Local lenders with best mortgage deals?

[chapsme]

Try Allen Tate mortgage, I will DM you a contact I have used before.

I don't agree with going straight to a bank or CU on mortgages, they are going to offer you a "retail" rate, which is marked up so they can make money. Brokers, while charging a fee, will have access to wholesale rates. Banks will also take advantage of rate changes... brokers usually offer what they get on their sheets... banks will quote you yesterdays 4.5% when a 10:15am rate sheet is saying 4.25%... guess who keeps the spread?

I cannot stress enough the need to get Good Faith Estimate and then break those costs down by "What the Mortgage person is charging" and "Stuff they don't totally control (Appraiser, Lawyer, Title search, escrows etc)" Separate the stuff they don't control out... and compare that way.

Also ask for a "par" rate... i.e. the rate with no points factored in. This does NOT include origination/fees... this is the quote for the loan. For example... they may quote 4% with .5 points... that doesn't not include a 1 pt origination fee for their "cut". The point being... it is a lot easier to compare two guys offering 4.25 with no points than it is to compare 4.125% with .5 points and 4.5% with a .5 rebate. They don't want to tell you the par rate b/c it makes it easier to shop around.

If you really want to know what is up in the mortgage market... grab a pot of coffee and go to Mortgage News Daily - Mortgage And Real Estate News... these guys explain the whole business... heck a lot of the readers are brokers themselves. FWIW, the par coupon trading is 3.5%... meaning that, by the time it gets to an end customer, "well qualified" borrowers should see 4% no points imho...

[lovesMountains]

Originally Posted by chapsme

Try Allen Tate mortgage, I will DM you a contact I have used before.

I don't agree with going straight to a bank or CU on mortgages, they are going to offer you a "retail" rate, which is marked up so they can make money. Brokers, while charging a fee, will have access to wholesale rates. Banks will also take advantage of rate changes... brokers usually offer what they get on their sheets... banks will quote you yesterdays 4.5% when a 10:15am rate sheet is saying 4.25%... guess who keeps the spread?

I cannot stress enough the need to get Good Faith Estimate and then break those costs down by "What the Mortgage person is charging" and "Stuff they don't totally control (Appraiser, Lawyer, Title search, escrows etc)" Separate the stuff they don't control out... and compare that way.

Also ask for a "par" rate... i.e. the rate with no points factored in. This does NOT include origination/fees... this is the quote for the loan. For example... they may quote 4% with .5 points... that doesn't not include a 1 pt origination fee for their "cut". The point being... it is a lot easier to compare two guys offering 4.25 with no points than it is to compare 4.125% with .5 points and 4.5% with a .5 rebate. They don't want to tell you the par rate b/c it makes it easier to shop around.

If you really want to know what is up in the mortgage market... grab a pot of coffee and go to Mortgage News Daily - Mortgage And Real Estate News... these guys explain the whole business... heck a lot of the readers are brokers themselves. FWIW, the par coupon trading is 3.5%... meaning that, by the time it gets to an end customer, "well qualified" borrowers should see 4% no points imho...

All very good and accurate info

And thanks for the dm.

[The Native 1]

I know this thread is older but wanted to bump it up. We are considering refinancing our 30 yr rate. A little background on us if this helps. We have awesome credit, a lot of equity in our home and are considering a home renovation project to the tune of 65k. We are members of a credit union but I also have a mortgage broker contact I could use if need be. Anyone have any thoughts on this as to the best way to go about a 30 yr refi with possible partial equity cash out? Should we pursue a bank direct or go through a broker since I have been told it is almost impossible to get a loan now. Thanks!!!

[chuckles34]

We financed our 30 year down to a 15 year last summer and took out a HELOC of $75K with BOA. No problems.