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Buying a new house
Posted on 7/11/16 at 3:20 pm
Posted on 7/11/16 at 3:20 pm
About to be in the market for a new house. My husband wants to use our bank for the mortgage loan. Are banks just as good as other mortgage companies, as far as interest rates go? Should we shop around first or are they all about the same? Anyone have any good/bad stories about going this route? TIA
5
Posted on 7/11/16 at 3:33 pm to MocklerLSU
You should always get at least three quotes for anything like that IMO. Fees and rates are negotiable so if you get a better quote, make your bank match it if you want to give them the business. I have found smaller banks to give better rates and fees than the bigger banks.
Posted on 7/11/16 at 3:35 pm to MocklerLSU
Definitely shop around. Banks don't always give the best rates. I used Nola Lending Group the last 2 times and they were good to me. You should check with at 3 or 4 companies and see what they offer. Let them pull your credit and shop your mortgage. It doesn't affect your credit. After 60 days I believe the inquiries don't affect your score because it is expected for people to shop mortgages for the best deal. Good Luck!
This post was edited on 7/11/16 at 3:36 pm
Posted on 7/11/16 at 3:35 pm to MocklerLSU
Definitely shop around, unless you are with someone like Wells Fargo, Bank of America, or another large bank that holds a lot of mortgages then chances are they are going to sell your mortgage in the first 3 months anyway. Even if you are with someone like that, they will probably sell it anyway. So you will close your home purchase with one bank and by the 4th month you will probably be paying another bank that bought out your mortgage.
So certainly call around and shop mortgages, I'd call at least 4 different people.
So certainly call around and shop mortgages, I'd call at least 4 different people.
Posted on 7/11/16 at 3:41 pm to baldona
Just like everyone else has said...shop around. I haven't seen the rate differences from place to place as much, but I have definitely seen lender credits, origination fees, and some other little fees fluctuate.
Posted on 7/11/16 at 3:44 pm to AUjim
My first mortgage was done through an online low cost lender. They offered best rate, no lender fees and offered a lender credit to offset mandatory closing expenses.
If you have your financial paperwork in order, your credit score is solid and you feel comfortable scanning your own work I'd recommend it. They won't hold your hand but you save a ton of money
If you have your financial paperwork in order, your credit score is solid and you feel comfortable scanning your own work I'd recommend it. They won't hold your hand but you save a ton of money
Posted on 7/11/16 at 4:08 pm to baldona
I've had my mortgage with Wells Fargo for 18 years...
Posted on 7/11/16 at 5:11 pm to MocklerLSU
Are banks just as good as other mortgage companies, as far as interest rates go?
SOMETIMES
Should we shop around first or are they all about the same? NEVER HURTS TO SHOP AROUND
Anyone have any good/bad stories about going this route? I HAVE MY MORTGAGE WITH SUNTRUST. IT IS 2.99%, 15 YEAR LOAN.
SOMETIMES
Should we shop around first or are they all about the same? NEVER HURTS TO SHOP AROUND
Anyone have any good/bad stories about going this route? I HAVE MY MORTGAGE WITH SUNTRUST. IT IS 2.99%, 15 YEAR LOAN.
Posted on 7/11/16 at 5:34 pm to MocklerLSU
quote:
Should we shop around first
Yes, always.
quote:
are they all about the same?
No, check with credit unions. Even if you are not a member, some have really easy ways to become a member.
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