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Started By
Message
Mortgage Lender advice(BR area)
Posted on 8/11/22 at 10:03 pm
Posted on 8/11/22 at 10:03 pm
I'm looking to put at least $100k down on a $230k house. I've gotten quotes from 2 different lenders(quicken and Hancock Whitney) on a 15-year conventional in which I mentioned I would be putting at least $100k down and wanted to verify that there would be no early pre-pay penalties.
Both sent 2 offers each with both showing discount points. I never once mentioned wanting to buy points. I asked them to send the loan without any points and include all fees associated with the loan.
I would assume the discount points are their tactics to make more off of me since I asked about pre-pay and/or putting a higher percent down? If so, what is the sweet spot that I tell them I am putting down?
Both sent 2 offers each with both showing discount points. I never once mentioned wanting to buy points. I asked them to send the loan without any points and include all fees associated with the loan.
I would assume the discount points are their tactics to make more off of me since I asked about pre-pay and/or putting a higher percent down? If so, what is the sweet spot that I tell them I am putting down?
9
Posted on 8/11/22 at 10:42 pm to dome53
Why do you need local lender? I compared their rates to others I got from lending tree. I ended up using loan depot. Crappy name, but they had the best rate.
Posted on 8/12/22 at 5:15 am to Tomcat
Stay local with your Lenders. So many times online lenders will quote you one thing but then they won’t get you to the closing table in time so then you get charged a rate lock extension fee.
Quote out GMFS and Assurance. That’s two of the best in the area. Tell them up front you aren’t looking to pay points. Make sure when you are quoting people do it the same day bc rates can change everyday.
Quote out GMFS and Assurance. That’s two of the best in the area. Tell them up front you aren’t looking to pay points. Make sure when you are quoting people do it the same day bc rates can change everyday.
Posted on 8/12/22 at 5:49 am to dome53
Better.com
Posted on 8/12/22 at 7:12 am to dome53
Red River Bank did our loan and were extremely easy to work with.
Posted on 8/12/22 at 7:21 am to dome53
I’d shop around. The online companies will probably get you a better rate but you could have a hard time getting a return phone call- that could be with the local guys as well.
Fwiw I got a unsecured auto loan through brighthouse or similar lending online a few years back. completed the application and about 24 hours later they either over nighted me the check or wired the money to my checking account - I can’t remember which.
It was unsecured so when I purchased the car the dealership gave me the title.
We were both baffled.
I called bright house the next day and they confirmed that the loan was unsecured and that I should keep the title in a safe place.
So for the post not really related to your situation at all.
Fwiw I got a unsecured auto loan through brighthouse or similar lending online a few years back. completed the application and about 24 hours later they either over nighted me the check or wired the money to my checking account - I can’t remember which.
It was unsecured so when I purchased the car the dealership gave me the title.
We were both baffled.
I called bright house the next day and they confirmed that the loan was unsecured and that I should keep the title in a safe place.
So for the post not really related to your situation at all.
Posted on 8/12/22 at 7:39 am to dome53
Shoot me an email, lsu817@gmail.com
Posted on 8/12/22 at 8:43 am to dome53
Go local - Better.com and other online lenders are financially hurting. Their model is only for low interest rate times and they are currently scraping to get by. This isnt an option. Many are publicly traded and this is public information. Even loan depot had an article out today that they are closing departments. Going local stays in your community.
Here is todays rate on the scenario you described below. We had a lock alert yesterday so rates did jump a bit yesterday. Local lenders can give you this rate if you give them credit score, purchase price, and loan amount. I estimated 760 credit score.
5.5%, no buydown, monthly payment is $1062. If you want more information you can email me at username@gmail.com
Here is todays rate on the scenario you described below. We had a lock alert yesterday so rates did jump a bit yesterday. Local lenders can give you this rate if you give them credit score, purchase price, and loan amount. I estimated 760 credit score.
5.5%, no buydown, monthly payment is $1062. If you want more information you can email me at username@gmail.com
Posted on 8/12/22 at 8:46 am to TMFBB21
Also, I forgot to mention, you can get a lower rate of 5.125% that will be $1037. Buy down is only worth it if you plan to keep the loan for x amount of time. If your broker is good, they can give you this estimate.
