We work with buyers who want to secure a home and live in it now. We want to help people who may not have perfect credit now, but want to explore all options in how, when, and what type of financing they will get to buy the home in the future. We work with all types of buyers and situations. Some need time to alleviate a shortage of down payment money, some need time to solve credit issues. Some just want to try out the house, schools or neighborhood. After our Tenant-Buyers move in, we work with lenders to help them repair their credit, so they can qualify for a new loan and then buy the property.
http://columbusleasetobuy.com

Tell the broker what Countrywide is offering. If you are getting 100% financing, I can see why the interest rate and point.

Brokers are not the the actual lenders, they contract the loans from banks and other sources. So, the can "shop" for the best to offer you. He can certainly contract through Countrywide for you. However, one thing is what Countrywide offers you before qualifying you (getting your credit score, know your financial situation), and another is what they will qualify you for. The reality may be different thant the 6%, 0 points.
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Austin Realtor

To ask the broker to match the rate would probably mean asking them to make no money on the deal. It's the same difference between shopping at Wal Mart or supporting your local drug store. The local guy probably costs a bit more, but you get to feel good about going with the local guy rather then supporting a heartless big chain store.

Looking at my own rate sheet, it doesn't appear that the broker is being a pig about it, but the way the business is structered demands that they charge you a bit more so they can eat. Remember, they don't get paid if you don't close.

Good Luck.
References :

The broker is ripping you off. Those rates are obscene and as a broker myself, i'm ashamed of what my peers are doing. Yes, brokers are helpful in so many ways but that doesn't mean they deserve a $15,000 check for information. I've attached a pdf under my sources down below for you to check out.

Brokers are not created equal. If you want to work with them in the future, ask these following questions first:

1) What are your top 10 banks that you work with? if you don't recognize the banks, get the hell out of there. Top brokers typically stick to the major banks like Wamu, wells, countrywide, citi, chase, usbank and GMAC.
2) Am i getting the "par" rate? This is asking them to disclose the rate the bank qualified you for without any additional cost to you and without any yield spread (kickback) coming from the bank.
3) Are you with the Better Business Bureau? So many people don't research this. If they're not a member, don't trust them. go to http://www.bbb.org to find them.

I'm sorry that this broker is taking you for a ride. It's a shame but most brokers aren't regulated very well.
References :
http://www.diamondcg.com/pdf/brokersvsbanks.pdf

Don't feel guilty – one point on a jumbo is a lot of money. Many times mortgage brokers think they can charge more on referred deals, since the client is less apt to shop around.

That being said, I checked rates, and it hard to believe Countrywide and Quicken would charge 0 points for those rates. So be careful. Get a Good Faith Estimate to see if there are other charges included.

By the way, with all due respect to Farina below, a 7-year ARM is okay, especially if you have good credit and you only anticipate being in the home a few years. Foreclosures happened mostly to people who took out 2 or 3-year ARM subprime mortgages. The rates adjusted up, and because the subprime loan programs no longer exist, they can no longer refinance out of it. Subprime ARM rates always adjust higher due to a high margin. "A" paper ARM (both conforming & jumbo) rates adjusting today are actually going DOWN.
References :
Mortgage broker for the last 7 1/2 years.

I've been doing some rate shopping today. It looks like we could get a better deal through a direct lender than with our mortgage broker.

The broker quoted us a 7/1 jumbo ARM at 6.125% and a 30-yr fixed jumbo at 7.125%, both with 1 point. I've spoken with Countrywide and Quicken Loans, and they are quoting me roughly 6% on the 7/1 and 7% on the 30-yr fixed, both with 0 points.

So, two questions:
1) I'm feeling guilty about going with one of the other lenders after this mortgage broker has been so helpful to us. What do you think?
2) Why the difference in rates between the lenders and the broker? Is there a catch?

Thanks!
Update, Thursday 3/6.
Thanks, everyone, for the responses.
I've done a little more digging, and — surprise! well, not really — the rate my mortgage broker was quoting was actually pretty good. Turns out, she was qualifying us for essentially a "stated income" loan, because we won't sell our current house till after we've closed on the new one. So, all those lower rates I heard from other lenders wouldn't actually be available to us.
Lessons learned? 1) My mortgage broker really should have been more clear in explaining the circumstances of our loan; 2) I should have called her as soon as I saw lower rates and asked why hers were higher; 3) lots of loans sound good at first, until you really start digging into the details.

I'd have to say that you should look at the future and try to put your money where it has the best potential to gain value.

Forget about BofA and think of where your money should be. If you believe that BofA has the best potential going forward, stay with the stock. If another investment is a better place, move your funds there.

Managing your money is like driving. Always look at where you are going and not where you are at.
References :
http://Investing-School.com

http://sites.google.com/site/rachelsmomclub/
References :