Help: Mortgage Brokers VS Banks?? - GoFuckYourself.com

boneprone · 02-26-2003, 09:10 PM

When going in to buy a house what are some advanges and disadvantages going with a Mortage Brroker over a Bank Home Loan??

I know the banks are regualted by the Fed and are more overseen, but can Mortgage Broker really pull that many more strings? I mean with intrest rates as low as they are its really a buyers market out there.

Our broker offering me a pretty kick ass rate with zero down at the moment.

SOmething the bank isnt offering.

But its always concerning when in general these brokers seem like carsalesmen. I mean how many bankers call you up wanting to take you to lunch often. You get 1 or 2 phone calls and thats it from a banker.

Spunky · 02-26-2003, 09:11 PM

Just grab that wad of cash under your bed and pay them already

dropped9 · 02-26-2003, 09:12 PM

Just flex the power of the Bone and see what happens.......

boneprone · 02-26-2003, 09:12 PM

also it seems these M Brokers are workin the system, splitting loans in half, avoid this fee, and that fee.

It really seems they they are cutting the corners to make shit cheaper?

Mortage Insurance (something people pay until you have 20%)
is an example of how he's workin around this shit saving me around 200.00 a month. Just buy splitting the loan into two.

Doing these weird wacky things.

boneprone · 02-26-2003, 09:16 PM

Also its a huge fucking problem with banks for me becasue of this whole proof of income bullshit........

Im all 1099 which is a self employed kinda thing, since I work for myself and I am not an employee of ANYONE. (nice)

Nautrally I write off everything!!
From Dinners, to trips aroound the world, to gas, my car lease and Insurance.

Even my wifes makeup I write off since its not really for her and its for the models I shoot (wink wink).

So on paper after all the write offs banks dont like me casue I cant prove income on paper Like an employed W2 person would.

IT seems the mortage broker more or less just looks at your credit, looks at your bank accoount, and the car you drive and takes your word for it. Just hands you the money.

Kinda scarry, but nice.

boneprone · 02-26-2003, 09:17 PM

anyone?

BJ · 02-26-2003, 09:18 PM

zero down with no points.... if you can get that take it

boneprone · 02-26-2003, 09:19 PM

Quote:

Originally posted by PureMeds
zero down with no points.... if you can get that take it

no points?
yeah.

boneprone · 02-26-2003, 09:19 PM

but i did get a zero down with no mortage insurace fee!

Thats like cummin up with 20% on the spot!

Mr Cheeks · 02-26-2003, 09:19 PM

dood, with your low overhead you must be all liquid. no? you'
ve been in the biz long enough and i know that you ain't no damn newb. you know what to do with your traffic.
so what do you do with your cheddar, daaawg?

boneprone · 02-26-2003, 09:21 PM

Quote:

Originally posted by alchemist
dood, with your low overhead you must all liquid though. no? you'
ve been in the biz long enough and i know that you ain't no damn newb. you know what to do with your traffic.
so what do you do with your cheddar, daaawg?

I told you I write it all off. Looks like im broke.
Travel, pay off loans from my past, buy shit I dont need, and GAMBLE.

I figure if I stoped gambling I could have an extra 10k or so a week. For some reason I dont have the $$ people think.

boneprone · 02-26-2003, 09:22 PM

plus my wife works as well full time and makes around 100k a year.

Yet we never have any money..

hmmmmmmm. somethings wrong.

boneprone · 02-26-2003, 09:22 PM

I blame it on the Blazers.

And those fucking Lakers.

oscer · 02-26-2003, 09:24 PM

Quote:

Originally posted by boneprone
When going in to buy a house what are some advanges and disadvantages going with a Mortage Brroker over a Bank Home Loan??

I know the banks are regualted by the Fed and are more overseen, but can Mortgage Broker really pull that many more strings? I mean with intrest rates as low as they are its really a buyers market out there.

Our broker offering me a pretty kick ass rate with zero down at the moment.

SOmething the bank isnt offering.

But its always concerning when in general these brokers seem like carsalesmen. I mean how many bankers call you up wanting to take you to lunch often. You get 1 or 2 phone calls and thats it from a banker.

Well i think with a mortgage broker they will sell your mortgage to different banks. But i may be wrong

But i do know banks will sell mortgages to each other

Just go in with a heafty downpayment

boneprone · 02-26-2003, 09:27 PM

ScrewContent · 02-26-2003, 09:32 PM

Quote:

Originally posted by boneprone

I have a guy in quicken loans who is pretty good if you need him. Don't you have an accountant ? I know it would be easy for you to make you and your wife a corp and pay yourselves out of that.

boneprone · 02-26-2003, 09:33 PM

Quote:

Originally posted by ScrewContent

I have a guy in quicken loans who is pretty good if you need him. Don't you have an accountant ? I know it would be easy for you to make you and your wife a corp and pay yourselves out of that.

Thanks man.
I already have a guy at quicken.
Are they any good? Im workin more with a local guy.

On the corp thing,
Paying ourselfs out of a corp would mean income taxes.
IM not a big fan of extra taxes.

