Mortgages

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Sep 3, 2009 12:55 pm

For all you ex-mortgage guys who are now financial advisors, how much can a "buddy" who does your loan save you as the buyer?


I need to get a loan and have a few contacts in this area, so I would like to know where they can save me a few dollars or get the best rate. 


Or if anyone else knows, I appreciate your insight.

Sep 3, 2009 4:31 pm

Check out this page to do some comparative shopping in your area.  http://www.bankrate.com

Basically, your buddy would have to give up part of his origination fee to cut you a deal.  They work with par rates and can either leave the rate at par and take a fee, or they could increase the rate and get their fee on the back end. 

One thing you could try is to get the SELLER to pay the origination fee.  Also, since we are talking about percentages, the loan amount could make a difference in how much wiggle room a mortgage broker has.

Good luck