Does anyone have a recommendation for a good mortgage broker for a union mariner
All have to disclose “estimates” regarding closing costs. Just went through a sale and a purchase a few months ago. Not my first purchase or sale by any means. Many fees are set no matter who you go through (Taxes, state transfer fees etc., It’s the fees they can toy with where you can compare. Title insurance,mortgage process fees, Attorney fees, service fee,and points (a big one to consider), . No disrespect, Quicken/Rocket is fast which the brokers/agents love for quick closing,used them on a few tansactions , was not the best rate nor costs for us anyway… Shop around, you will thank yourself. Check locally in your community. If your money, credit and down payment is right, they will jump over themselves to get your business. No matter who you work for or what type of employment. Can’t recommend one company over the other. Can recommend do your homework and get a few bids to compare.
No special deal for union mariners, Might check with USAA but by and large you need to read the fine prince closely, Take any mortgage to a attorney for review before sign, Trust ZERO brokers
Not looking for a special deal, just looking for a lender who is aware of how mariners are paid
Mortgages via USAA are not what they used to be. USAA used to advertise that they service their own mortgages, and did not sell them off to 3rd parties. They do now, and sometimes to 3rd parties with less than stellar histories. One of the reasons I took mine from USAA was that they serviced them themselves. They later sold it to PHH, fortunately PHH has since sold it to another company.
I just used a regular local mortgage broker and it wasn’t an issue. I did have to sign and submit a statement explaining how I work for a company on the other side of the country when this was supposed to be my primary residence.
Local banks usually get it, when you are able to sit across the desk from someone one on one. However, I have used Rocket Mortgage as well, and I had no issues explaining to them either.
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I used to underestimate the work of brokers, but after some events, I realized how important it is to have the contacts of a good broker. As far as I know, the law does not single out sailors, maybe only the military. So the law will be the same. As for the US, I don’t know of a really good broker, but if you need help with mortgages in UK, I can recommend Mortgage Advice Liverpool. After learning about mortgage interest rates in the UK, I decided to buy a property in Liverpool. I was lucky and got a benefictal offer.
Finding a good mortgage broker, especially one with experience working with union mariners, is crucial. To answer the previous question, consider reaching out to this Mortgage Advisor Bristol. They can likely provide valuable insights and guidance to help you navigate the mortgage process effectively. Union mariners have unique financial considerations, and a specialized broker can make a world of difference in finding the right mortgage for your needs.
I went with Rocket. it went pretty smooth, just needed to verify funds in my bank, provide tax returns and get a letter from my Union, they called the Union to verify. It was much easier than I anticipated.
A few suggestions for other mariners.
Get your documents ready in advance I ha everything in a folder, that made things easier
Give your Union a heads up.
Explain early and often to your mortgage broker
If you’ve served in the military have your DD-214 with your other records
Have as much cash in your bank as possible
No real issues but give yourself plenty of time to shop for a good rate because it takes forever to explain how the pay works each time.
If you live in a coastal community where there are other mariners, your local credit union or bank will understand mortgage lending to mariners better than anyone else. They also know your local real estate market, appraisers, home inspectors, surveyors, repair contractors, etc. credit union rates are hard to beat. You might save a little with big California lenders, but it’s not worth the hassle.
When I sell property, and there is a financing contingency, I specify that the lender must have a physical office in my county. I’m not putting up with anymore nonsense from Quicken Loans or other distant lenders that do not understand the local market.