Mortgage Help for Newbie

[Bill]

I hope someone (preferable someone with Crediability like Jeff) can help me with some Mortgage questions I have. Please help!!

1) Is there such a thing as an honest mortgage banker/broker? Who? What are the best HR firms? What are the best online companies as far as being trustworthy?

2) Should one consider dong Parellel loans to keep from being duped at closing? Even if I loose the apraiser fee on one it may be better than loosing a percent or other last minute change. How would one go about this safetly if it is a good idea?

3) What is the best starting point when loan shopping? IE. Phone book, Pilot, Inet, Referals from a group of people outside of the industry that has no personal gain from referals?Etc.

4) FHA MI versus PMI?

5) Best loan type for a conventional loan at the 225K price with 5% down and hopefull after negotionating with seller for CC assistance...another 3K out of my pocket for CC and no points.

6 Comparing GFE's? How often and how much do they actually stick to their estimates?

THANKS!!!!!

[Jeff Nelson]

Well, this isn't the first time I've seen a comment like this. Yes, there are many good and ethical loan officers/companies. Like in any industry there are also many that are bad apples. Personally, I only recommend working with local brick and mortar banks who well known and stable. However, many of the bigger banks are really tight on their lending guidelines. I have a few that I refer to clients depending on the client's situation: Suntrust Mortgage, Tidewater Home Funding, and C&F Mortgage. You shouldn't have a problem with any of these companies. Another piece of the puzzle is that you not only need a good lender but a good loan officer with that lender. Feel free to contact me if you would like any recommendations. I would never advise to work with an online lender and I would need a lot more time and space to talk about that one. Please feel free to contact me if you have any other questions.

Jeff Nelson
The Real Estate Group
757-749-1616
www.homesandfood.com/Hampton_Roads_Real_Estate.html

[dylanmitchell]

Hey, I found this link homeguides.sfgate.com/mortgage-advice-beginners-2431.html May be this can help.