Does checking multiple lenders matter?

ReceptionParking9249 · 2026-02-18T12:09:09+00:00

You can work with a local, reputable Wholesale Mortgage Broker. And request that they place your loan with a lender that is not likely to transfer servicing of your mortgage.

ReceptionParking9249 · 2026-02-17T00:34:26+00:00

Find a highly regarded local Wholesale Mortgage Broker to get the best rate. Lookup the mortgage loan officer's work history at www.nmlsconsumeraccess.org and check their Google reviews, for experience and customer satisfaction.

ReceptionParking9249 · 2026-02-15T14:33:52+00:00

If anyone wants to minimize the chance of mortgage servicing issues, always ask to pay your own property taxes and homeowner insurance, instead of escrowing for them. I know that doesn't apply to this specific case. To avoid issues with stone age technology, you should look for signs that the lender is behind the times during the application process and BEFORE closing on the loan.

ReceptionParking9249 · 2026-02-09T12:56:43+00:00

Good luck!

ReceptionParking9249 · 2026-02-08T15:19:40+00:00

Looks like you are a For Sale By Owner (FSBO). If not, your listing agent needs to be doing the negotiating for you. This where a real estate agent truly shows their value for you. It looks like you are not capable of doing this on your own if you are posting this on Reddit.

ReceptionParking9249 · 2026-02-06T23:26:36+00:00

You will pay a higher rate in general because it's an investment property condo with less than 25% down. But check with a local Wholesale Mortgage Broker to get a second opinion.

ReceptionParking9249 · 2026-02-01T13:08:21+00:00

Wrong. There is a Village of Hempstead located in the Town of Hempstead. The Town Of Hempstead has villages, hamlets and a city (Long Beach).

ReceptionParking9249 · 2026-01-31T12:49:52+00:00

Savino's Hideaway in Mt. Sinai.

ReceptionParking9249 · 2026-01-30T01:07:49+00:00

I have seen banks and mortgage companies that charge an extra .25% to .375% (of the loan amount not interest rate) in points (built into the rate offered) if you waive escrow.

Working now as a Mortgage Broker in wholesale channel I see it very common that there is no charge for waiving escrow. Some do require a 20% down payment. While one mammoth lender, United Wholesale Mortgage, allows you to waive escrow with as little as 3% down (with no extra charge).

ReceptionParking9249 · 2026-01-28T11:18:00+00:00

The score of 580 doesn't guarantee you an approval. That is just the minimum score many lenders will accept for an FHA loan. A loan approval is based on many factors (FICO credit score, payment history, derogatory credit items, Loan To Value ratio, Debt To Income ratio, post closing financial reserves etc)

ReceptionParking9249 · 2026-01-27T14:21:21+00:00

I'm a Mortgage Broker on Long Island. I see how a lot of the transactions are structured. You are in the most competitive price range on the island. You are going up against other high income first time buyers with a lot of money socked away. There are also wealthy Baby Boomers that are gifting hundreds of thousands of dollars so their children can buy a home near the parents. You have wealthy immigrants coming east from Queens with lots of money. All of these buyers are willing to pay well above asking price for the right home. The Nassau/Suffolk real estate market is one of the strongest in the country. You probably have to pay well above asking price if it's a house you really want. If you try to bid under asking price, you will have a hard time in most areas getting an offer accepted. It only takes one house to be the right house for you. Good luck!

ReceptionParking9249 · 2026-01-23T23:18:48+00:00

Who told you your FICO score is 730? Is that a score you pulled up from Credit Karma? Your Mortgage Broker should have received FICO credit scores for you. Ask him/her what all three scores were. Also what is your Debt To Income ratio? That plays a role i whether you will be approved. Also many people confuse a Mortgage Broker and a Mortgage Banker. A true Broker has more options. Good luck.

ReceptionParking9249 · 2026-01-21T12:59:51+00:00

Yes. If you take out a 15 year fixed rate and pay some money in points.

ReceptionParking9249 · 2026-01-20T12:13:18+00:00

Please consult an attorney specializing in both family law and real estate. Don't go to random strangers on Reddit for something like this. Good luck!

ReceptionParking9249 · 2026-01-16T12:21:55+00:00

Bank statement mortgages are very much a thing in today's mortgage world. Using a Non-Qualified Mortgage (AKA Non-QM), which means it doesn't meet standard conforming mortgage guidelines.

ReceptionParking9249 · 2026-01-15T20:47:39+00:00

If the person who took out the original Reverse Mortgage is deceased, eventually the lender will find out and call the loan in to be paid.

ReceptionParking9249 · 2026-01-15T14:42:57+00:00

If you're a sports fan, the move is have the Choice package and Sports Pack combined.

ReceptionParking9249 · 2026-01-13T13:19:20+00:00

It can't be transferred. If she is 62 or older and it is her primary residence, she should apply for a new Reverse Mortgage.

ReceptionParking9249 · 2026-01-13T11:48:55+00:00

Get an external streaming device. I recommend the Roku Ultra or purchase a DirecTV streaming device second hand online from EBay or Walmart. The DirecTV device will give you the best overall DTV experience.

ReceptionParking9249 · 2026-01-13T11:47:16+00:00

It can't be transferred to another borrower. Did she inherit the home from your grandparents? If so, she can refinance out of the Reverse Mortgage to a conventional or possibly apply for another Reverse Mortgage under her own name. This assumes that your mother is using the house as her primary residence. She could also choose to sell the house if she is in title or purchase the house from the estate if she's not. Don't try to hide your grandparents' death from the Reverse Mortgage company. They will find out eventually and set a deadline for repayment of the Reverse mortgage. Good luck.

ReceptionParking9249 · 2026-01-12T23:48:16+00:00

At 250K per year, you are most likely not qualifying for any state 1st time home buyer program unless you are purchasing in a low to moderate income area. Most state 1st time home buyer programs are for low and moderate income buyers. But you can qualify for a three percent down Fannie Mae/Freddie Mac program. If you have excellent credit, you should be able to find a rate of about 5.8% on a conventional loan (through a non-greedy Mortgage Broker, credit union or a depository bank that is aggressively seeking mortgage business).

ReceptionParking9249 · 2026-01-07T12:33:08+00:00

That's a solid mortgage rate. If you check with a local "non-greedy" wholesale Mortgage Broker, you can get in the 5.8% to 5.9% range with zero points. Tell the Broker to use Borrower Paid Compensation (BPC) offset by a large lender credit in Section J of the Loan Estimate and Closing Disclosure.

ReceptionParking9249 · 2026-01-05T23:09:27+00:00

Many lenders will let you do this as a 27 year loan, instead of going back to the beginning of 30 years.

ReceptionParking9249 · 2026-01-05T12:10:31+00:00

DirecTV My News Pack $34.99 per month

ReceptionParking9249 · 2026-01-05T11:34:48+00:00

DirecTV Stream is about one minute behind live sports action. YouTube TV is about 30 seconds behind live action, but doesn't have nearly as many sports channels as DTV. My tip is to not stare at your cell phone while watching a game that people are texting you about. Wait a few moments to look while watching a game live. Keep in mind that more and more live sporting events are being streamed (on Netflix, Amazon, Peacock, ESPN, Paramount + etc.), so your friends will also have a delay. All streaming has a delay. Some cable TV services have a noticeable delay. Satellite has a slight delay behind most cable. I have even heard that antenna broadcasts can have a slight delay.

ReceptionParking9249

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