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Do you contact a broker and the builders' preferred lender?
A mortgage broker connects you with a lender and takes a commission. Even with their commission included, they may be able to find you a better rate than you can find on your own because of the wide network of lenders they have access to.
If you don't go with the preferred lender, you may lose out on incentives, so you will have to factor that into the cost of choosing one product over the other.
I think you should get quotes from the preferred lender, a broker, and a few banks/CUs that you find on your own. If you're concerned about multiple credit pulls, a reputable lender should be able to tell you what kind of rate they can offer based on your scores without running your reports. They will of course have to run them at some point, but if you already have a trimerge report from one lender, you can ask another lender what rates they can offer based on those scores.
Also, if you're organized about it and approach them all within a short period of time, only one of the pulls will be scored. Still, you may prefer to not let everyone run your reports because there is a chance they could run additional pulls at a later time, which could impact your score.
great explanation above.
i usually suggest that people deal with a lender who has inhouse underwiting and closing/funding as opposed to a broker who sends your file out... some brokers have this ability
Thanks for the detailed explanation. The builder has four preferred lenders. If I go with one of them they are offering $4K towards closing. Now, the builder told me the homes fall into the FHA condo group. Will this impact the rate as well?
I am going through a broker. I really like him, he is available, pays attention to detail, and explains every step before we take it. I was thinking about going to NFCU to see if they could offer anything better, but they are not an approved lender for my program.
Is he paid through the sale? I thought about NFCU but I don't want to have too many products with them...Eventually, after obtaining a mortgage I want to get an auto loan through them.
Brokers get paid at the closing - they work their fee into thee rate just like the banks do - as mentioned above the real downside these days with a broker is that they do not underwrite in house --their loans all get sent out - Brokers are kind of dying off - new Fed Regs have made it very difficult for them to stay solvent. They are out there - Personally I wopuld work with whomever treats you the best and makes you feel comfortable - asking questions and getting answers will take a ton of stress off of you - if you cannot get a response I would find someone that will.
Good Luck
B
Would you recommend a correspondent lender whodo everything locally and after closing package the loan up with a bunch of other similar ones and sell them to ultimate investor?
Got some typos above. I really do know how to ask a question but have the hardest time editing replies from my ipad!