2011 - 2012 Reviews

Mortgage broker for refinancing with < 20% equity

I'm seeking for ethical and knowledgeable broker to refinance my mortgage. I may not have enough equity in the house and don't want to just randomly apply and only to find out at the end that the appraised value is too low. So I'm hoping the broker would help finding a way to estimate the value or have other options for refinancing. Any recommendations or advises will be greatly appreciated. Michelle

Looking for Knowledgeable Mortgage Broker

We are hoping to move to Berkeley from Vallejo. We need a mortgage broker knowledgeable in situations where the first house will be either kept to be a rental or ''short-sold'' (is that the past tense for short-sale?!) We would love someone who is efficient as time is of the essence. Thank you!

VA Loan Mortgage Broker

My husband and I are looking for a mortgage broker who is truly experienced in VA and CalVets loans. We've spoken to several brokers who claim to know about them and then turn out that they've done one or two. These loans are specialized and we need someone who really understands the ins and outs of using them. Thanks so much for any suggestions. Hoping to be a homeowner

Need mortgage broker for refi

We're trying to refi our mortgage and need broker recommendations please. We deal with two already and they are both disappointing in service. Thank you. zipcount

2009 - 2010 Reviews

Mortgage broker to help with refinance

Looking for someone to help us get into a better financial position with our home mortgage. We are part of the many affected by the housing crisis where our loan is nearly the same amount as the value of our house. It just kills me that I can't take advantage of these amazing mortgage rates right now by refinancing so I just want to speak with anyone to see if they can help. Please let me know if you are aware of any mortgage brokers who can help in this situation. Thank you!

FHA broker recommendation

Hi, we've been looking into FHA mortgages and have talked to one person who told us that we would be paying mortgage insurance until we had 80% equity. I'm wondering if this is standard, and if others have had this experience? Also, we'd like to check with at least one other FHA broker for comparison purposes. If others have someone to recommend, that would be great. Thanks.

We want to refinance (or at least look into it), and our original mortgage broker through BofA has left due to illness. He was such a great guy - friendly, trustworthy, conscientious, helpful, responsive to our many questions without ever making us feel as clueless as we were. He's really the main reason we went with BofA to begin with. Now that we're there, we'd like to stay for a variety of reasons, and are looking for another trustworthy, friendly person. The guy who took over for our original broker leaves a lot to be desired. Can someone recommend a BofA broker to us? Jenny

Currently, we have our first mortgage with Wells Fargo (WF). It's a 5 year-ARM, which is set to adjust next year. We contacted WF 2 months ago and began the process of refinancing, trying to get a 30-yr fixed mortgage. Our house appraised for the same amount we bought it for 4 years ago. Now, WF is saying they won't honor their commitment letter because both mortgages would be for more than 90% of the appraised value (even though they're only financing the 1st mortgage and not assuming any more risk than they have now). Our credit is perfect. Our income has doubled over the last 4 years. And our neighborhood is very stable. We're current on our payments and there is little risk that we'll fall behind. What do we do now? We've heard rumor of people who advocate on your behalf with the bank to get you refinanced - not mortgage brokers. Do such people exist? How successful are they? Should we contact a mortgage broker? Any suggestions? Looking for a ''fix''

We've owned 4 homes over the last 13 years, and 7 mortgages and refi combined. During that time, we've ALWAYS used brokers and were very satisfied with their service and rates they were able to find us.

With this last house, we bought it in July 2008, and when rates went down, we wanted to refi. Our current mortgage was with WF, so given the craziness of refi rules, we opted to go directly to WF for the refi. It was the WORST decision we ever made. Firstly, it took twice as long as any other refi we've ever done with a broker. Secondly, they did the ole' ''bait and switch.'' We specified our requirements (didn't want to pay points), and needs. So for over 6 weeks, we were led to believe we were getting one rate with x points. It was good, which is why we were so patient, but again, took much longer than any other time.

