patrick.net

'I'm trying to refi my home. My lender offered me a 4.5% 30 year fix with $260 app fee and $3900 to do the loan. I know mortgage brokers have a bad rep, but I then contacted a mortgage broker whose info I got off a flier that was stuffed in my mailbox. Since I already had a copy of my docs, I brought them over to this broker's home(his office). He offered me 4.375% for $2900 though I have to pay for the appraisal of $450. I spoke at length with him and he seemed very informed. He used to have multiple brokers under him till the 2007 crash. He said that he steered his clients away from i/o loans and did no subprime. Nonetheless, his income went from 400k/ year to 40k/year. What I found interesting was that on his wall was a chalkboard with a list of names of people who he was currently doing loans for. 2 of them were colleagues of mine and another was an Amgen VP. I asked if they were referrals, but they were all customers from the fliers.

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