In Defense of Value of Mortgage Lenders
In a July 24 “Real Estate Q&A;†item (“Rules for Determining What You Can Affordâ€), Robert J. Bruss over-generalized to the point of misleading the readers.
The writer states that his 10% down payment will be a gift from his parents. The loan product that is available for this type of transaction is very limited; most lenders require that a portion of the down be the buyer’s own funds. For that reason this situation does not fall under any sort of “general rules†Bruss mentions.
To suggest avoiding mortgage brokers demonstrates Bruss’ lack of understanding. A good mortgage broker will recognize a very specialized need in this case and know how to wade through the thousands of loans available in selecting what is most appropriate for the buyer.
A good mortgage broker would be able to predetermine how much home this buyer could afford, who has the type of loan needed and where they would most likely be approved.
ART NEID
Tustin
The writer is a mortgage consultant.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
