karispirit

We are moving to Southern California (Irvine or San Diego) after Christmas and would like to start doing some research on how much of a mortgage we can raise, deposit required etc. and the process in buying a house. Initially we will rent for the first few months.

Can anyone recommend a mortgage broker in Irvine of San Diego please?

Many thanks.

Pulaski

Mortgage brokers are snakes IMO. I would go straight to a bank myself. Wells Fargo has about 30% of the US market, and there are several good reasons for that. Others on here have found Wells Fargo especially accommodating of new immgrants.

And even if you go through a broker there is a high probability that your mortgage will be sold after closing to Wells Fargo, and you have NO say in such a sale. In fact if you go through a broker/ small bank lender/ finance company it is pretty much certain that your mortgage will be sold, to somebody.

karispirit

Good point. I will contact Wells Fargo. Many thanks.

bewildering

I do not see a problem in my mortgage getting sold.

To the OP - just put your details into Zillow mortgage calculator - 'how much can i afford'. All the lenders use Fannie or Freddie, and these government companies have clear rules.

Another possibility is using a agent-broker combination. An advantage when buying a property. You can always refinance later with any lender that takes your fancy.

http://www.freddiemac.com/singlefami...ultn/limit.htm

Mr Weeze

I ended up starting the prequalification process simultaneously with Wells Fargo, my bank of 2.5 years at the time, and a broker. The broker had me a mortgage lined up within a week. Wells Fargo were still bumbling around. They both needed, and got, the same paperwork. Fees were comparable, but I wasn't sensitive to this as they were recoverable as relocation expenses from work.

Within a few months my mortgage was sold on to another part of the same company, at the same address. No impact to me.

I asked the mortgage guy what his cut of it was, I think it was something like 1.5% of the financed amount.

Havnfun

Even if you use Wells Fargo your mortgage will be sold, I have personally bought half a dozen mortgages from Wells Fargo. I don't think it matters who you use as long as they are knowledgeable and have comparable rates, etc. I personally would stay away from the "on-line" brokers or really small "one-man" operations as I find them hard to deal with and they are often slow and cause closings to be delayed.