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  1. #1
    Join Date
    Feb 2006
    Posts
    6

    good info on mortgages

    :) Here is a site that can save you time and money on your mortgage .
    rateinformer.com

  2. #2
    Join Date
    Feb 2006
    Posts
    6

    Great info on Mortgage Rates

    The borrower needs to be aware of all the fees and costs involved in a mortgage and what are "real" fees and what are just "junk" or extra profit fees. He also hads the right to know the real rate he can be getting by shopping around and knowing what profit the broker is making on his loan. The broker has the "right " to make as much as he wants but the borrower also has the right to get the lowest rate possible. He will be married to it for a long time. He need Knowledge to have that power.
    rateinformer.com

  3. #3
    Join Date
    Mar 2006
    Location
    Philadelphia, PA
    Posts
    13

    Re: good info on mortgages

    The problem with websites like this at the these rates are not "one size fits all." The rates you see on websites like this are for what is called "A" paper. People with excellent credit, no mortgage payment lates, verfiable income, and usually no payment lates on any accounts. These rates are also typically for people looking to borrow 80% or less of the value of their house.

    When you change these criteria, people fall into different brackets, which will also change the interest rates. Unfortunately, there are not enough people out there actually educating homeowners regaring this. Its easy to throw an interest rate up on a website. Its something completely different to try and educate someone regarding the qualifying factors.

    This is why you end up with people in foreclosure, who are self employed and cant verify their income, people in bk, people who have stopped paying their credit cards and dropped their credit cards considerably....... all crying because they cant get the rate that the "website" told them.

    This website you list is a scam in and of itself.
    "These are the rates you SHOULD be getting quoted WITHOUT any points or Origination Fees. Remember NO points and NO Origination Fee. The Broker or Loan Officer is receiving back a fee from the Lender he is selling the loan to of appx..50 point ($1000)."

    That is the biggest load of bs I have read in quite some time. Most people will gladly pay points to buy their rate down, whatever it is. And brokers dont always receive a back end fee from the lender..... and even if they do, it is disclosed at settlement. There is no way you cant know what a broker is receving from the lender, if there is an amount.

    It never ceases to amaze me that people slam mortgage brokers as much as they do. There are bad apples out there, but thats why proper research will ensure that you are dealing with a legitimate company. Brokers are able to offer lower rates than most traditional retail lenders. Go get a loan quote from a retail lender, then get a loan quote from a broker. You should see the differences in rates, and closing costs. Retail lenders have a lot more overhead to pay than brokers, hence they make up for it in your closing costs and interest rates.

    There is a lot of fraud in the business these days. But, proper research will ensure that you dont get taken for a ride.

  4. #4
    Join Date
    Feb 2006
    Posts
    6

    Re: good info on mortgages

    I am sorry to see you think this site is not for real. But as for a little info, Our business is in the secondary side of mortgages and we do know what the broker is getting back from the lender. That is OUR business to know it. We are only showing the borrower that information so he can make a wise decision. Our job is very unusual and our knowledge of the market gives us the ability to know what the lenders are paying the brokers. Please do your homework before making such statements. We have been in this business 18 Years and are passing this info to the borrower. The site says very plainly that the rates are for a normal loan and it states that very plainly on the front page. We personally know brokers who will do loans at these rates and are just not advertising them currently but plan to do so in the future. In the meantime any borrower can arm himself with this knowledge and get the rate he needs and deserves. Of course there will be some who will be upset because they like to make as much as possible and a site as this shows the real world. We feel brokers making thousands of dollars per loan are taking the borrowers hard earned money and the borrowers have a right to this knowledge to get a fair deal and rate. You do have a right to your opinion but need to be a little careful and do your research.
    rateinformer.com

  5. #5
    Join Date
    Sep 2004
    Location
    Reality
    Posts
    947

    Re: good info on mortgages

    No advertising. Change your signature.

  6. #6
    InJusticeAnyOne! Guest

    Re: good info on mortgages

    HEY ALL CHECK OUT INFO HERE
    http://www.scam.com/showthread.php?p=177042#post177042

  7. #7
    Join Date
    Apr 2006
    Posts
    7

    Re: good info on mortgages

    Don't read anything SMCB wrote. He's obviously clueless.