MissEve · 02-26-2003, 09:33 PM

You have more options with a broker. Plus, I feel more comfortable telling my mortgage broker what I really do than going down to Wells Fargo or whatever and trying to figure out if they will freak out on me about porn.

The requirements are usually more stringent if you go directly through your bank. For instance I know Wells Fargo requires something like a 700 FICO score for a home equity loan while a broker could get you a loan if your score wasnt that high.

I went through a broker twice and both times Wells Fargo ended up buying my loan even though they probably wouldnt have given me a loan directly ;)

boneprone · 02-26-2003, 09:35 PM

Quote:

Originally posted by MissEve
You have more options with a broker. Plus, I feel more comfortable telling my mortgage broker what I really do than going down to Wells Fargo or whatever and trying to figure out if they will freak out on me about porn.

Exactly!!
My broker loves what I do.
The bankers seem a little up tight and actually look down upon it.

I mean wtf? Like being a banker makes you righteous..

Also like any other degenrate gambler I dont have a 700 rating.

Its like 660

ScrewContent · 02-26-2003, 09:39 PM

Quote:

Originally posted by boneprone

Paying ourselfs out of a corp would mean income taxes.
IM not a big fan of extra taxes.

It wouldn't be more tax with the amount you write off. A good accountant can keep you in the red for 5 years. Then of course he would want you to show a little something.

Jesus Christ like you said you can write off "makeup for models" so you would end up paying nothing on federal and little something to make the state happy.

Number1Thumb · 02-26-2003, 11:50 PM

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

The Dawg · 02-27-2003, 12:00 AM

Brokers do seem to come up with the best deals... When we got our house, the broker came up with 4 or 5 different options for us to choose from. 1 of them looked shady ass hell. Getting the loan for the house was easier than I thought. I didnt really care if the broker made a couple extra dollars in the deal, because he got me the house. I have seen horror stories about house loans and the likes, but our was pretty easy.

Banks on the other hand act as if you are going to take the money and run, so they ask for too much info (if you ask me). Next time we buy, I will definately go through a broker again.

DrewKole · 02-27-2003, 12:20 AM

Brokers can go through multiple banks and can offer multiple programs depending on your credit and prior options.

If you're putting down 0%, its either a neighborhood gold type of program with FHA or a Conventional 100%.

Unless you've been a member with your bank for a decade, and always go through them for car/home loans, you're probably better off in every case with a broker.

You aren't getting "FUCKED" by them charging an origination point, its covering expenses. Especially if they are floating your ass, without locking a rate. Many loan officers will go lower, or charge you more on an interest rate, but most quote with an origination, and no more than half a point above their yield. Its covering the expenses of the house.

Maybe if you're a scumbag loan officer like Number, then all brokers are out to fuck you, but... having been in the industry for 6+ years, and the fact my family owns a mortgage company... thats an insult.

If you want some input from the former boss of said "brokers" let me know Bone, if you don't have my ICQ its 5321093.

galleryseek · 02-27-2003, 12:29 AM

"an extra 10k a week or so"

you were right, the bp4l IS where i want to be. just so i can have rich friends.

Amputate Your Head · 02-27-2003, 12:29 AM

Try JesusBroker

Number1Thumb · 02-27-2003, 12:34 AM

Hey partner anyone having a 660 or better middle paying points is getting fucked. Neheimiah is the way out and if you know the biz then you have used this. Mortgage broker fees are hilarious especially when your doing that poor FHA loan with 550 middles and your giving him 7% and its paying the 4 point max from the government. Your lost bud. Expenses? Title? 3rd party company. Processing? On a clean loan there is no processing except for voe's vod's So cmon with points especially when EVERY broker is breathing down your neck to do your loan with "his" company during the last 2 year refi craze! You have lost alot of biz if you charge points to a 660 middle score client

LOL

02-26-2003, 09:10 PM	#1
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	Help: Mortgage Brokers VS Banks?? When going in to buy a house what are some advanges and disadvantages going with a Mortage Brroker over a Bank Home Loan?? I know the banks are regualted by the Fed and are more overseen, but can Mortgage Broker really pull that many more strings? I mean with intrest rates as low as they are its really a buyers market out there. Our broker offering me a pretty kick ass rate with zero down at the moment. SOmething the bank isnt offering. But its always concerning when in general these brokers seem like carsalesmen. I mean how many bankers call you up wanting to take you to lunch often. You get 1 or 2 phone calls and thats it from a banker. __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:11 PM	#2
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,944	Just grab that wad of cash under your bed and pay them already __________________ *YOUR INFORMATION HERE*

