Looking for a mortgage person?

[LovenLifeGuy]

Looking to see if anyone has a mortgage company/person they have used that they like and would recomend. We live in the cities if that helps. Any suggestions would be great!

Thanks

[Scott K]

http://www.fishingminnesota.com/forum/ubbthreads.php/ubb/showflat/Number/1306604/nt/3/fpart/1

Fisherdog19 is our sponsor, he should be able to help!

[Jackpine Rob]

Peter at Valesco Mortgage.

[fisherdog19]

I'm here to help, just give me a call. If you need any references I will gladly provide you with some or you can check out this thread. I also have a title company that will come to your house to close the loan if you're in the metro area, or offer a $75 discount on the closing fee if you go to one of his offices. He is a FishingMN member as well, so I'm trying to keep it in the family.

http://www.fishingminnesota.com/forum/ubbthreads.php/ubb/showflat/Number/1282184#Post1282184

[heat checker]

Give fisherdog19 a crack at it. Upstanding guy that does outstanding work.

[fisherdog19]

Sandman, I want to let you know that I did not edit your post nor did I ask for it to be edited, just in case the thought crossed yours or any one else's mind. I agree that one should get several options when looking to finance a home, and have no problem with some competition because I am confident that what I have to offer will, in most cases, be the most attractive.

[Sandmannd]

No worries Fisherdog19, never thought it was you. I've read you're post and you're aces in my book. I haven't worked with you or talked to you about a mortgage and you probably do have the best out there. When I'm looking for any purchase, big or small, I like to do some homework and find options and weigh them out is all. It looked to me that's what this guy was looking for.

[fisherdog19]

Sand, you are smart to do what you do when purchasing things; maybe one day you'll call on me for help, and I'll do what I can. I have not heard from lovenlifeguy; if your out there I'd be more than happy to answer any questions for you.

[Lip_Ripper Guy]

As a Realtor, I would HIGHLY recommend that you get approved through AT LEAST 3 places. I cannot count the number of times in the 5 years I've been in the business that I've seen a 1/2% or higher difference between highest and lowest interest rate. Ask for a good faith estimate also, and compare the bottom line.

You will in most cases save much more by shopping around for a mortgage, over the time that you stay in the house, than you will negotiating on the price of the house.

[LovenLifeGuy]

Thanks everyone! Fisherdog I will be giving you a call tomorrow.

Thanks

[Sandmannd]

One of the places I use and they are good folks is Equidy Leadership Group. You can do a google search and find them as well. Like Lip Ripper said, good to get a couple of approvals and also good to shop around.

[fisherdog19]

I am familiar with that company, as they have an office in Fargo, where I also have a second office. Although I do not know what they do in the MSP area, they were heavy into promoting the dreaded Option ARM mortgage in our area thus leaving them a not so hot reputation locally in our industry. They have also been reported online at ripoff report dot com, just googl them and you'll find it.

Lovenlifeguy, I look forward to speaking with and helping you in any way I can.

[Sandmannd]

 Originally Posted By: fisherdog19

I am familiar with that company, as they have an office in Fargo, where I also have a second office. Although I do not know what they do in the MSP area, they were heavy into promoting the dreaded Option ARM mortgage in our area thus leaving them a not so hot reputation locally in our industry. They have also been reported online at ripoff report dot com, just googl them and you'll find it.

They have offices all over the place. They did promote the option arm with one exception. You had to ensure them that the money you save on your mortgage was getting invested. With those if you aren't investing your savings you are going to be pushing up daisys in a few years. If you google them you will see a negative hit on that site. They got one report, called the website and they wanted 10k to remove them form that site. Like I said, I research companies before I use them and that was one of my questions when I was researching. They do any kind of mortgage you want to get and don't push any on you. I've had one on my home and rental home through them and had several friends go through them and have good luck. Just thought I would throw them out there.

[river rat316]

 Originally Posted By: Lip_Ripper Guy

As a Realtor, I would HIGHLY recommend that you get approved through AT LEAST 3 places. I cannot count the number of times in the 5 years I've been in the business that I've seen a 1/2% or higher difference between highest and lowest interest rate. Ask for a good faith estimate also, and compare the bottom line.

You will in most cases save much more by shopping around for a mortgage, over the time that you stay in the house, than you will negotiating on the price of the house.

Thats not always the right idea, if your credit score is marginal having umpteen different mortgage companies pulling your credit might make enough of a difference that you won't get the loan, in this day and age lenders are looking for any reason possible to not fund on a loan. Lip ripper is right abourt the GFE though, it is required by law (I think, its been awhile since I got out of the business) and if they won't send one out before you pay for the appraisal or whatever get out of there. Thankfully the current market has more than likely taken care of the scumbags that were in the business to make a quick buck off people. Use your head about refinancing if someone is quoting you rates that are way lower than what you have been hearing than somethings up, most Mortgage Broklers work with the same lenders and get the same deals, so shop around but DONT let multiple people pull your credit!