When the paper work was delivered for us to sign, it was for a low rate but paying over $7k in fees/points!! this was not what we agreed upon. Long story short, bait and switch. I would like to believe it was the inexperience of WF mortgage guy. But with all the financial snakes freely taking advantage of working class, I tend to believe it was more sleezy than inexperience.

Go to a broker. They can shop around for you, have access to many lenders, you can negotiate their fee (WF charges the same fee as we've paid with a broker), and they'll bust their tail for you, so that you're a return customer. good luck. trusting noone

Good luck! It is good that you are starting early. Nikki

As someone who has just finished refinancing myself, I highly recommend that you avoid going to your own bank (there is no benefit to them if you refinance for a lower interest rate, so why should they try and help you?). Try working with a mortgage broker, who will be able to work with you, and shop around to find a smaller lending institution who will give you a lower rate.

I used Rick Williams (email rickrew123@GMail.com) who happens to be up in Sonoma, but it doesn't matter where your mortgage broker is from. They can get much, much better rates that we can, just walking in off the street. I double checked his rates (including the broker fees, closing costs, in addition to the APR 4.25% for a 15-year fixed) and he was actually cheaper than every bank I checked - Wells, B of A, Mechanic's Bank, Chase, Citibank (I had my mortgage with Citi originally, and they weren't interested in refinancing by more than a quarter of a point less than my original rate - sheesh!)

Email Rick - he just switched from the firm he had been with to a new one, so I don't have his new phone #) and see what he can do for you. You've already got your appraisal, so that's a plus. Our refi went through a small finance company, Provident Lending, and within three weeks was re-sold on the secondary market and purchased by, get this -- Wells Fargo. So, the bank that wouldn't refinance my home for less than 5.25% purchased my mortgage from Provident for 4.25%. Go figure.

We rolled in the cost of the refinance into the loan amount (closing costs were about $5k on a loan of $250K), so we had no upfront costs at all except the appraisal fee, which is paid directly to the appraisal company.

Good luck, and I hope Rick can help you. He will be down in Berkeley on Oct. 8th at one of the City of Berkeley's home energy workshops (I think at St. John's on College, 7-8:30 pm) so you can meet him there in person. Alice in Berkeley

Can anyone please recommend a reverse mortgage broker or consultant in the Berkeley area (or nearby) who is experienced and reliable/trustworthy? If there is someone you have had a bad experience with, we would also appreciate the warning. Trying to help my aging parents Does anyone know of a credit union in the Bay Area that is offering reverse mortgages? We're trying to keep the start-up costs down. Seeking reasonable rate on reverse mortgage

My husband and I are looking to buy our first home. We both work for non-profits so are priced out of many Berkeley and Oakland neighborhoods. That said we'd like to find a trustworthy person to help us get into a neighborhood we feel good about while making sure we're getting a solid loan. Recommendations for brokers who have been successful in the current market would be particularly useful. anon.

We bought our house almost a year ago, and are now looking at whether or not we should refinance at the lower rates available. We've looked at online calculators, etc., and it seems like it might be advantageous, depending on the fees. Unfortunately, we felt like the mortgage broker we used last year was not keeping up with the changing market, and was not available when we had questions. So we're looking for a recommendation of a mortgage broker who would be willing to help us figure out whether a refinance is right for us or not, even though that means they might end up without a commission. If we do decide to refinance, we want someone who is willing to walk us through the process. Any ideas? Possible refinance?

Can anyone recommend an experienced, honest, reliable reverse mortgage broker? I am looking to get a mortgage on my parents' house in LA, but I'm having a hard time finding recommendations/reviews/testimonials of reverse mortgage professionals. I want to work with someone with knows exactly what he/she is doing, who can educate me as to the process and outcomes, and who can make it all happen FAST. Please, if you know of anyone, reply with their contact info and let me know WHY you love them! Thanks BPNers - sara

Hi there, We really need a referral to mortgage person. We had to do improvements to our house a while back and refied-- now our mortgage is killing us. With current rates so low we're hoping to refi our way back to sanity. We've got two little ones and I've had to go back to work full-time just to pay the mort! thanks for any advice~~ house-poor Mama

2007 - 2008 Reviews

Things seem to be changing so quickly economically right now. We are looking for a really good mortgage broker who can keep up with what's going on & help us find the best deal on a loan. Some of the brokers we have already contacted don't seem very good at communicating with us & updating us on changing rates and loan packages. Have you worked with anyone you liked a lot when obtaining a mortgage?