    First off, mortgage brokers don't "sell" the mortgage to a lender. Brokers are paid a commission from selling a WHOLESALE rate. It's called UPSELLING and is true in every industry. However, a broker isn't ALWAYS paid from the lender. If you are given the "par" rate that you qualify for, the broker will not receive 1 dime from the lender. Therefore, if you pay no fee to the Broker, they don't make anything. So...let me ask the world, DO ANY OF YOU WORK FOR FREE?? Every loan I've done was priced reasonably and competitively.

    It's funny how many people ask a mortgage broker for help to buy a home yet don't want to pay them for their services. But if I asked anyone to provide me a service for half the normal cost or for free, they'd say "HE** NO!"

    If anyone really wants to educate themselves on the lending process, visit www.mtgprofessor.com
    THIS IS NOT AN ADVERTISEMENT! It's created by a Professor from the Wharton School of Business. The same school Trump went to.

    I agree that everyone should educate themselves on the financial process. There is so much good information on the web but like anything, there's a lot of bad. If you have 20% for a downpayment and your credit is spotless, go shopping at a local bank. Probably the best deal. Mortgage brokers specialize in financing for everyone else which is the majority of the country.

  8. #8
    Join Date
    Feb 2006
    Posts
    6

    Re: good info on mortgages

    Of course Many Mortgage Brokers do not want the Borrower to know what they make on their Loan but the facts are a Mortgage Broker Does receive YSP (Fees ) from the Lender he is closing the loan with on a 0-0 loan. Yes he is "selling " the loan to a Investor as far as the borrower is concerned by choosing who he wants the loan to close with. The borrower has the right to know what he is paying to get that loan. Many times the Brokers adds on extra "junk" fees on top of what the lender charges for even more fee income. We have seen it add up to $1000 or more. If you are being given a rate at 0 points and 0 Fees of course the broker is getting back a fee from the Lender. The real question is how MUCH. We have been in the Secondary Side of the Mortgage Business and are a Mortgage Lender for 18 Years so we know exactly what and how the mortgage Industry makes their money. The borrower also has a right to know. Yes that is a good website also that you mentioned. Borrowers would be surprised to know that many times a broker will make Thousands of dollars on their loan. The information we post is for the borrower to use to make his own mind up as to what he feels is a fair fee. We understand fully that many brokers to not like that information given out. Many times a broker works for a company and has no clue as to how much his company is getting back from the Lender as he may not be aware of the many bonus programs his company may even be getting (volume bonus, special class, etc.) and may be getting a internal rate sheet from his Company. That is why we suggest at times to check with a Independent Broker.
    Last edited by smcb; 04-03-2006 at 06:14 PM.
    rateinformer.com

  9. #9
    Join Date
    Apr 2006
    Posts
    7

    Re: good info on mortgages

    1-YSP is always disclosed. It's required by law from every BROKER. However, a mortgage BANKER or hmmmmmm......let me see.......a DIRECT LENDER like YOURSELF does not have to disclose.

    2-Bonus programs and volume incentives are NOT ysp or rebate commissions. They are strictly based on volume and not the individual loan terms.

    3-Extra incentives are ALWAYS included as ysp and disclosed per my note above if paid.

    Every borrower should do as much research and educate themself as they can. They should also shop around and get competitive offers.

    I do applaud you for your blog and having the desire to educate consumers. I plan on doing this myself soon. There truly are many dishonest brokers in this industry. But there are many more honest ones too.

  10. #10
    Join Date
    Mar 2006
    Location
    Colorado
    Posts
    12

    Re: good info on mortgages

    Scott & SC...I think you are both on the same page but engaging in a "who knows more" contest

    This isn't about ego's guys..Agree to disagree & see if you can find common ground to help people

    I'm right here with you guys - There are to many scumbags in our business giving us all a "black eye" - Instead of arguing amongst ourselves, lets find the solution

    I would welcome both our your comments on my site as you both seem to be seasoned, honest professionals

    Ed
    www.noscamshere.com

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