Frequent Contributor
NewbieReed
Posts: 416
Registered: ‎12-05-2012
Re: First Time Homebuyer in this Crazy Housing Market

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.

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 4/2013 TU FICO 697, 02/2013 EQ 698 FICO (lender) 04/2013 674 Credit Sesame
NEW GOAL SCORE FOR 2013Breaking into the 700 club
[OLD GOALS: For now- 680 on all 3 = GOAL REACHED IN 02/2013}
Take the FICO Fitness Challenge
App Free since 2.8.13