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FIND YOUR DREAM HOME OR APARTMENT
shop around? 3 estimates from banks and 3 estimates from brokers? You certainly are joking, correct?
I've been a broker for 12 years and a banker/corrospondent for the last 3. You do not receive an estimate without applying for a loan which requires documenting your income and assets and having your credit run.
People don't have time to do that once never mind 6 times. the only thing you can shop for is who you want to do business with. Once you've done that, if it happened to be me, I can give you 3 different estimates. The final loan is a discussion between a loan officer and his client as to which combination is right for them. And I assure you, it's much easier to have one person explain the differences between these estimates than have 6 different people explain them. By the way, did you realize there is no such thing as a "true" broker anymore? New government regulations and guidlelines have forced brokers into pretending to be lenders. They no longer have the ability to shop around for their client the way they once did. They have to decide on a lender and submit the application before they can even order the appraisal. They have to choose a lender and jump in with both feet with no real way of backing out if the deal goes sour and they wanted to take their client elsewhere. That's why I got out and became a banker who is also a corrospondent lender. It's the best of both worlds and serves my client well. I can still operate the way a broker used to but have the advantage of being a federal savings bank as well.
BEWARE!!! Before you pay your lender a month in advance so you can pay your mortgage bi-weekly, understand that if that lendor sells your loan (happens all the time) the new owner of the loan will do the same thing, demand a month in advance to continue the bi-weekly payments. It happened to me, BofA was my lendor they sold my loan to M&T Bank, M&T stopped my bi-weekly payments and said I needed to pay them a month in advance to continue the payment schedule, i thought that should be illegal or at least unethical. But i'm stuck now, so beware of what can happen if you opt for the bi-weekly schedule.
