How do I find a great a Mortgage Broker?

[DiamondDan73]

I have been working on my and my DW's reports for a few years now and we are ready to pull the trigger and buy a home as soon as possible. From what I have read, it looks like a Mortgage Broker is the way to go. How can I find a reputable one to work with? I live in Rancho Cucamonga, CA. I am looking for a person to help me get a loan. Everyone I have dealt with in the past would do the same thing: You need to bring your scores up a little bit more to qualify, but offer no assistance. I need someone who is willing to help me not just wait for the next lay down to walk in.

Any help is greatly appreciated.

[Mortgagase]

Try EDITED TO REMOVE SOLICITATION Get quotes from at least 3 brokers. Rate is not always the best way to rate a good mortgage broker. Ask for references, license number and how long in business.

 

POSTING LINKS OF THIS KIND IS A VIOLATION OF THE TOS PLEASE DO NOT DO IT AGAIN

[DiamondDan73]

Thanks for the help. I am not too concerned with the rate. I am in sales and understand that you get what you pay for. Since I need the MB to work harder for me, I would expect to pay them more. If I had a 780 FICO, the MB wouldn't really be doing anything except pushing my paperwork thru the system and I wouldn't expect to pay them very much at all.

[SparkyinCA]

EDITED TO REMOVE SOLICITATION

[jmf8756]

If you're working with a realtor you trust you might also ask them for a referral. Or ask your friends and family who they have used and been happy with.

[DiamondDan73]

If you're working with a realtor you trust you might also ask them for a referral. Or ask your friends and family who they have used and been happy with.

 

I'm not working with a realtor for now. We are looking at either a REO or Shortsales. I have heard that if you use the listing agent they will try extra hard to get your offer accepted for their listing because they get double the commission.

[Brian B The Loan Professor]

OP Good luck with your search.

 

The links and solicitations others have posted have been removed. They are a direct violation of the TOS for credit boards. No specific referrals or links are allowed.

 

Take Care

[jop3]

If you're working with a realtor you trust you might also ask them for a referral. Or ask your friends and family who they have used and been happy with.

 

I'm not working with a realtor for now. We are looking at either a REO or Shortsales. I have heard that if you use the listing agent they will try extra hard to get your offer accepted for their listing because they get double the commission.

 

The listing agent works for the seller to get the highest price possible. The have a fiduciary duty to their client, and that client is not you. You will get a much better deal working with a buyer's agent. Not only will they negotiate the price, but they will work hard with you on inspection items, appraisal issues, and other contingencies that could really make or break your deal. It's a myth that people save money working with the listing agent, they usually end up paying more.

[Mortgagase]

If you're working with a realtor you trust you might also ask them for a referral. Or ask your friends and family who they have used and been happy with.

 

I'm not working with a realtor for now. We are looking at either a REO or Shortsales. I have heard that if you use the listing agent they will try extra hard to get your offer accepted for their listing because they get double the commission.

 

The listing agent works for the seller to get the highest price possible. The have a fiduciary duty to their client, and that client is not you. You will get a much better deal working with a buyer's agent. Not only will they negotiate the price, but they will work hard with you on inspection items, appraisal issues, and other contingencies that could really make or break your deal. It's a myth that people save money working with the listing agent, they usually end up paying more.

+1 this is true

[fumduck]

DiamondDan- Here is a great way to find some excellent Mortgage Banker/Brokers in your town. I have used this with great success myself. Do a google search for example, "San Diego Business Journal top mortgage brokers." Obviously, your will have to search on your city...I have found that every major city has a Business Journal and they usually list the top 25 Mortgage Brokers every year based on production. You will usually wind up finding VERY COMPETENT BROKER/BANKERS with years of experience in that list. Even if you have to call the Business Journal headquarters directly, they may be able to get you the recent issue with that information. Good luck.

Edited April 24, 2012 by fumduck

[5ofus]

What I've done is come up with a list of questions. Some I know the answers to some I don't. And start emailing people. I'm baseing my decision on what kind of responses I receive, if I get a response at all. I also read the profile/bio if the person had something listed on their company website.