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ThisWayChad
Member since Nov 2009
2081 posts

Picking a lender for a mortgage -- first step

Buying a house, and need to meet with a lender regarding the mortgage.

What would be your first step? Just go to a lender you know and trust, go with a bank that already holds some of your funds to make things easier, shop online??

TIA


hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2079 posts

re: Picking a lender for a mortgage -- first step
go with a local lender or bank if you shop online you are going to be bombarded with calls. with that said some banks are better and quicker with mortgages.


mglsu21
LSU Fan
Prairieville
Member since Jun 2012
907 posts

re: Picking a lender for a mortgage -- first step
What type of loan? Convential, FHA, RD?

I am doing a RD loan now, and I started off using an online lender. Sure, they offered better rates/rebates towards closing costs, but I realized after a few days that it was a nightmare. I switched to a local lender. Getting the same rate but not nearly the same closing costs/rebates towards closing costs. But I would lose out on the house if I kept the online lender. They had no clue on what to do with RD.

If I was doing a refi then I would go with an online company with a better deal. But I do not have the luxury of time with a RD purchase. I feel that I am still getting a good deal and still getting great service.

Definitely pick a company that you are comfortable with. But realize that a bank/credit union will generally not offer as good a rates as you can get through a mortgage company/broker. They can pull from many different sources and get you a better deal...generally speaking of course. My credit union is only offering 3.5-3.625%......my mortgage company is doing 3.25%.



mglsu21
LSU Fan
Prairieville
Member since Jun 2012
907 posts

re: Picking a lender for a mortgage -- first step
quote:

with that said some banks are better and quicker with mortgages


That is definitely the case for me. And I don't want to piss the buyer off by going past the closing date on the purchase agreement. That is exactly what would happen if I stuck with Amerisave online.


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ThisWayChad
Member since Nov 2009
2081 posts

re: Picking a lender for a mortgage -- first step
It will be a conventional loan.


hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2079 posts

re: Picking a lender for a mortgage -- first step
with a conventional loan your credit score will affect your rate the most. 740+ will get you the best rates. 3.5% was the conventional rate i looked at this morning with no points and no origination. Also make sure you are getting at least 30days on the purchase contract. I tell agents that i work with to try and get 45 days that way if the process hits any snags we dont have to extend the contract.


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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6730 posts

re: Picking a lender for a mortgage -- first step
Call hawkeye, he will take care of you.


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