I've already checked the archives and am looking for some current mortgage broker recommendations. We're thinking about buying another house and need some creative advice on the best options. Clueless

Nathan Petrowsky, 510-541-7382 or 925-465-7105 nathan.petrowsky[at]charterfunding.com
jessica

I am seeking a loan to renovate an apartment in a building that I co-own in NYC in order to bring it to market value. The building has two apartments, and a restaurant below. The building is paid for in full. I do not want to refinance my residence in CA (for various reasons), but am having a difficult time finding a lender due to the issue of 'mixed-use''. Does anyone have any advice or a broker to recommend for this? I am looking for a loan of approx. 150K and would like to repay within 5-7 years. Thank you in advance for your assistance. Anon

Does anyone know of any good mortgage brokers to help me with a refinance of my property? I've got a variable interest rate that's going way too high and I don't want to just go with any lender, worrying that they could go belly up. Ideally I'd like to go with an interest only loan, but then I would probably want to do an addition to my property in order to afford the higher payment. So someone who has experience with costruction loans would be good too. thanks, Nader N

2005 - 2006 Reviews

Excellent Mortgage Consultant
I've been meaning to write this for the past month (since we moved into our new home in N. Berkeley). For anyone looking to finance the purchase of a home or to refinance your current mortgage, I highly recommend Brian Moggan at Princeton Capital (his office is on La Salle in Montclair Village). He is very friendly and knowledgable, explains things extremely well, stayed one step ahead during the entire escrow process, and obtain a very competitive rate for us. Even more than that: he would come to our home for meetings since we had to meet in the evening and our baby would be going down for bedtime. We never had to meet at his office, arrange for a sitter, miss any work, etc. We didn't even have to ask him to do this, when he found out we had a 5 month old (when we first spoke on the phone), he offered to have the meeting at our house. When we had an issue arise at the last moment before closing (an issue really the fault of the title company), he didn't present us with a problem and make us scramble; he informed us of the problem and already had a solution as well. He was great, and I can't recommend him highly enough. His contact information is: Brian Moggan, Princeton Capital, phone: 510 -339-4719, email: brianmoggan@princetoncap.com Melody

Excellent Mortgage Broker
I highly recommend Brian Corey as a mortgage broker. My wife and I worked with him recently because we were considering a refinance or a second mortgage to get cash for a remodel. Although we thought we knew what we wanted when we contacted him (a refinance), Brian spent a lot of time helping us understand different options, even though all of them would bring him less income than a refinance. He ultimately helped us decide that a home equity line of credit would be best for us, although that is his least profitable option. After doing a lot of work on our behalf, he finally suggested that we simply ask our bank to improve the rate on our existing line (meaning he made nothing from the deal). Brian was quick to respond to e-mails and phone calls, and was very friendly. We could not have been happier with our experience with Brian. You can reach Brian at bcorey[at]1stblackhawk.com.
MW

Hello. I'd like recommendations for a trustworthy mortgage broker who works with clients with bad credit who are not too knowledgable about the mortgage process. My husband is trying to get the family home from his name into his brother's name so that it is no longer a liability for him. His brother wants the house and wants to assume the outstanding mortgage balance. However, he has terrible credit and has not been proactive in doing things like obtaining his credit report. I ordered it for him but he needed to send in info clarifying that his address was a residential address and not commercial and he hasn't followed up and sent that in yet. I want to take the next step and find him a mortgage broker to move this process along. Also, interest rates are rising. Any good recommendations are welcome! THANKS!!

