I feel the need to brag a little bit..

[ballz]

.. reason being the more I look around, the more I realize how kick ass my loans are, especially being a first time home buyer at the age of 21. My mother's friend is a mortgage loan officer and is the one that got me the loans on my house.

On my house, I got an 80/15/5. On the 80%, I got a 30 year fixed @ 5.375%. The 15% was considerably higher around 7%(another 30 year fixed), but who gives a shit when it's not financing a lot of money. I'm in the middle of a re-fi(which was a part of the original plan because my credit history wasn't very long at the time) to get my 5% back that I had to put down, and hopefully bring the interest rate of the second mortgage down to keep the mortgage payments the same.

www.floridamortgageloans.com
Aaron Sames
727.458.8374 w
727-864-3154 f
flmortgagelender@aol.com

[XtremeVision]

with a decent credit score you could have got away with no money down in the first place and just did an 80/20...any reason you went with an 80/15 and 5 % down? now your paying closing costs again..unless your doing an inhouse refi with the same lender its gonna cost you 2-3000 again...

[Epicman]

with a decent credit score you could have got away with no money down in the first place and just did an 80/20...any reason you went with an 80/15 and 5 % down? now your paying closing costs again..unless your doing an inhouse refi with the same lender its gonna cost you 2-3000 again...

:werd:

It seems that with the rates you got on the 80/15 you have decent credit. 80/20 would have been a better deal instead of refinancing.

[XtremeVision]

:werd:

It seems that with the rates you got on the 80/15 you have decent credit. 80/20 would have been a better deal instead of refinancing.


exactly, looks like he was able to get a decent deal...just seems somone is giving him bad advice...should have just went with an 80/20 in the first place...

[ballz]

The total of the two closing costs is going to be about the same as the first one should've been alone. The contract almost fell through, but he wanted it to close, so he dropped all of his costs and the realtors dropped some of his costs as well. The broker fee was zero the first time around. The re-fi closing costs will be under $2000.

The whole situation was real messed up, but he's a friend of the family, I trusted him and he made it happen. The deal was a HUGE headache and it came within 15 minutes of falling through. I ended up having to borrow 9k and pulling 1500 out of my own pocket to make it happen at the very end. It's not something I would want to go through again, but the end result is wonderful and I'm extremely happy with the house.

[ballz]

The reason behind the 5% down is that even though my credit score was good, the history wasn't there. I'm not 100% sure what happened, but that was was the bottom line.

Either way, I'm getting my money back and actually getting a lower rate on the second mortgage.

[24-7]

Mortgage Brokers are as bad as car salesman.

[Amortized]

lol, yes the riff raff in our industry has definately worked hard at earning that reputation for us, however, we are #2 on the list of most untrusted professions right behind used car salesman. Now that the refi boom has dried up and most riff raff is thinning out, hopefully the reputation will improve. This industry definately needs an enima.

[Just Dave]

The problem is that for a while, anybody with a pulse could get into mortgages and make good money at it. So you get all the crap building up. Now, we'll see how strong some of these people really are since the mortgage market is sure to start slowing soon.

[Dunecune442]

The problem is that for a while, anybody with a pulse could get into mortgages and make good money at it. So you get all the crap building up. Now, we'll see how strong some of these people really are since the mortgage market is sure to start slowing soon.


every market has its ups and downs, how many times do we have to explain this haha.

Yes, anyone can get a mortgage brokers license. However the likelihood that an untrained broker will be referred to by a sales associate/broker is VERY unlikely. You have to have some experience. Also, anyone can get into real estate sales associate. All you do is take a course and a test (2 of em actually), thats it. I just graduated high school and I should be taking the state exam shortly (as soon as the state can get its head out of its ass and process me :mad: )

Mortgage brokers are much better however. A few people I know are in the business and I would have no problems dealing with them.

[Amortized]

On my house, I got an 80/15/5. On the 80%, I got a 30 year fixed @ 5.375%. The 15% was considerably higher around 7%(another 30 year fixed), but who gives a shit when it's not financing a lot of money. I'm in the middle of a re-fi(which was a part of the original plan because my credit history wasn't very long at the time) to get my 5% back that I had to put down, and hopefully bring the interest rate of the second mortgage down to keep the mortgage payments the same.



should have went with the 100% Down, No Monthly Payments Program.

[Just Dave]

every market has its ups and downs, how many times do we have to explain this haha.

Yes, anyone can get a mortgage brokers license. However the likelihood that an untrained broker will be referred to by a sales associate/broker is VERY unlikely. You have to have some experience. Also, anyone can get into real estate sales associate. All you do is take a course and a test (2 of em actually), thats it. I just graduated high school and I should be taking the state exam shortly (as soon as the state can get its head out of its ass and process me :mad: )

Mortgage brokers are much better however. A few people I know are in the business and I would have no problems dealing with them.

