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Picking a lender for a mortgage -- first step
Posted on 5/1/13 at 10:23 am
Posted on 5/1/13 at 10:23 am
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
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
3
Posted on 5/1/13 at 10:27 am to ThisWayChad
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.
Posted on 5/1/13 at 10:29 am to ThisWayChad
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%.
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%.
Posted on 5/1/13 at 10:30 am to hawkeye007
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.
Posted on 5/1/13 at 10:31 am to mglsu21
It will be a conventional loan.
Posted on 5/1/13 at 10:43 am to ThisWayChad
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.
Posted on 5/1/13 at 10:23 pm to ThisWayChad
Call hawkeye, he will take care of you.
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