Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
Re: First Time Homebuyer in this Crazy Housing Market
+1, with rates so low, you aren't gaining anything with a ARM except risk as rates will be on the rise in a few years.

I initially was going to have a broker do my loan but I found a new construction and would lose out on $15K in incentives so I went with the builder's lender to get the incentives. The biggest thing I noticed that is different between a LO and broker is the broker tends to have a well rounded picture of the mortgage business and can easily answer most if not all your questions. The LO on the other hand, tends to lack that experience and is more focused on crunching the numbers to send to loan processing. The Broker I was working with had a team of loan officers working for him and he verified their work and spent the extra time getting to know you and your unique situation and extend a hand to help in those areas and also to give you a deeper understanding of what your application goes through to get approved and why. This has been my personal experience.
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