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Old 03-17-2004, 11:46 AM   #1
Equityguy
Vendor
Vendor Sales Rating: (0)
 
Member#: 52489
Join Date: Jan 2004
Location: Grover Beach, Ca
Vehicle:
2004 Wrx
Blue

Default Home Financing

Just wanted to let everyone know that I am here to help out in anyway that I can. Whether you are a current home owner thinking about a refinance, or tired of renting and wondering if you can qualify for your first home, I can get you pointed in the right direction. In the past people thought that there were only a few mortgage options available to them. A fixed 15 or 30 year term has been the most popular in the past because the majority of people bought a home planning to stay there and retire. Today the average mortgage last 3-6 years before a refinance or the home gets sold. There are many programs that are designed to give you the best rate for a shorter period - example a loan that is a fixed rate for the first 3/5/7/10 years and then is a variable rate after. The interest rates can be much lower on these programs and can save a home owner thousands of dollars. If your thinking about an equity line of credit we have the one of the best programs out there at Chase. They are tax deductable and allow you to gain access to the equity in your home. The payments are interest only which keeps the payment low and you can use it to pay for college, a vacation, a new sti, or in case of emergency. I am happy to answer any questions you might have. You can either email, call, or pm me anytime and I hope everyone is driving safe out there.

Best Wishes,


Nathan Sutton
Chase Manhattan
800-752-2831 Ext. 206
nathan.z.sutton@jpmchase.com
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Old 04-15-2004, 05:23 PM   #2
illone
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M3

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SPAM!

haha

j/k
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Old 04-16-2004, 12:50 PM   #3
Equityguy
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Location: Grover Beach, Ca
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Blue

Default

Feeling hungry?


I think most stores have it.
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Old 05-15-2004, 09:00 PM   #4
2004STiGuy
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2004 Impreza WRX STi
WR Blue Pearl

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PM me with the current rates. Thanks.
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Old 05-18-2004, 03:00 PM   #5
Equityguy
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Pm Sent.
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Old 07-31-2005, 03:27 AM   #6
gharari
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Chapter/Region: RMIC
Location: Wheat Ridge, CO
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2006 STI
Obsidian Black Pearl

Default

Mortgage brokers are relentless. Shame on you. This is a car forum. You would probably pass out your card at a funeral too, wouldn't you?

People, mortgage brokers are making money on you. You can get a better rate without these sharks. Go direct to the lender and you'll save money.

I'd like you to leave our forum and never come back, equityguy! This is disgraceful.
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Old 08-02-2005, 10:56 PM   #7
illone
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He probably got fired, lol. Most loan guys wash out within the first 6 months to a year.

And if he was relying on a car forum for biz then he probably wasn't eating
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Old 08-03-2005, 10:06 AM   #8
aubsxc
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Default

Quote:
Originally Posted by gharari
People, mortgage brokers are making money on you. You can get a better rate without these sharks. Go direct to the lender and you'll save money.
I hate these sweeping generalizations !!!!

Mortgage brokers make money of you -

Of course they do! They provide a service (they find you a lender and service the loan that would otherwise have to be done by the lender) and get reimbursed for their time. When was the last time your local Subaru dealer serviced your car for free??


Go direct to the lender and you'll save money -

Not necessarily true!

Mortgage brokers get reimbursed for their services in two ways:
1. fees paid to the broker by the borrower
2. fees paid to the broker by the lender for servicing the loan and for "selling" the borrower a loan at interest rates that are above par or market rates (usually referred to as yield spread premium or YSP)

Either way, it comes out of your pocket, whether you are aware of it or not. The broker may or may not be legally obligated to tell you the YSP he will make on the loan prior to closing (he is supposed to give you a good faith estimate, but an estimate is all it is). Brokers can make as much or as little money as they want by how much they mark up the wholesale rates, and this is where the potential for abuse comes in (and current Federal regulations make it really easy for the system to be abused). As an educated consumer, it is your responsibility to keep your eyes open and shop around so you have an idea for what market rates are. Or, you can be really smart and engage the broker to be your agent for a fixed, prenegotiated fee that includes both payments from the lender and the borrower (make sure to get this agreement in writing). That way the broker is working in your best interest and has no incentive to hide the wholesale rates from you. And you know exactly how much his service is going to cost you. Expect to pay between 1 and 2 percent of the loan amount (total) in brokers fees depending on the specifics of the loan and your situation.

Or, you could shop around for a mortgage with direct lenders (like Equityguy/Chase Manhattan). Problem is, you are not as well educated about the market as the broker is, you do not have access to the wholesale rates that the broker has access to, nor do you have the time and energy to track down every lender for a quote. Also, direct lenders process their own loans so you will never know how much the "YSP" portion of the fees are (how much over wholesale you are paying) because they will not be included in the closing statement, in contrast to when an independent broker services your loan.

Also, when talking to a broker, remember to ask if he is employed by or an agent of a funding institution, or if he funds the loan himself. I prefer to deal with independent brokers so they can shop the market and not be tied to a single lender. Check out http://www.mtgprofessor.com/Default.htm for all the information you could ever want about mortgages.

BTW, I'm not a mortgage broker or an expert on the subject, just an informed consumer

Last edited by aubsxc; 08-03-2005 at 10:13 AM.
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Old 08-03-2005, 01:34 PM   #9
gharari
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Location: Wheat Ridge, CO
Vehicle:
2006 STI
Obsidian Black Pearl

Default

Thanks for your insight aubsxc! My comments came from knowing several mortgage brokers, my personal experiences with mortgage brokers, and friends' experiences with mortgage brokers. In every case I have known, the person that used the mortgage broker could have gotten a substantially better deal on rates, points, fees, and/or terms.

So, it sounds like we agree that, using a broker will cost you more than going direct through a lender unless:

1) you don't have time to shop around ( It's worth the time since you could save thousands!)
2) you don't understand how to shop around (It's worth the few minutes to read about loans and get a clue. It's not that hard to learn.)
3) you negotiate a very low sevice fee with a broker (arguable whether or not you will save money in this case)
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Old 08-03-2005, 03:16 PM   #10
aubsxc
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Location: Columbia, SC
Vehicle:
2005 9-2x Aero
Black

Default

I'm sorry to hear about your negative experiences. I've gone through independent brokers (contracted as my agent for a set fee) both times I've been in the market, and I have done a lot better than I could have going through a direct lender (I checked).

This business attracts more than its fair share of slimeballs as current regulations make it very easy for unethical brokers to take advantage of borrowers while working within the letter of the law. Brokers need only provide a Good Faith Estimate to their clients within 3 days of the loan application, which estimate is not legally binding and can be changed if the broker chooses, and the borrower only finds out about the true cost of the loan at the closing table when it is usually too late to walk away. It is ironic that (slimeball) brokers/lenders are smart enough to predict market trends and will allow you to lock in the rate for 30 days (or longer for additional costs) but be completely clueless about the HIS OWN COSTS in processing the loan (always at extra cost to the borrower).

To me the bottom line is this: If you are making the biggest purchase of your life and are not willing to put in the time and effort to do the homework, you are asking to be ripped off. And sometimes you will get ripped off even if you do your homework, but chances are the broker is breaking the law when that happens. In that case hire a lawyer and sue his a$$ off.
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Old 08-28-2006, 03:14 AM   #11
john25007m
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Hi Guys, I am John
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