I'm not saying they are all idiots or crooks, but look at TF/TR, there are alot of people in the mortgage industry on this site, many more so than a few years ago, and not all of them I would consider top notch people. The same with real estate. Both fields are like the IT boom of 5 years ago. If you throw enough shit at a wall some of it is bound to stick.

[Amortized]

I'm not saying they are all idiots or crooks, but look at TF/TR, there are alot of people in the mortgage industry on this site, many more so than a few years ago, and not all of them I would consider top notch people. The same with real estate. Both fields are like the IT boom of 5 years ago. If you throw enough shit at a wall some of it is bound to stick.

VERY WELL said. barriers to entry are low + potential for big $$$ = typically attracts skum of the earth type people
If they get into for other reasons than that, then no, that doesn't necessarily hold true.

[Scott]

lol, yes the riff raff in our industry has definately worked hard at earning that reputation for us, however, we are #2 on the list of most untrusted professions right behind used car salesman. Now that the refi boom has dried up and most riff raff is thinning out, hopefully the reputation will improve. This industry definately needs an enima.



We have the same problem as Realtors. Way to many newbs making us experienced agents look bad overall.

I can not wait for the market to tighten up a little so it will scare off all of the bored housewives and make a quick buck people.

No doubt the mortgage industry is loaded full of hot shot newbs that are scary to deal wth. I have been on the receiving end a few times with my homes for sale.

[XtremeVision]

We have the same problem as Realtors. Way to many newbs making us experienced agents look bad overall.



curious scott, werent you a newb realtor at one time? so whats makes you any more special then somone else trying to get into the market? Guess they should just shut it out to new realtors since there are soo many good ones out there...ya, thats a joke...I would have to say 75% of the ones I have ever used I would never use again...

[Scott]

curious scott, werent you a newb realtor at one time? so whats makes you any more special then somone else trying to get into the market? Guess they should just shut it out to new realtors since there are soo many good ones out there...ya, thats a joke...I would have to say 75% of the ones I have ever used I would never use again...


How funny you only quoted me and left out Amortized. :lol:

Sure I was a newb but again you miss the point this thread was making, here it is for you in more detail:

People are jumping into Real Estate related careers (agents, mortgages, title, etc.) to make a quick buck and do not care about the customer for the long run. It has been a huge problem the last 3-4 years (not when I was a newb) with the huge ramp up in Real Estate activity. Also many of these people seem to get in as a second or in between job to make a quick buck and move on, I see it all the time.

I got into the business over eight years ago as a career and not as a jump from one "job" to another. Also I have watched 95% of my office change over in the last few years from people that popped in, tried to make a few bucks doing shitty work, then got out because it was no where as easy as they thought. In the meantime the public gets a bad overall feeling about agents because of the influx of shit ones.

I wish they would make it tougher to be a Realtor and mortgage broker for all of the reasons I listed above. If they increased my dues 10x tomorrow I would gladly pay it hoping it would run out the "riff-raff".

If I had a dollar for evey mortgage broker that has tried to sell me some loan program they thought was re-inventing the wheel I would have retired long ago. And if I had .50 for being on the sloppy end of a half assed loan by some newb mortgage broker I would be able to retire in style.

What I really enjoy is helping some loan agents / brokers do there jobs because they have piss poor follow-up with their customers or put things off until the absolute last minute. I probably waste a hour or two every week because of this.

Look, all of that without making any personal refernces. You should try it sometime.

[Amortized]

One of my biggest concerns with newbs involved in the real estate industry is how hot our housing market is down here. Many of the establish brokers (mort & RE) are too busy to take the time to thoroughly train and evaluate the progress made by their new agents. While many newbs need their hand held for the first couple transactions, instead they are just handed a stack of 1003's or Purchase Contracts and told to hit the streets. These are people who will be representing clients and helping them to make an informed decision on very possibly the largest investment they will EVER make in their lifetime. Most consumers are savy enough to pick up the signals on their BS radar and run like hell, and right-fully so. These newbs have a few deals fall through, get hungry/desperate and start twisting the truth a little, or instead of simply answering a question with the proper answer of "I don't know, let me look into that for you," they respond with "Sure, the Interest Only loan payment will remain fixed for the life of the loan," with no mention of a balloon payment in 5-10 years, or fail to mention the balance on a neg am loan will be increasing as you aren't paying enough interest to cover all the interest charges amortized for that month, resulting in a balance increase, or failing to inform the borrower of how picking certain payments on a pay option arm will affect their balance in the future. It makes me sick knowing how many so called mortgage brokers have no idea about basic principles concerning the TVM (Time Value of Money), how amortization schedules are read/work, how you aren't paying more principle than interest on a 30 year loan till approximately the 20th year, client won't DTI so LO takes them stated, rates/ltv being quoted without even knowing credit scores, employment history, dti, property type, you know, ALL THE BASIC STUFF.

The state exams are partially to blame as well. Not only are they easy, but the actual content is practically irrelevant to the day to day activities in the industry. Its mostly law, respa, and some 3rd grade math. If people are dealing with the largest investment of their lives, shouldn't their advisors be required to take an exam as stringent as the CPA, BAR, series 7, etc? Only makes sense to me.