Can you recommend an honest, patient, and intelligent mortgage broker? The archives listing's are over a year old and I'd love to get more recent recommendations. Please let me know how much they charge also. Thanks so much.

Senior Mortgage Consultant
(415) 354-5162, office
(415) 983-0975, fax
Residential Pacific Mortgage - SF
633 Battery St., Suite # 110
San Francisco, CA  94111

2004 & Earlier

If you are thinking of buying a home, please consider contacting Linda Herrera of Jacinto Mortgage Group (http://www.ALoanSourceLH.com) regarding your financing options (including no-down payment loans...they're available, too). In addition to being a likeable person, Linda is extremely knowledgeable about her business. She took a decidedly complicated situation and made it an invisible and painless process for us. All we had to do was show up in her office at a time of our convenience, bring our necessary documentation and let Linda work her magic. And, magic it was. We began our home search with every confidence that Linda had the situation well in hand. Adding to our comfort, Linda maintained contact with our real estate agent during the home search and contracting process. She made herself available and promptly returned any phone calls for which she was not readily available. For my next home purchase, I will definitely contact Linda first. Her customer service and support more than facilitated what could easily have been a nightmare. My husband and I highly recommend her services. Anne

We just refinanced our house and had the most wonderful experience with our broker that I wanted to get his name out on this list: Cory Reid of Fountainhead Mortgage, (based in Emeryville). Cory was so thorough and efficient and good about explaining the process. He went out of his way to get us the best deal, which included negotiating a return of about $800 from the lender on the fees, and then switching lenders halfway through the process when rates went down. The new loan will end up saving us an additional $65/month. The icing on the cake was when we had to come in to sign the papers. Cory knows that my partner and I both work, and we have 2 small kids. He sent a notary to our house and covered the cost himself so that we wouldn't have to lug the whole family out. Cory's office number is 510.547.4111. katrina

I'm looking for a good mortgage broker who knows a lot about deals for first time home buyers and someone who is patient and clear and can explain things to someone who doesn't have a mind for numbers. Danielle

Hi - we're thinking about buying a home and would like a current recommendation for a mortgage broker. I've seen some on the site, but they're all a year or more old. thanks! Stacy

We are refinancing our house after doing major renovations and additions and have been working with a mortgage broker who is very responsive and helpful (unlike our prior broker). However, he is asking for a commission/fee of 1% of the total loan, which is a good-sized chunk of cash. This seems high to me, but I'm having trouble finding comparisons. What is the usual fee for such services? Joe

Has anyone refinanced their mortgage in the recent month or two? Any recommendations on where to start--who has a good rate, low (or no) points, etc? What about taking out a home equity line of credit? Is it better to just take the cash out with the refinance, or do a separate home equity line of credit (especially if the remodeling won't be done right away)? How does that work? Any advice would be helpful. Thanks. Signed, Not Very Financially Savvy

Next, you have to shop for the best deal. One place to start is on the Internet. There are a lot of web sites that allow you to compare different loan packages and see what the prevailing rates are. Another place to start is with your current lender. If you're happy with them and you've been a good customer, they may be willing to refinance and/or set up an equity line for you with very minimal costs (because they don't need to extensively re-underwrite you or your house). And yet another option is to meet with an in-person mortgage broker, who can offer you the best deal among many lenders. If you have any credit problems, a broker is usually the best choice because he or she can search out the best package you can qualify for - and generally, brokers' fees are paid by the lender, not the borrower, so it doesn't cost you anything extra. Good luck! Holly

Can anyone recommend a place to get a home equity loan? Is there any advantage in going to the bank where I've had my accounts for 10+ years? My first mortgage is with the previous owners, so I've never gotten a commercial mortgage. I've been going on various websites but I'm a little overwhelmed by the range of possibilities so would like to hear some success stories or warnings of who to avoid. Melinda

Would anyone recommend a mortgage broker to help us refinance? Someone ethical, smart, well-informed and organized, and preferably in the Berkeley area. Melanie

These low interest rates have started us thinking about buying a house, despite our very modest incomes. Can anyone recommend some type of financial planner who is knowledgeable about real estate (we'd be first time buyers) who could help us evaluate the pros and cons of buying, and help us find out about financing options? It might be nice if this person could also do future taxes (we've always done our own) and could help evaluate a potential purchase with tax implications in mind. The financial planner recommendations on the web don't mention anyone with expertise in real estate. Berkeley/Oakland is preferable, but a good match is more important than location.

