Who is a Mortage Broker?

[lovbyts]

OK I was looking at MAYBE doing a refi again. Im at 6% and can get 4.75. 4.5%? As most typical people right now my house is upside down since I did a refi 3 years ago just before the drop.

I have no problem making my payment and even pay extra $200 ever month but If I could Save another $300 a month it would not take long to make up the loan fees and be paying it off even faster.

The place I went though 3 years ago said they can do it without an appraisal which is great because it would never appraisal for more than what is owed now. Also it saves the appraisal fee. Most of the fees are typical but I would think since THEY did the origianl 3 years ago they should NOT have to do a title search again and try to change another $400 but that is small potatoes in the scheme of things.

Now what gets me is I couldn't get past the 2nd page of my Business arrangement disclosure.

In house Brokerage Services, 6% WTF??? 6% in my case would be $15,000+ NO way am I paying some guy $15,000 that will be worked into the rest of my loan that I will be paying 4.5% interest for another 30 years on.

OK my question. Does 6% sound outrageous? I think so

[DSM4Life]

[SuperBird]

OK I was looking at MAYBE doing a refi again. Im at 6% and can get 4.75. 4.5%? As most typical people right now my house is upside down since I did a refi 3 years ago just before the drop.

I have no problem making my payment and even pay extra $200 ever month but If I could Save another $300 a month it would not take long to make up the loan fees and be paying it off even faster.

The place I went though 3 years ago said they can do it without an appraisal which is great because it would never appraisal for more than what is owed now. Also it saves the appraisal fee. Most of the fees are typical but I would think since THEY did the origianl 3 years ago they should NOT have to do a title search again and try to change another $400 but that is small potatoes in the scheme of things.

Now what gets me is I couldn't get past the 2nd page of my Business arrangement disclosure.

In house Brokerage Services, 6% WTF??? 6% in my case would be $15,000+ NO way am I paying some guy $15,000 that will be worked into the rest of my loan that I will be paying 4.5% interest for another 30 years on.

OK my question. Does 6% sound outrageous? I think so

yep, thats the high end. you can twist up a good deal that will work out nicely for you if you find the right outfit. dont go to places like florida mortgage brokers, indiana mortgage brokers or places with that relative name, its a big firm that owns each states office license under that name. they have big morning meetings and who ever your broker is will get ripped in front of everyone if he closes under 6. the law is up to 8 percent.

so find a very small one man or five guy operation, they just want a decent fee for the week. cut then an under the table check for a referral or something and they wont roll your fee into 30 years along with the other fees that seem minor, but expand over 30 years. that four hundred seems minor, but calculate that into a 30 year.

if you have to, shop your own title company. haggle it. in lots and lots and lots of cases such as yours you wont even need title insurance because its your 2nd go around, dont let em con you on that. theres no risk for them involved.

if your appraisal is liike three years or under you wont need another. i cant remember if its three years. im pretty sure it is. but hey, you might pick up some value in that time, if your neighbors have done work, if commercial has been introduced and things like that. i bought a house in 1994, and with the work i did on it, my neighbors house went up, that tells you what an eye sore it was before i bought it. i doubled my money on the house, and my neighbor thanked me for the work i did and not to just rent it out again the way it was sitting. so there are surprise value adds.

go with a small mortgage company, they still have all the lenders partnerships, and those guys are willing to go to 2 percent easily. my knowledge is ten years old, but the principles and laws are unchanged. i think i read something negative about countrywide lately, dont let em close you with that lender unless you google yahoo news about countrywide first.

yahoo, did a great business report last month on how to tweak up a good deal. try to search that report. it was only three or four weeks ago. i always read business reports and it was a good one. but they didnt list everything you can do. such as your own referral fee to keep your fee unreported and out of your rolled up mortgage. that really not tips they can share.

good luck.