"Confessions of a Mortgage Broker"

[ursi]

good grief!

http://www.joeconsumer.info/index.php/consumer-advocacy/15/confessions-of-a-mortgage-broker/

[rucky]

1. Well done!

It's what every borrower needs to know.

The most reliable place to go for a mortgage is a community bank.

[Fresh_Start]

2. don't over look credit unions

I had incredible mortgages from my credit union

[Warpy]

3. Thanks, I did all of those when I bought 11 years ago

and locked in a rate before I started looking. I'll add one more:

Be prepared to pick up everything off the table and head for the door. It's the only way to get some of them to stop talking tommyrot and offer you the mortgage you qualify for at the proper rate and for the proper term.

I did that one and it worked.

[Yael]

4. K&R -- this is very good information!

[ursi]

5. we might be buying this summer and I have this info saved!

amazing how unscrupulous this industry has been!

[fasttense]

6. I bought three different houses decades apart.

One in the 80s, one in the 90s and one in 2002. Not until I bought the one in 2002, did I get a bank trying to convince me that a crappy ARM or balloon payment would be a good mortgage. I had pretty good credit and had 30% down, there was no reason to use these stupid tricks to get into a loan. They acted as if they were doing me a favor. But I made it clear I wanted a regular fixed rate and brought a lawyer to the closing to make sure they didn't sneak one in on me.

This started when the bushes took over and deregulated everything. Instead of a free market we get a criminal market pushing con jobs and ponzi schemes.