- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Picking a lender for a mortgage -- first step
Posted on 5/1/13 at 10:29 am to ThisWayChad
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 10:31 am to mglsu21
It will be a conventional loan.
Back to top
Follow TigerDroppings for LSU Football News