What's new

Financing with a broker

M

mm_fleet4

TB Lurker
Credits
8
Hi everyone,

Thanks for the help. Looking to better understand financing options. Has anyone used a broker to help get financing vs go directly to a bank/ financer? I've heard they add on more costs, but can be helpful. Any pros/ cons I should be aware of. How expensive are they?

New to industry, have some cash but looking for financing. Pretty good credit history

Thanks
 
Hi and welcome . A broker does not work for free. They do know the in / outs of it all but 1st I would do some of your own research. I personally use a broker but I also have had disagreements with them and broke trades only to be right on my own. Risk equals reward. I'm pretty sure you will get some good input here since we have some really , really sharp members that really know what they are talking about. I'd say you may have to be more spefic and I will tell you not to post anything out here that's personal. Some things should be done in a PM but you will have plenty to chat about here in regards to this subject friend.

SS
 
Last edited:
I'm a bit surprised nobody jumped in on this...
Guess I'll lead off and here's a relatively safe bet.

VANGUARD MONEY MARKET CASH RESERVES FEDERAL MONEY Nasdaq Mutual Fund Quotation Service: VMRXX , low risk - Remember what I told you RISK EQUALS REWARD. This is only my opinion , my opinion , my opinion , I'm recommending nothing we are just sitting at the bar shooting the poop here friend.
 
SMOKESTACK said:
I'm a bit surprised nobody jumped in on this...
Guess I'll lead off and here's a relatively safe bet.

VANGUARD MONEY MARKET CASH RESERVES FEDERAL MONEY Nasdaq Mutual Fund Quotation Service: VMRXX , low risk - Remember what I told you RISK EQUALS REWARD. This is only my opinion , my opinion , my opinion , I'm recommending nothing we are just sitting at the bar shooting the poop here friend.
Click to expand...
You are at the bar?!?!?

And you didn't call me????:wtflol:
 
mm_fleet4 said:
Hi everyone,

Thanks for the help. Looking to better understand financing options. Has anyone used a broker to help get financing vs go directly to a bank/ financer? I've heard they add on more costs, but can be helpful. Any pros/ cons I should be aware of. How expensive are they?

New to industry, have some cash but looking for financing. Pretty good credit history

Thanks
Click to expand...
Are you looking into investments or are you looking into financing home purchase?
 
If you are talking about a mortgage broker, I would advise that you avoid using a mortgage broker unless you have a difficult/unique situation or your time is worth much more to you than the brokers' fees.

In the age of the internets there is so much information out there and pretty easy to navigate/shop the loan yourself.

Regional or local banks might give you a good deal if you have a history with them and the underwriting process is a no-brainer.

Poke around a little on bankrate.com so you can see what type of carrots are being dangled out there. At least you'll know whether you are being offered a decent deal or not.

Do the math. Buying down interest rates by paying points only works if you plan to be paying on the mortgage for a substantial time. If you are going to pay it off quickly, refinance and/or move they are rarely worth it.
 
SMOKESTACK said:
Hi and welcome . A broker does not work for free. They do know the in / outs of it all but 1st I would do some of your own research. I personally use a broker but I also have had disagreements with them and broke trades only to be right on my own. Risk equals reward. I'm pretty sure you will get some good input here since we have some really , really sharp members that really know what they are talking about. I'd say you may have to be more spefic and I will tell you not to post anything out here that's personal. Some things should be done in a PM but you will have plenty to chat about here in regards to this subject friend.

SS
Click to expand...
I'm still laughing about that, (Smart, sharp, knowing what they are talking about part)
Will Ferrell Lol GIF
 
EX396 said:
If you are talking about a mortgage broker, I would advise that you avoid using a mortgage broker unless you have a difficult/unique situation or your time is worth much more to you than the brokers' fees.

Regional or local banks ...
Click to expand...
You know what I've found out EX396 , holy crap is the Construction Home Loan Rip Off a scam even if you have the money for the build. Criminals is what they are man !
 
SMOKESTACK said:
You know what I've found out EX396 , holy crap is the Construction Home Loan Rip Off a scam even if you have the money for the build. Criminals is what they are man !
Click to expand...
Interesting that you mention that. I recently finished building a home and worked with a regional bank for the construction loan. I had heard that it was expensive but I shopped around and was very happy to find the bank with excellent terms. Their fees were extremely reasonable. Their customer service top notch. Even though my plan was to pay each monthly draw in full (avoiding interest charges) the bank only charged me .5% of the fixed contract price. They ensured that all invoiced work was completed via a site visit, and that all subs and suppliers had been paid and signed lien releases. Their hope was that I would not pay monthly draws in full; incur some interest charges and at the end of the year or construction completion convert to a traditional mortgage with them. They were great to work with!
 
Last edited:
You must log in or register to reply here.
Top
AdBlock Detected

Ads Suck but we have a server bill to pay every month. I am no Zuckerbuerg or Musk here just a Truck Driver like you. Can you help us out here and disable your Ad Blocker? We gotta pay the bills here. I have a 100% Ad Free option for you located here cool

I've Disabled AdBlock