Need a good mortgage broker or lender in Horsham,PA

JMolar · Joined: 16 Feb 2006 Posts: 3

I would like to do some mortgage shopping. If you know any good Mortgage broker or lender in Montgomery county or bucks county, PA, please let me know.

Thanks

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I don't know where you are exactly, but Becca is in PA. You can also call my 800# below. Two options that I am aware of currently.

sd · Joined: 07 Mar 2006 Posts: 19

I do not do any referring but just do your home work and remember if you are doing a clean loan you should get 6.125 today for 30 years with NO points or Origination Fees. And watch the junk fees. 400-700 should be it plus the Appraisal. Shop the rates and you will get what you need. hope this helps

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

6.125? It's been a while since I've looked at wholesale ratesheets, but considering *every* bank in town right now where I live is at 6.625 (no points) and par pricing is somewhere around 6.375 to 6.5 (don't recall what it was, I'm sick :P) I'd be interested to see how someone would be able to eat with a 6.125 rate.

chow · Posted: Wed Mar 08, 2006 12:09 pm Post subject: Re: Finding the right one

sd wrote: I do not do any referring but just do your home work and remember if you are doing a clean loan you should get 6.125 today for 30 years with NO points or Origination Fees. And watch the junk fees. 400-700 should be it plus the Appraisal. Shop the rates and you will get what you need. hope this helps

you assume that this person isn't any of the following:

score of 550, 100%LTV, 1 month out of BK, stated, SISA, NINA
DTI over 50% ect? :wink:

maybe you are pricing an apple, and he really needs a orange?

He doesn't know he needs the orange so he goes out and shops for apples, because you told him to. Every where he goes people tell him the price of oranges, because that is what he needs. He can't read the language of the recipe he's shopping for. Then the poor chap gets upset because he was in a discussion group and some one popped of and told him-without ever knowing the details of his fruit salad reciepe, that he should buy this apple, and he should only pay this much for this apple. :?

sd · Joined: 07 Mar 2006 Posts: 19

Chow is correct. a little more info for the borrower. A clean loan: appx 620 score 95LTV or less 30 year conforming Purchase or rate and term refi. 6.125 is paying the broker back between .50 to .80 basis points. That is more than enough on a $200,000 (average) loan That is $1000-$1600. A 6.625 is paying back over 2.50 points to the broker ($5000). That is way to high and whoever gets sucked into that whirlpool will get his wallet emptied. Maybe the owner of the companies are putting too much in their pockets. I am quoting todays prices here and Wells Fargo is a part of that pricing. Par pricing is below 6 with SRP. Some rate sheets have the SRP built in. I wonder if anyone would be interested in doing this loan for him for $1000-$1500??

chow · Posted: Thu Mar 09, 2006 2:35 am Post subject:

sd, I'm sure they will find someone. ( the place I work with only insures loans, we don't write them)

I am a former residential broker, secondary market DD/QC.

A side note, I always thought discussions about how much someone or a company should make on a loan is -"their own business." As long as they are fair with all people of like and same loans- then it's not really anyone's business to tell or judge someone or a company, about how much is too much or too little to make on a transaction. No one madates how much the seconday market can make on a pool of loans do they? :wink:

sd · Joined: 07 Mar 2006 Posts: 19

very true but I want to know what everyone is paying. Each broker has the power to determine his or her own profit. In the same vein though the borrower has the right to know what he can get as a rate by shopping. We all shop and appreciate it when we gain some knowledge about the product we are buying by doing our due diligence before buying. You are right about ones right to determine their profit as much as I am right that the borrower also has the right to get the best rate he can. He is going to live with it a long time.

chow · Posted: Mon Mar 13, 2006 10:37 am Post subject:

Then you need to go here.

http://www.iconadvisory.com/

That will give you some idea of the market. When you make a statement about how much you offer a company the rates for-remember they are building their own rate sheet for retail and correspondents/brokers. Different regions will have different rates. Normally the pricing for brokers is only about 3/8 better than the retail arm, if a wholesaler has one. Haplo and I have compared rate sheets before.

sd · Joined: 07 Mar 2006 Posts: 19

That is a nice site to compare with and verifies our Rates that we post., Check it out and see. I see many of these sheets on a daily basis. The posted rates on our site actually have more than .50 built in many cases becuase of different pricing issues but also remember many Lenders give bonuses back on top of the rates you see posted on the site you listed (on- line lock, State bonus, Purchase bonus, production bonus, Platium member, ETC ETC ). Of course none of this is new to the brokers reading this post. In our line of work we try to sell and produce the best price possible for our client. The site we have online is for the consumer (borrower) and we are trying to doing the same thing for them.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

i would be happy to help you with some lenders in the pa area..give me a call...814-946-9612 or email me..hoke06040@aol.com

The Wizard · Joined: 02 Apr 2006 Posts: 48 Location: So. Cal

Well I am not an originator or live in the PA region of the country.

Would it not be better advice to tell the borrower to look at the APR versus the Note rate.

I have been in the business 18 years and seen many people get you the same rate with the same origination points and then pad other parts of the deal. Look at all who wonderful 1% neg. am loans give over the last 2 years....