[Lip_Ripper Guy]

 Originally Posted By: river rat316

 Originally Posted By: Lip_Ripper Guy

As a Realtor, I would HIGHLY recommend that you get approved through AT LEAST 3 places. I cannot count the number of times in the 5 years I've been in the business that I've seen a 1/2% or higher difference between highest and lowest interest rate. Ask for a good faith estimate also, and compare the bottom line.

You will in most cases save much more by shopping around for a mortgage, over the time that you stay in the house, than you will negotiating on the price of the house.

Thats not always the right idea, if your credit score is marginal having umpteen different mortgage companies pulling your credit might make enough of a difference that you won't get the loan, in this day and age lenders are looking for any reason possible to not fund on a loan. Lip ripper is right abourt the GFE though, it is required by law (I think, its been awhile since I got out of the business) and if they won't send one out before you pay for the appraisal or whatever get out of there. Thankfully the current market has more than likely taken care of the scumbags that were in the business to make a quick buck off people. Use your head about refinancing if someone is quoting you rates that are way lower than what you have been hearing than somethings up, most Mortgage Broklers work with the same lenders and get the same deals, so shop around but DONT let multiple people pull your credit!

Not true. Multiple inquires of the same nature (mortgage, car loan, etc) within a specified time frame (I think 30 days but I will confirm) count as 1 inquiry. I have verified this through various people "in the know". That said, it did used to be that way.

[fisherdog19]

What hurts your credit is pulls when applying for consumer credit, mortgage pulls will not affect the score much if at all. I have pulled credit reports for clients where I was the third lender to pull in a few days, and my scores were identical to what they got. Multiple pulls for consumer credit (credit cards, cars, furniture, etc.) will hurt your credit scores no matter what the time frame. I have had a client approved, and then they went car shopping and had thier credit pulled 7 times in one day and when I had to repull thier credit due to it expiring, thier scores dropped so much because of those credit pulls that I could not get them approved any more.

What I have on the brokers is that I am a direct lender, that can broker when needed. 95% of my loans are funded in house with our own underwriters and closing department making things go much quicker. The current waiting time to broker a loan is getting ridiculous, and it takes up to 2 weeks to get an approval from underwriting, where I can get my approval in 48 hours or less.

If you're looking for a quick, easy, and stress free transaction with low rates and fees, I always here to help.

[Lured_In]

I would be more than happy to help anyone with Title, Escrow, and Notary closing needs. I am a branch manager for a title co. in the cities and would be very interested in helping anyone out. Very aware and understanding of the issues in the past and the market now, would be more than happy to help make things a very smooth transaction! Feel free to contact anytime!

[Tom7227]

My daughter had to get a mortgage last November. We shopped and got information from at least 6 firms. I spent hours building a spreadsheet that listed the various categories of fees that were applied by the firms. There were an incredible number of variations in what things were called. When all was said and done the costs ranged from a low of $2,926 to a high of $6,818. It was enough to drive you nuts. Then once we focused on two firms they started bidding against each other and things got trimmed down pretty tightly. The closing costs were highly negotiable and seemed to fluctuate with the interest rate on the mortgage.

What I finally decided was that the firms had a target number that they had to earn to make a deal work. In our instance it was about $4,000 total. If you got them to cut the rate then the closing costs went up and vice versa. That starts to force you to think how long you’re going to stay in the place and whether you want to load them up front or take them off the payments.

The final outfit turned the whole thing into a nightmare. They couldn’t get a single piece of paperwork completed properly. I was still catching things at the closing. The closing agent commented how we were one of the few that looked at each piece of paper and forced changes. She said that most people simply go in and sign where told and write checks as told. We trimmed a few hundred dollars off at the closing and found a screwup on the paperwork that would have required some serious title work in the future.

Shop. Get the names of customers and call them. Check with the state agencies and the BBB to see if there have been problems. Get ready to spend time creating spread sheets to compare the offers line by line. Leave all lethal weapons at home at the time of the closing because at some point you’re going to want to use them.

[Lip_Ripper Guy]

That sounds horrible! Was it the fault of the mortgage company, or the title company? I've been in a lot of closings, and I have only had very minor issues with 3 or 4 that I can think of.

[Tom7227]

The mortage company - totally incompetent. I would "Advisor" you to stay away from that "Mortgage" company. Put it together and you have it.

[fisherdog19]

Sorry to hear about your bad experience. My company's top priority is to make it a smooth, and stress free process and we work very hard to make it turn out that way. I am always happy to supply referrals to prospective clients and answer any questions they may have.

For those of you that my not be sure, we can fund loans anywhere in the US but will find a closing agent in your area to close the loan. We always use a 3rd party agent that will close at their office, or your home; whatever is most convenient for you. We are currently at 28 states and counting with a goal of all 50 by 2012.

If any of you are currently working with another company for your needs, I am still available to help if you have any questions or concerns and need an industry expert to bounce things off of. I am more than happy to help any of you out, even if you are doing business elsewhere. That is where our customer service comes into play; we will go out of our way to help out in any way possible.