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Message
Recommend a Mortgage Company
Posted on 4/19/19 at 9:46 pm
Posted on 4/19/19 at 9:46 pm
I want to refinance, but don’t want to pay the customary 1% origination fee. What’s a recommendation for this, preferably a local company not, the Lending Tree types.
Posted on 4/20/19 at 6:03 am to Ricky1962
If you have a Costco membership, call Rhett Bouvia at NBKC. Your lender fees are capped at 650 for a regular membership or 350 for an executive. You still pay the third party fees of course. We went through the whole fill this out, lenders will contact you, deal, but we chose Rhett and it was the smoothest transaction ever. The local guy we talked to couldn't touch what we got with NBKC.
Posted on 4/20/19 at 6:56 am to TigerGrl73
Most lenders will beat each other for the business. I would quote our First American Bank and Trust, Assurance, and Nola Lending.
Assurance will likely be the most expensive out of those but they have the best service. They would possibly match the fees on one of the other ones.
I would highly suggest not using an online lender or Chase.
Assurance will likely be the most expensive out of those but they have the best service. They would possibly match the fees on one of the other ones.
I would highly suggest not using an online lender or Chase.
Posted on 4/20/19 at 7:10 am to Ricky1962
I’d pay an originating fee in a heartbeat if I knew my loan was going somewhere I could pay weekly.
Posted on 4/20/19 at 7:33 am to Ricky1962
Dumb question...
Why are you opposed to 1%?
If it is because you won't be in the home/mortgage for a very long time, that makes sense.
If it is because you don't want to pay 1%, then you are focused on the wrong things.
There could be the best mortgage for you personally at a 1% origination that you might be missing.
I paid .25% more to buy my rate down .125%. Think about that.
Why are you opposed to 1%?
If it is because you won't be in the home/mortgage for a very long time, that makes sense.
If it is because you don't want to pay 1%, then you are focused on the wrong things.
There could be the best mortgage for you personally at a 1% origination that you might be missing.
I paid .25% more to buy my rate down .125%. Think about that.
Posted on 4/20/19 at 7:36 am to Ricky1962
When shopping, I recommend calling 1 bank (whomever you bank with), 2 mortgage companies/lenders, and 1 mortgage broker.
They all have their strengths.
Just guessing, the Costco opportunity may be the best one available for the typical scenario.
They all have their strengths.
Just guessing, the Costco opportunity may be the best one available for the typical scenario.
Posted on 4/20/19 at 8:57 am to meansonny
So much hilarity in these threads.
“Gimme free shite!”
“Stay away from Chase!”
The funny thing is that people recommending NOLA Lending evidently don’t realize that they write most of their paper based on the fact that they are gonna sell it to Chase and let them service it on the back end.
If you are going FHA or USDARD or VA, you’re getting a highly structured loan in terms of the...well...terms as is.
It all comes down to rate. I chose a broker that I knew would let me look over her shoulder every single step of the way who also realized I was going to do that because I knew wtf was going on and why. I also chose her because she spent about 15 years focusing on my geographic area and my preferred product (USDARD).
Folks who think they are getting, “a deal,” on 1% origination reductions are oblivious to title fees and costs and the myriad of other places the lender and the title company are going to hide the cost that will make them back their $ they gave you on your, “deal,” if not burying that profit within a few basis points on the rate itself.
Costs you never know or are oblivious to because you got, “0% origination.”
How does any company make money by giving you something for free? Does anyone here really think CostCo is eating thousands of dollars a year along with their lender in order to give you a deal?
I’d rather work with a local expert with access to multiple lenders who can listen to what I want and need and then give me the advice I need to hear and guide me to the best paper or product for my money.
Too many people here get caught up with the idea of a “deal,” or avoiding a company when the reality is Big Box lender’s know the buzz words to make you interested and in most cases, if you are going to keep a mortgage over the medium term (5-10 years), there is a high likelihood that it will be sold at least once...to a company you have no way of stopping from purchasing your paper.
So all this talk of, “avoiding Lender A,” is silly when anywhere from 1 payment to 36 payments in you may get a notice your paper was sold to them and they’re now servicing your loan.
Go for the best product, rate and terms for your situation. Your origination is tax deductible anyway. First rule of mortgage shopping: Find a broker or prepare for the potential to end the process with something broken off in you.
“Gimme free shite!”
“Stay away from Chase!”
The funny thing is that people recommending NOLA Lending evidently don’t realize that they write most of their paper based on the fact that they are gonna sell it to Chase and let them service it on the back end.
If you are going FHA or USDARD or VA, you’re getting a highly structured loan in terms of the...well...terms as is.
It all comes down to rate. I chose a broker that I knew would let me look over her shoulder every single step of the way who also realized I was going to do that because I knew wtf was going on and why. I also chose her because she spent about 15 years focusing on my geographic area and my preferred product (USDARD).
Folks who think they are getting, “a deal,” on 1% origination reductions are oblivious to title fees and costs and the myriad of other places the lender and the title company are going to hide the cost that will make them back their $ they gave you on your, “deal,” if not burying that profit within a few basis points on the rate itself.
Costs you never know or are oblivious to because you got, “0% origination.”
How does any company make money by giving you something for free? Does anyone here really think CostCo is eating thousands of dollars a year along with their lender in order to give you a deal?
I’d rather work with a local expert with access to multiple lenders who can listen to what I want and need and then give me the advice I need to hear and guide me to the best paper or product for my money.
Too many people here get caught up with the idea of a “deal,” or avoiding a company when the reality is Big Box lender’s know the buzz words to make you interested and in most cases, if you are going to keep a mortgage over the medium term (5-10 years), there is a high likelihood that it will be sold at least once...to a company you have no way of stopping from purchasing your paper.
So all this talk of, “avoiding Lender A,” is silly when anywhere from 1 payment to 36 payments in you may get a notice your paper was sold to them and they’re now servicing your loan.
Go for the best product, rate and terms for your situation. Your origination is tax deductible anyway. First rule of mortgage shopping: Find a broker or prepare for the potential to end the process with something broken off in you.
This post was edited on 4/20/19 at 9:02 am
Posted on 4/20/19 at 9:14 am to GFunk
On the front end, it’s night and day difference when dealing with Chase compared to Nola. I understand the backend but trying to get someone at Chase to move or communicate during the closing process is totally different.
Posted on 4/20/19 at 12:05 pm to LSU1018
Gulf Coast blows chase and NOLA out of the water
Posted on 4/23/19 at 2:21 pm to Ricky1962
1% fees are a way of the past for most lenders. i will always recommend Hancock Bank because i work for them. We running a promo right now on closing cost. We normally charge $925 you can lower to $725 with the promo. That doesn't include 3rd party fees of course.
Posted on 4/23/19 at 2:33 pm to Ricky1962
quote:
preferably a local company not, the Lending Tree types.
as G Funk noted your loan is likely to be immediately sold. the past three mortgages/re-finances ive done the loans were sold by the 2nd payment
the reason not to give out your info on lending tree is that you will be BOMBARDED with solicitations, until they get tired of you at their leisure, whether you buy anything or not
Posted on 4/23/19 at 2:39 pm to Ricky1962
Red River Bank has no origination fees. They have offices in Baton Rouge, Shreveport, Lake Charles and Alexandria. Not sure where you are located. They have done both of our houses and it was smooth and easy.
Posted on 4/23/19 at 11:00 pm to Ricky1962
You either pay for it upfront or they get you with the rate
You would be smart to pay the 1% and get the par rate
You would be smart to pay the 1% and get the par rate
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