[Dunecune442]

I know exactly what you mean. Ive shown a few houses for my dad in real estate and I dont know the answer to a question I call pops straight up b/c its our ass at stake. Im going into real estate as a newby, but Im alot more mature then some people Ive had to deal with so far, and they have years on me.

Im pretty eager to go into this career. Im hoping after college I can go to Law school and start doing real estate law. Until then its good to get in the business and even better to get a good name.

If I deal with any SOB brokers or realtors Im going to make sure the DBPR or FREC hear of it, b/c when realtors cheat consumers, it hurts all of us from the buyer, the seller and the realtor.

[ballz]

should have went with the 100% Down, No Monthly Payments Program.


That was my other option.

[Scott]

One of my biggest concerns with newbs involved in the real estate industry is how hot our housing market is down here. Many of the establish brokers (mort & RE) are too busy to take the time to thoroughly train and evaluate the progress made by their new agents. While many newbs need their hand held for the first couple transactions, instead they are just handed a stack of 1003's or Purchase Contracts and told to hit the streets. These are people who will be representing clients and helping them to make an informed decision on very possibly the largest investment they will EVER make in their lifetime. Most consumers are savy enough to pick up the signals on their BS radar and run like hell, and right-fully so. These newbs have a few deals fall through, get hungry/desperate and start twisting the truth a little, or instead of simply answering a question with the proper answer of "I don't know, let me look into that for you," they respond with "Sure, the Interest Only loan payment will remain fixed for the life of the loan," with no mention of a balloon payment in 5-10 years, or fail to mention the balance on a neg am loan will be increasing as you aren't paying enough interest to cover all the interest charges amortized for that month, resulting in a balance increase, or failing to inform the borrower of how picking certain payments on a pay option arm will affect their balance in the future. It makes me sick knowing how many so called mortgage brokers have no idea about basic principles concerning the TVM (Time Value of Money), how amortization schedules are read/work, how you aren't paying more principle than interest on a 30 year loan till approximately the 20th year, client won't DTI so LO takes them stated, rates/ltv being quoted without even knowing credit scores, employment history, dti, property type, you know, ALL THE BASIC STUFF.

The state exams are partially to blame as well. Not only are they easy, but the actual content is practically irrelevant to the day to day activities in the industry. Its mostly law, respa, and some 3rd grade math. If people are dealing with the largest investment of their lives, shouldn't their advisors be required to take an exam as stringent as the CPA, BAR, series 7, etc? Only makes sense to me.




Excellent reply, rep points for you !

Best of all it was on topic. :headbang:

[Scott]

b/c when realtors cheat consumers, it hurts all of us from the buyer, the seller and the realtor.


It is good to see you realize this because so many do not.

[Pinback]

I've never met someone who didn't get or at least feel like they got dicked over while setting up their mortgage. I really, really, really am not looking forward to the day when I have to deal with it.

It's partially my fault since I have never had a mortgage before, I can only read up on what to expect or get some 2nd-hand advice.

[Epicman]

I've never met someone who didn't get or at least feel like they got dicked over while setting up their mortgage. I really, really, really am not looking forward to the day when I have to deal with it.

It's partially my fault since I have never had a mortgage before, I can only read up on what to expect or get some 2nd-hand advice.

The people you know need to do better homework next time. Granted there will be cases that regardless how good the mortgage broker is the people will never be happy, but this business is a referral business. If you can't keep your people happy you won't stay in the business long.

[~JT~]

The people you know need to do better homework next time. Granted there will be cases that regardless how good the mortgage broker is the people will never be happy, but this business is a referral business. If you can't keep your people happy you won't stay in the business long.

Theres a real estate question in FFA and I explained my process.
I have been buying and selling for about 8 years.
In that 8 years I have met only one agent that I would ever refer, and she is out of the business now.
I had only one broker the entire time, but she decided that she wanted to charge me for her not closing a deal.
BYE BYE
So the deal died, i take a hit, title co takes a hit, and guess what, broker takes a hit too, dont pawn that shizzle off on me.
Yes there are some very good agents , and very good brokers.
I personally try to work with people I trust, AND get the job done.

Another option to the 80/15/5 is the old FHA/VA with 3% down.
Lower PMI, consolidated loan, interest rate just slightly above the best 30 yr loans.
YEs i realize if you have a 80/20 or what ever, that your increased interest on the 20 part of the loan is tax deductabe as opposed to not paying the PMI, but for the short term its a relative trade off. And with property values continuing to climb, a inhouse refi, could eliminate the pmi within a year, as opposed to having a complex refi with the additional loan involved.
fuk i hate this shit lol
why cant life be easy and all bong tokes and whipped cream ?

[dawny]

I got 100% financing, 6% fixed 30 yrs, plus 15k interest free through ships, becuase I work for the state and sworn in officer don't need to be in a braklet to qualify.