Should I trust a one-stop broker for mortgage and real estate, who uses Countrywide Bank as a lender?

Question

I guess this is a two part question:

Should I use a one-stop broker who handles mortgage and real estate, in Houston? Then, they also use Countrywide Bank as their primary lending partner. Should I go with that company?

Answer 1

I agree with Ozzie.  Unless you have trouble finding or getting a loan right from a lender, a mortgage broker just adds cost (their origination fee).

I originally got preapproved for an FHA loan from a local bank. My real estate agent suggested a broker, but that broker seemed to be part time (voice mail only) and never even got me a quote.  So I got a conventional loan (not FHA) from the bank.  That bank immediately sold the loan to a nationwide lender. I have since refi'd with that lender at lower fixed rate for less years (only $170 closing costs for refi).

I have no experience with Countrywide, but have heard some things.  Do a websearch on them and see what you dig up.

Answer 2

Mortgage brokers can give very good rate.  The wholesale and retail divisions of lending institutions compete for business.   I have been able to use wholesale division of big lender to beat rate offered by retail division. of lender.  The borrowers were very pleasantly surprised.  (And I have wholesale account with Countrywide.)

Answer 3

Personally, I'd stay away from brokers unless you're credit is so bad you need someone to go to bat for you.  Remember, a broker is a "middle man" who is receiving a fee.  That means YOU are going to pay more, not the lender.

I'd first try a place like Lending Tree.

I would never go to a guy who plays both ends of the field like that.  I wouldn't even go in his office.  Like he's really going to lead you to the best deal.  Find someone else.