Posted by Terence R. Winslow on December 14, 1999 at 14:33:34:
Mike,
I am having the same problems. Please update me as you get information. Maybe we can assist each other on some deals.
Terence
Indianapolis, IN
I need to find a good mortgage broker. Please help. - Posted by Mike
Posted by Mike on December 14, 1999 at 11:04:02:
I’m trying to locate a good lender/broker for a deal that I’m in the process of selling. It’s a single family rehab and I have a buyer with a few credit issues and little cash. I need someone who’s honest and straightforward and can actually get a deal done instead of just saying they can get a deal done. I’ve worked with a number of mortgage brokers that simply tell you what you want to hear, and then three weeks later, tell me that the lender just doesn’t want the deal. I’d rather know that upfront instead of wasting time.
I’m in the Chicago area. If anyone can recommend someone, please let me know.
Thanks,
Mike
Good brokers are like good realtors, or good car - Posted by Paul Macdonald
Posted by Paul Macdonald on December 16, 1999 at 01:28:37:
mechanics, or good cooks. You get what you pay for. Sometimes. But only by going through a bunch of not so good ones.
I’m going to tell my side of the issue on why it can take a while for binding approval/turn downs and how I think you can answer your buyers problem.
Being a broker/banker I’ve got a knee jerk reaction to what you’ve said. Half of the time borrowers do not tell the whole story or they flat out do not provide all documents needed.
Average to best case scenerio:
Day 1 - Morgage app. taken. Credit ordered. Some documents provided. Appraisal ordered. Processing started. Missing support documents ordered (such as Verification of mortgage, employment etc.)
Day 3 - Package ready - waiting on appraisal and outide documents.
Day 5 - don’t forget we probably had a weekend so really a week has gone by - appraisal & doc’s arrive and package is shipped to underwriters.
Day 6 to 10 - 48 to 96 hours after lender received package we’ll get the underwriters answer and/or conditions.
Two weeks is pretty reasonable to find out if it is a dead deal or a live loan.
How to help your buyer - if he is going to be an owner occupant have him go to a lender that does FHA 203k’s. Borrower get get up to 110% of the AFTER completed renovation value. And they can get up to 97 to 100% LTV so very little actual cash is needed. It’s a cool program.
Paul Macdonald