Need a good Mortgage Broker - Posted by Mike B. (Dallas,TX)

Real Estate Investing
#1

Posted by Mike B on May 13, 2000 at 14:07:45:

Bud, thanks for responding!! I am relatively new to investing. On the few houses I have bought and fixed up for profit, I have contacted my mortgage broker who in turn got me a loan (conventionally). I then fixup the property and list it with my realtor. I know this is not the most creative way to buy and sell but I have at least made decent profit on each of them per my financial goal per house ($10k-$15k). The houses I have done so far have been listed on MLS. My broker gets paid well (usually 1 point + placement/bonuses). I just felt he was getting a little too greedy on this one. We did discuss the ‘misunderstanding’, and we are scheduled to close on Tuesday. I will, however, be pursuing other alternatives to my financing for future projects. Any advice is always greatly appreciated!!
Once again, thanks for your help!!

#2

Need a good Mortgage Broker - Posted by Mike B. (Dallas,TX)

Posted by Mike B. (Dallas,TX) on May 09, 2000 at 16:22:31:

Can anyone refer me to a good local mortgage
broker in Dallas area? I am supposed to close on an investment purchase tomorrow, and my broker has
decided to add a few ‘incentives’ into my HUD1.
Such as an origination point we did not discuss as
well as $3750 ‘total paid items & subordinate financing’ (this is on top of prepaids and normal closing costs).
I am already approved by two lenders!! One for
90% (Countrywide) and one for 95% (Point Source)
for this property.
This is a conventional loan for investment.

#3

We need to talk - Posted by Bud Branstetter

Posted by Bud Branstetter on May 12, 2000 at 21:19:15:

Mike,

Mortgage brokers are to get loans for your buyers. Why are you qualifying for loans yourself? Why do you want the mortgage broker to help you without getting paid?

#4

Re: Need a good Mortgage Broker - Posted by David Alexander

Posted by David Alexander on May 10, 2000 at 24:57:23:

I just emailed you several.

David Alexander