| Advice on mortgage borkers |
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jamiesteane
First Time Poster
Cash: $ 0.25
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Joined: 17 Sep 2005
Location: york
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| Advice on mortgage borkers |
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Dear All,
I got my first mortgage about 10 yrs ago through an IFA, but the advice I received was somewhat less than impartial on relfection...
Apparently the adviser's commission varies depending on the mortgage finance company they deal with. I'm currently talking to a local company Ardent Financial Services, htttp://www.ardentfinance.com , who seem pretty good but what should I be looking for and what questions should I ask?
Cheers,
J.
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Sat Sep 17, 2005 12:53 pm |
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sayyes
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Location: Newport, RI
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Well, without knowing any more details, you need to make sure you're getting a good rate for the type of mortgage that you want.
So, I guess the next question is, do you know what type of mortgage you want (i.e. fixed, APR, balloon, etc.)? Once you decide that, do some research online to see what the going rate is, or you could call different mortgage companies. They will tell you their rate right over the phone.
Money Blog | Financial Goals Explained | Bargains Online | Refinance
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Sun Sep 18, 2005 4:38 pm |
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Rolo
Yo' Daddy
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Location: Colorado/Florida
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Educate yourself (Google "mortgage process" or "how morgages work"). Once you understand how the mortgage process works, then you will know enough to ask questions (or, ideally, know the answer yourself).
Buying blind is usually costly...unless you have someone who's 'got your back'. (personally, I don't trust anyone therefore I make it a point to be knowledgable)
What are you trying to do and what is wrong with your current mortgage?
"Expect me when you see me."
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Sun Sep 18, 2005 4:59 pm |
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ushomeloans
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One thing that almost always works (unless one company is shady), pin one company against the other. Ask for 2 good faiths at the same rate, and see who is better, with a stated credit score. Remember though rates can go up if you shop too long.
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Tue Sep 20, 2005 7:25 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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quote:
Originally posted by ushomeloans
One thing that almost always works (unless one company is shady), pin one company against the other.
The benefit of a free-market economy: competition! Definitely...like ushomeloans said, shop around using "stated credit score"...don't let 4 companies do a credit check at once..it will kill you FICO score ~25 points (why I don't use LendingTree).
Also, 24 hours before closing, decide that you don't like some of the fees/points/whatever and that you aren't sure you want to do this; they will likely accomodate you.
This also works with buying a car. Shop around, only do it over the phone.
"Expect me when you see me."
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Wed Sep 21, 2005 2:05 am |
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ushomeloans
Full Member
Cash: $ 10.55
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Location: Sacramento
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I wish there was a online site that allowed companies to bid on services. I have seen a couple that allow techies to bid on building you a website, but not much more. Ever needed your timing belt done and call around to 20 places and waste a half a day? It would be so much quicker if you could post a service job and get bids. Maybe all make millions on it one day... ebids.com lol
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Wed Sep 21, 2005 7:53 pm |
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