Good experiences with mortgage companies??? (Wilmington, Franklin: appointed, insurance, condo)
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We are looking for a mortgage company to get a pre-approval for this house we are considering, well other than the NVR one!
Any suggestions? Especially someone with low fees. I have found a place called ABBA First Mortgage with reasonable rates and low fees, but never heard of them. Supposedly they are from Wilmington, NC and serve NC and TN. Anyone had experience with them?
Is it better to try and go with a mortgage company rather than a bank like Wachovia or Bank of America down there? We had a mortgage company with this house and they were the best deal at the time.
We still live in PA, so our only resource is pretty much the internet.
I know a GREAT mortgage guy. He doesn't work for a huge company...he started his own. This way he can to what is best for each client instead of doing what his company says he has to do. He does more than just get you a great loan. He looks at your overall finances to find a loan that works best for you. I think he actually referes to himself as a "mortgage planner". I know tons of people from our church that have worked with him and they all rave about him.
Last edited by SunnyKayak; 11-23-2007 at 05:41 PM..
Reason: web link
I would HIGHLY suggest Myers Park Mortgage. I have now gone through them for 2 home loans in the past year alone (one for a condo and one for a house)! And my boyfriend went through them for his house as well. They are GREAT!
Last edited by SunnyKayak; 11-23-2007 at 04:04 PM..
Reason: web addy of morgage comp
My husband and I just bought a house and are using Bank of America- they have a product called "No Fee Mortgage Plus", which is saving us a ton of money in closing costs... The only thing we have to pay for associated with our closing is the points that we bough, and the money that will be in escrow for our H.O. insurance and taxes. Other than that, BOA covers everything! They also have a guarantee, that if you don't close within a month, or on the date you specified, they will pay for one month of your mortgage payment.
It does require that you put 5% down...
I think it's a good product, and have very good service (i.e. my processor follows up with me promptly if she hasn't received something, very responsive to phone calls and emails, etc.)
I also would consider using a larger company now, with the state of the housing market. They are def. somebody more reliable for you, doing all this work from PA...
Good luck and feel free to PM me if you need any other info.
Mea2010..........Someone off list did recommend BOA and even gave me a name. I called them yesterday morning and left a message for this person to call me back, but as of late this afternoon I haven't heard one word. I'm rather disappointed in that. If that person would not be available, at least someone should have called me to let me know. The machine answered that this one was on Speedway Blvd, but I had a toll free number to call.
I will try to call them again tomorrow and see if I can talk to someone else. I did look at their website and they seem to have a pretty good deal going on. We will be putting down 25-30%, so will have nothing escrowed, so hopefully that will take down the costs even more.
BofA's no fees have a slightly higher interest rate to offset the cost.
If you decide to do 'No Escrows' this may make your costs Higher by 0.25% in discount points. All lenders would prefer that you escrow.
I used to work for BofA, and it's hard returning calls during work hours.
Also, putting down 20% will get you the best rates.....putting more down doesnt make a difference with most lenders. This is what I have seen, and still continue to see. This applies to SFR Primary residences, and 200K loan amounts.
Quote:
Originally Posted by rothbear
Mea2010..........Someone off list did recommend BOA and even gave me a name. I called them yesterday morning and left a message for this person to call me back, but as of late this afternoon I haven't heard one word. I'm rather disappointed in that. If that person would not be available, at least someone should have called me to let me know. The machine answered that this one was on Speedway Blvd, but I had a toll free number to call.
I will try to call them again tomorrow and see if I can talk to someone else. I did look at their website and they seem to have a pretty good deal going on. We will be putting down 25-30%, so will have nothing escrowed, so hopefully that will take down the costs even more.
Just wanted to bump this up as I was also considering ABBA First Mortgage and would be interested in any feedback. They are licensed in NC and Tenn. Thanks in advance!
MODERATOR NOTE:
Due to it has been two months since the Original post just want to thank you for all those who have contributed.
Last edited by SunnyKayak; 11-23-2007 at 03:34 PM..
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