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You're entitled to your opinion but I would like to add that all fees quoted have zero tolerance as of Jan 1st. Once you receive a GFE from a broker or a bank they can no longer change. Zero tolerance for any broker or bank fees. Title fees have a 10% tolerance.

Many of my clients originally went directly to a bank and got the run around some had been waiting months for their loans to go through. All the major lenders offer the same Fannie Mae product but if you are looking for something outside the box or a true jumbo loan those vary drastically from bank to bank. A good broker knows where to look and a good broker will get the job done quickly.

I have time and time again gotten lower rates for my clients that what their bank had offered them. There have also been times where the bank has given a client a better deal.

Make a few calls and speak with some banks and speak with some brokers and compare apples to apples.

Why would you want to use a mortgage broker? They are middleman and are interested in getting themselves the largest profit, and in my experience they can be deceptive about fees involved-- waiting until the 11th hour to actually provide an accounting of all fees. They are also often in cahoots with the title insurance company (ie they get kickbacks for using a particular company that will end up costing you more, most people have no idea they can shop around for title insurance). There are lots of scammers out there too. I would recommend working DIRECTLY with banks or credit unions. It is more work, but you are cutting out the middleman.

Not trying to be a shill but you can always give me a call.

I live right here in JC and have an office in Manhattan. I've done quite a few loans here in JC, some for jc-listers themselves.

I've been doing mortgages for 10 years and hold both a bankers and brokers license so I can either act as a direct lender and keep the loan in house or broker it out to another bank if need be.

I've worked in many of the downtown condos and know which banks will lend on which buildings.

Search me on google and you will find a lot of references, I get a lot of referrals from brownstoner.com which is a brooklyn blog about renovating brownstone properties.

Adam Dahill
WCS Lending
660 Madison Ave
212-351-8020 direct

adahill@wcslending.com

They were fine heavily by the Feds...I wouldn't trust them.

K-Lo wrote:
Talk to Pamrapo Savings bank first.[/quote]

seckel capital is good - i used them for my JC purchase. they are out of PA though (i think), if you care.

they got me 4.75 fixed for a conventional when everyone else was offering 5.125.

if you do try them, PM me and ill give you the name of the person i used

We just bought a place in the Heights. Richard Massey at Wells Fargo in Hoboken steered us through the mortgage process quickly and smoothly. Very helpful guy.

Wells Fargo Home Mortgage
321 Washington Street
Hoboken, NJ 07030
Office:201-714-555

Try Walter Burns http://blog.livingonthehudson.com/

He is in Hoboken and concentrates on hudson county. Good guy. I always think it's important to get along with your RE agent, but more importantly they need to understand the market and have their sht together. You wont have any complaints.

Talk to Pamrapo Savings bank first.

Looking to a good local mortgage broker recommendation. Prefer someone who specializes in Hudson county. (our broker in city not that good for JC)

Although we may go with a traditional confirming loan (20% down), we are also looking at FHA product. So person must be knowledgeable about all mortgage products and what lender offers what.


Thanks