agreement between Lender and Broker.