New York mortgage brokers - How do I compare them?

amother

Scarlet

Tue, Jan 05 2016, 10:42 am

What do I do to price out mortgage brokers? Should I go ahead and get pre-approved by 3 of them and then see what we get for how much in fees/interest? Or will all this checking into our credit be bad for us?

How do I decide who is giving us a better offer? What questions do I ask?

Also, do I want a "direct lender" vs a "mortgage broker?"

Looking forward to your advice and experiences...

ez-pass

Tue, Jan 05 2016, 10:57 am

I am in the field.
Please take someone who is recommended by people for doing a job well done. Closes on time and has competitive rates. Please make sure when you pick someone to do your loan that they know the programs well and will be able to close your loan. It's a pity when my office gets files that must close immediately because they gave their file to a professional who doesn't know how to close the loan.
The difference between a broker and direct lender is this.
A broker takes your file and sends it to different banks to see who will approve it.
I work in a direct lender bank. We take your file from a to z. We close them on our own name and sell after closing. We have control over the appraisal and we know our underwriters and processors. I would Defenitely go with a direct lender over a broker. PM me if you want a name of someone in ny who is great!