Should I worry if someone does both real estate and in-house mortgage dept from same office?

Question

I spoke to a real estate company in Houston who is a "one-stop shop" for real estate - from getting financed to closing the real estate transaction. And, they use Countrywide Bank as their primary lending partner. I've heard the public opinions about Countrywide. I just not sure if I should choose this company or seek help elsewhere.

I also posted a question in Real Estate category. It went nowhere. http://answers.yahoo.com/question/index;_ylt=Anjt.YXQEDTBRbjJPBm9ZYvsy6IX;_ylv=3?qid=20080719091915AAWRcm4

Answer 1

You do not have to use their mortgage company to finance yourself. You can just as easily go to your own bank and apply.

I don't think there is anything going on here because the rates are already set, you can find these out yourself. I really believe its just a way to move you through the process faster.

In the end you'll never really control where or who ends up with your note. That's why the economy is so messed up right now. They buy and sell these things all the time. A foreign national in the end may end up making money from you.

Do a little searching before you commit. Some companys may offer cheaper rates on the note and less in the way of origination fees. This is a lot of money for most people and shouldn't be done because it's 'convenient'.

One last thing. Keep your eyes open and use some common sense. If it feels funny to you what someone says or makes no logical sense then run away.

Answer 2

As long as they are legit it shouldn't be an issue..As far Country Wide idk...In todays economy I wouldn't even get a house...