Where to shop for Mortgage rate? Online? | TigerDroppings.com
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TigerFanatic1
LSU Fan
Monroe, LA
Member since Aug 2007
1880 posts

Where to shop for Mortgage rate? Online?

I'm probably about to sell my house and purchase a family members house. I'm currently with Bank if America, but when I google search mortgage rates I come up with a lot of companies I've never heard of and a wide range of rates and fees. Any places a must go or must stay away from?

The house I want to purchase is appraised at 255,000 but can buy for 225,000. I just purchased a vehicle and have tier I credit score.

Thanks in advance.


anc
Member since Nov 2012
3576 posts

re: Where to shop for Mortgage rate? Online?
Call your local bank. Their rate might be higher than what you find online, but the APR is usually the same or lower.

If you have 20% down, call a credit union. They will blow banks out of the water, but you usually have to have the 20% to get those rates.


TigerFanatic1
LSU Fan
Monroe, LA
Member since Aug 2007
1880 posts

re: Where to shop for Mortgage rate? Online?
20 % down or just 20% equity?


anc
Member since Nov 2012
3576 posts

re: Where to shop for Mortgage rate? Online?
Not 100% sure. Might be worth a call to find out though. Their rates are usually incredible and they barely have any closing costs. They just don't deal with FHA/VA or other low down payment loans.


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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2041 posts

re: Where to shop for Mortgage rate? Online?
make your life easy go see a local bank. online might be good for refinances but for purchasing try a local bank. if your in monroe contact standard mortgage


mglsu21
LSU Fan
Prairieville
Member since Jun 2012
883 posts

re: Where to shop for Mortgage rate? Online?
quote:

make your life easy go see a local bank. online might be good for refinances but for purchasing try a local bank. if your in monroe contact standard mortgage


Hawkeye knows of what he speaks. Listen to him.

I started off my purchase mortgage (Rural Development Loan) with Amerisave online and that was a nightmare. It only took me 3 days before I decided to go with a local company, SWBC.


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William Stephenson
UNLV Fan
Mare Liberum
Member since Oct 2013
377 posts

re: Where to shop for Mortgage rate? Online?
The Mortgage Professor


lots of good info on this site--such as over 50 mortgage calculators


lsuCJ5
LSU Fan
Geismar, LA
Member since Nov 2012
444 posts

re: Where to shop for Mortgage rate? Online?
LINK /

bankrate.com has always been a good source.


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7502 posts

re: Where to shop for Mortgage rate? Online?
quote:

make your life easy go see a local bank. online might be good for refinances but for purchasing try a local bank.


Spot on advice


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TigerFanatic1
LSU Fan
Monroe, LA
Member since Aug 2007
1880 posts

re: Where to shop for Mortgage rate? Online?
Thanks hawk. I will check them out. I will be buying outside of Monroe, but close enough to deal. Thanks.


LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
5552 posts

re: Where to shop for Mortgage rate? Online?
If you are in baton Rouge, I would call Iberia bank, SWBC and assurance for quotes. All their fees are negotiable.


Will Cover
Pittsburgh Fan
Akron, Ohio
Member since Mar 2007
26130 posts

re: Where to shop for Mortgage rate? Online?
Zillow. Compare mortgage rates. I used New Penn Financial. Easy pleasey.

Cheaper than local or a bank.


TigerFanatic1
LSU Fan
Monroe, LA
Member since Aug 2007
1880 posts

re: Where to shop for Mortgage rate? Online?
Thanks for all the answers and advice.


pdubya76
Ole Miss Fan
Amite County
Member since Mar 2012
1981 posts

re: Where to shop for Mortgage rate? Online?
We are in the process of refi on our construction loan. A couple of guys at work told me about Aimloan.com
So far the process has gone pretty smooth.Just scan the needed documents and email them as they ask for them. At closing they come to me and we sign at home.Closing costs are lower than a bank or CU from what I was quoted.


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wickowick
LSU Fan
Head of Island
Member since Dec 2006
27322 posts
Online

re: Where to shop for Mortgage rate? Online?
quote:

If you are in baton Rouge, I would call Iberia bank


+1


supadave3
LSU Fan
Baton Rouge
Member since Dec 2005
16654 posts

re: Where to shop for Mortgage rate? Online?
I'm attempting to refi right now and the loan officer is insisting on going FHA and I'm not sure thats the best option. I have <80% LTV and FHA still requires PMI for the life of the loan. One strike against me though is that I accidently screwed up and got a 30 day late on my mortgage in January. I'm thinking it may be best to wait until that falls 12 months back and then attempting to refi, but I don't want to take a chance on the rates going back up.


hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2041 posts

re: Where to shop for Mortgage rate? Online?
do not go FHA.. the loan officer may not be able to get a conventional approval with the late pay in the last 30days. just wait unitl jan. when it falls off..btw whats your credit scores? you will need 680+ for conventional to work in your favor..also remember this little secret if your working with a broker they get paid double on FHA loans then they do conventional loans.


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