Picking a lender for a mortgage -- first step | TigerDroppings.com

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ThisWayChad
LSU Fan
Member since Nov 2009
1915 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







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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1977 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.





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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
599 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%.







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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
599 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
LSU Fan
Member since Nov 2009
1915 posts

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


It will be a conventional loan.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1977 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
6034 posts

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


Call hawkeye, he will take care of you.





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