02-26-2003, 09:12 PM	#4
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	also it seems these M Brokers are workin the system, splitting loans in half, avoid this fee, and that fee. It really seems they they are cutting the corners to make shit cheaper? Mortage Insurance (something people pay until you have 20%) is an example of how he's workin around this shit saving me around 200.00 a month. Just buy splitting the loan into two. Doing these weird wacky things. __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:16 PM	#5
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	Also its a huge fucking problem with banks for me becasue of this whole proof of income bullshit........ Im all 1099 which is a self employed kinda thing, since I work for myself and I am not an employee of ANYONE. (nice) Nautrally I write off everything!! From Dinners, to trips aroound the world, to gas, my car lease and Insurance. Even my wifes makeup I write off since its not really for her and its for the models I shoot (wink wink). So on paper after all the write offs banks dont like me casue I cant prove income on paper Like an employed W2 person would. IT seems the mortage broker more or less just looks at your credit, looks at your bank accoount, and the car you drive and takes your word for it. Just hands you the money. Kinda scarry, but nice. __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:17 PM	#6
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	anyone? __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:12 PM	#3
dropped9 Registered User Industry Role: Join Date: Jan 2001 Location: Your moms box Posts: 26,727	Just flex the power of the Bone and see what happens.......

02-26-2003, 09:18 PM	#7
BJ Confirmed User Join Date: Mar 2002 Location: asia Posts: 5,590	zero down with no points.... if you can get that take it

02-26-2003, 09:19 PM	#9
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	but i did get a zero down with no mortage insurace fee! Thats like cummin up with 20% on the spot! __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:19 PM	#10
Mr Cheeks Confirmed User Join Date: Apr 2002 Posts: 901	dood, with your low overhead you must be all liquid. no? you' ve been in the biz long enough and i know that you ain't no damn newb. you know what to do with your traffic. so what do you do with your cheddar, daaawg?

02-26-2003, 09:22 PM	#12
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	plus my wife works as well full time and makes around 100k a year. Yet we never have any money.. hmmmmmmm. somethings wrong. __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:27 PM	#15
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	__________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

02-26-2003, 09:33 PM	#18
MissEve Confirmed User Join Date: Aug 2002 Location: Anchorage, AK Posts: 583	You have more options with a broker. Plus, I feel more comfortable telling my mortgage broker what I really do than going down to Wells Fargo or whatever and trying to figure out if they will freak out on me about porn. The requirements are usually more stringent if you go directly through your bank. For instance I know Wells Fargo requires something like a 700 FICO score for a home equity loan while a broker could get you a loan if your score wasnt that high. I went through a broker twice and both times Wells Fargo ended up buying my loan even though they probably wouldnt have given me a loan directly ;)

02-26-2003, 11:50 PM	#21
Number1Thumb Confirmed User Join Date: Feb 2003 Posts: 1,135	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

02-27-2003, 12:00 AM	#22
The Dawg Confirmed User Join Date: Apr 2002 Location: State Of Bliss Posts: 2,438	Brokers do seem to come up with the best deals... When we got our house, the broker came up with 4 or 5 different options for us to choose from. 1 of them looked shady ass hell. Getting the loan for the house was easier than I thought. I didnt really care if the broker made a couple extra dollars in the deal, because he got me the house. I have seen horror stories about house loans and the likes, but our was pretty easy. Banks on the other hand act as if you are going to take the money and run, so they ask for too much info (if you ask me). Next time we buy, I will definately go through a broker again.

02-27-2003, 12:20 AM	#23
DrewKole Confirmed User Join Date: Aug 2001 Posts: 5,193	Brokers can go through multiple banks and can offer multiple programs depending on your credit and prior options. If you're putting down 0%, its either a neighborhood gold type of program with FHA or a Conventional 100%. Unless you've been a member with your bank for a decade, and always go through them for car/home loans, you're probably better off in every case with a broker. You aren't getting "FUCKED" by them charging an origination point, its covering expenses. Especially if they are floating your ass, without locking a rate. Many loan officers will go lower, or charge you more on an interest rate, but most quote with an origination, and no more than half a point above their yield. Its covering the expenses of the house. Maybe if you're a scumbag loan officer like Number, then all brokers are out to fuck you, but... having been in the industry for 6+ years, and the fact my family owns a mortgage company... thats an insult. If you want some input from the former boss of said "brokers" let me know Bone, if you don't have my ICQ its 5321093.

02-27-2003, 12:29 AM	#24
galleryseek Confirmed User Industry Role: Join Date: Mar 2002 Posts: 8,234	"an extra 10k a week or so" you were right, the bp4l IS where i want to be. just so i can have rich friends.

02-27-2003, 12:29 AM	#25
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	Try JesusBroker __________________ SIG TOO BIG

02-27-2003, 12:34 AM	#26
Number1Thumb Confirmed User Join Date: Feb 2003 Posts: 1,135	Hey partner anyone having a 660 or better middle paying points is getting fucked. Neheimiah is the way out and if you know the biz then you have used this. Mortgage broker fees are hilarious especially when your doing that poor FHA loan with 550 middles and your giving him 7% and its paying the 4 point max from the government. Your lost bud. Expenses? Title? 3rd party company. Processing? On a clean loan there is no processing except for voe's vod's So cmon with points especially when EVERY broker is breathing down your neck to do your loan with "his" company during the last 2 year refi craze! You have lost alot of biz if you charge points to a 660 middle score client LOL