Bone,
As far as brokers go they are whores and the only thing that they have over a bank is that they are flexible on were they can present the loan. Wether it be Washington Mutual or Wells Fargo or any of the other 10 thousand banks buying mortgage backed securities. Neither one gives a shit about what you do. As a matter of fact if your middle FICO is 660 you can 9 times out of 10 secure a mortgage on whats called a "no income no asset" loan geared for cash businesses(hot dog stand,car wash) etc.. You have many options, and if any one of the brokers or banks tried you on an FHA loan they were trying to FUCK YOU! FHA (aka Government)they always pays the broker more to do the loan. Here blow your brokers top and ask him what the "yield percantage is" if hes making more than 2k on your loan your getting fucked. Heres an example Wells Fargo is paying me (the broker) 2 points to do the loan at 6.0%. So if the loan is for 200,00 then I make 4k off your loan. Now if I give you the 5.5% rate now I am only making say 1.0 or 1.25 which now equates to 2 thousand and change. If you were a broker what rate would you give Boneprone if you knew he didnt know how mortgages work??? Im not sayin you dont but this is the mentality of brokers. I brokered for the last 10 years and just got out. Money made by brokers in the last 2 years would surely consume any amount of money that the highest paid porno guy on this board can claim. Sad I know but true. Bone if you need some inside info on your decision ICQ209598065 Theres alot more to it
