First Time Home Buyer

[Spook]

So, we've found the house we want, and negotiated the price via a buyers agent, and all is good. Now, Im up to getting a mortgage broker to finance this. The buyers agent has provided me with financing to at least get this far, but as far as financing is concerned, the numbers aren't the greatest compared to others. My buyers agent has been great thus far, but I believe she will be a bit biased to try and get me into her companies lender, and thus I need to do all the leg work for this portion of the sale myself.

I've been looking through all the numbers, and I believe I understand things pretty good as far as lender fees, points, and interest rates. Some institutions provide better numbers than others, but most I've seen offer better overall numbers than my Buyers agents lender.

My question in all of this is, who to trust? I went to Lending Tree, and I got some mighty nice quotes, but these are obviously brokers who sell off these accounts to the market. Then there is my credit union, and they offer better rates than the Buyer agent as well, but not as good as those from Lending Tree. Now the credit union holds their own purchases, so I don't have to be concerned with who is holding my mortgage. I'm not sure what my Buyers agents financier does with their loans, but since the rates aren't that great, I haven't really pursued it.

Can anyone help out a 1st time home buyer?


Spook

 

[OCGuy]

FHA 3.5%+ down. I close about one of these a week. Not all brokers are approved to do FHA, do you will have to look around.

 

[Crusty]

Your agent can not legally recommend any particular broker(or force you to use one), but they can provide with contact information for brokers they have dealt with before.

 

[HardcoreRobot]

dont worry about who holds it, just go for the best rate + least closing costs

ask friends for referrals

lending tree sucked hard when i tried them

 

[Spook]

Originally posted by: Ocguy31
FHA 3.5%+ down. I close about one of these a week. Not all brokers are approved to do FHA, do you will have to look around.

I'm actually eligible for VA, and I'm using that. So, I'm a little more limited that even FHA.

Originally posted by: Crusty
Your agent can not legally recommend any particular broker(or force you to use one), but they can provide with contact information for brokers they have dealt with before.

Thanks for that, it helps explain things a little. ie why she doesn't say more about it.