Can anyone recommend a place that will refinance a second mortgage only? Lots of brokers want to combine the first and second to refinance, but we don't want to touch our first mortgage. Any recommendations would be appreciated. Thanks. Patty

For the person looking for a financial broker contact Fishmen Financial Services on Solano Avenue, Berkeley. The owner Sam Fishmen provides excellent customer service. C

i recently refinanced my house through Partners Mortgage in Pleasanton (Julie) I had a first time home buyers loan initially and you weren't able to refinance until now and it was a little complex, but they were fast, knowledgable and helpful Andrea

Does mortgage lender need to be local?

My Berkeley realtor is telling me that if I don't use one of her approved local brokers that I might jeopardize my ability to offer a competitive bid on a house--either the seller's agent won't trust my lender, or an out of town loan agent might pose a slower close b/c s/he may have questions re the appraisal. I've talked to 2 mortgage brokers in Berkeley, and 1 loan agent for Countrywide in Napa (referred to me by my banker--who's not w/ BofA). The Countrywide loan agent is offering the best mortgage loan of the 3. Is my realtor right in saying that she doesn't trust Countrywide, and if the loan agent is not from Berkeley that my bid might not be accepted or that closing might be delayed? mortgage seeking mom

Did you possibly misunderstand her? In other words, does your agent work better with her recommended loan brokers (don't know what she means by ''approved'') or does her experience with them show her that they can deliver?

What she might mean is that you won't be competitive with a buer who knows that they can actually get a loan - one who has been approved for an amount, and with an agent who can deliver the loan by the close date.

Also, when you say that Countrywide is offering the best loan, there are so many factors in a loan. Are you comparing apples to apples? Has each of the agents qualified you and given you quotes on loans you can get? We're in a credit crunch right now.

Personally, I would not go with Countrywide. I would choose a good loan broker bc that person has access to many more sources than Countrywide and can give you a Countrywide loan. Here is a superb one: Liz Litaea liz.litaea@gmail.com 415-748-2626 (she's in East Bay and covers our area even though area code for her cell is 415) jessica

I should mention however that in no way should pay a higher rate to use a local lender. Your best bet is to get pre approved both locally and out of town and to use the local pre approval letter with your offer. Once your offer is accepted you can than choose to work with the lender you are most comfortable with. By no means are you obligated to use a lender due to a pre approval letter.

You should also not be paying any fees for pre approval so getting pre approved in both places should not be a problem or cost you anything. Tom

Are you sure you want to keep your Realtor? She sounds like she's high pressure. You are the buyer, this is your market. There are a lot of great realtors in this area, make sure you are happy with yours. Good luck

i'd assume seeing a better interest rate will make your offer more attractive - the backup offer on our house was the same price as ours, but we had the better financing and probably the lower interest rate because the seller's agent said there's no way we'd be able to get such a good rate and even allowed wiggle room for the rate.

as for countrywide, given the housing crisis right now, i don't know if it's any worse than just about any financial institutions. given that countrywide went through their blowup last year, hopefully they're managing better these days. good luck!! - lover of emails and fax

BofA's service was miserable and we had to get an extension to release the finance contingency but their no closing cost loan made this tactic financially feasible. We went from a 8% ARM with BofA to 6.25% fixed with AEB.

I've heard a lot of real estate deals have fallen apart over the last year due to lenders changing the rules and not funding loans to people they had previously given pre-approval letters to. anon