Posted on 8/12/22 at 9:40 am to dome53
I should clarify that my goal is to pay this loan off in under 7 years. I don’t really care who provides it the loan. I guess I just don’t understand the points system. Quicken came back with: “ The lowest amount of points that the law allows us to charge is 3.00 points with a 5.375% interest rate.”
Is it too much to ask what their rate is and what the fees(broken down in an email) are up front? Neither seem to want to give that.
Is it too much to ask what their rate is and what the fees(broken down in an email) are up front? Neither seem to want to give that.
Posted on 8/12/22 at 9:55 am to dome53
Just get a 10yr loan
Buy it down
Rates are better than that
This company is on ther verge of destruction
Buy it down
Rates are better than that
quote:
Better.com
This company is on ther verge of destruction
Posted on 8/12/22 at 12:35 pm to LSU1018
I second GMFS. Bob Lank is awesome to deal with.
Posted on 8/12/22 at 1:02 pm to dome53
NOLA Lending
Posted on 8/12/22 at 3:52 pm to dome53
imo don't listen to the "stay local" bs with mortgages. you could pay 10s of thousands of dollars more in interest and the servicing experience will probably be subpar compared to national lenders.
Posted on 8/12/22 at 4:17 pm to whiskey over ice
quote:
imo don't listen to the "stay local" bs with mortgages. you could pay 10s of thousands of dollars more in interest and the servicing experience will probably be subpar compared to national lenders.
Thats exactly what you get with better.com
You just think they have no fees
Posted on 8/12/22 at 4:36 pm to whiskey over ice
Stay local is $10/more than Quicken and the money stays in the area - win win if you ask me
Posted on 8/12/22 at 7:16 pm to SDVTiger
quote:
Thats exactly what you get with better.com You just think they have no fees
I don’t have a dog in the fight, but my refinance was quick, flawless, virtually no closing costs, a lot lower rate than GMFS, and the servicer’s (Mr Cooper) website and autopay is nicer.
Posted on 8/12/22 at 7:20 pm to TMFBB21
quote:
Stay local is $10/more than Quicken and the money stays in the area - win win if you ask me
How much more are they than better.com, which was my suggestion?
Posted on 8/12/22 at 11:12 pm to TMFBB21
Tried refinancing with better, with Amex 2k statement credit promotion back in February. Reason for refinance was to lower note and get rid of pmi. Had owned home 4.5 years and with appraisal I thought I’d be golden. Appraisal came back at $295K when Zillow was showing 315-344 range. Then they wouldn’t refinance me because the LTV wasn’t below 80%.
I sold my house 4 months later for $325K. Bought a new home with more square footage and no longer paying PMI.
There fees and closing costs were pretty cheap and I was getting a $2k credit on my Amex bill AND they had tried enticing me to move quicker with a $500 credit towards closing.
Glad it didn’t work out but if they are still around later I may try to refinance with them once rates go down.
I sold my house 4 months later for $325K. Bought a new home with more square footage and no longer paying PMI.
There fees and closing costs were pretty cheap and I was getting a $2k credit on my Amex bill AND they had tried enticing me to move quicker with a $500 credit towards closing.
Glad it didn’t work out but if they are still around later I may try to refinance with them once rates go down.
Posted on 8/13/22 at 10:32 am to LSU1018
quote:
Stay local with your Lenders. So many times online lenders will quote you one thing but then they won’t get you to the closing table in time so then you get charged a rate lock extension fee. Quote out GMFS and Assurance. That’s two of the best in the area. Tell them up front you aren’t looking to pay points. Make sure when you are quoting people do it the same day bc rates can change everyday.
When I refinanced, I asked GMFS and they were horrible in comparison to AIMLoan.
The loan officer at GMFS tried scare tactics (like you’re using here) about going with an internet option. But it was way cheaper and smooth as could be.
Before I made the decision, I put a side by side comparison of all the fees from AIMLoan and GMFS together and it wasn’t even close.
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