how do I find a mortgage co? (Charlotte: credit report, loans)

[slimjen]

All,
I am in the process of selling my home and I want to move to the Fortmill SC and work in Charlotte. We need referals for mortgage companies in the NC area. We can get them here in VA by I want to know what people living in NC think.
Thanks

[anifani821]

Originally Posted by slimjen

All,
I am in the process of selling my home and I want to move to the Fortmill SC and work in Charlotte. We need referals for mortgage companies in the NC area. We can get them here in VA by I want to know what people living in NC think.
Thanks

I always got good recommendations from realtors. Are you not working w/ a realtor?

[carolina_guy]

Yes, find a Realtor first. It will cost you nothing and the services could be priceless especially if you are relocating.

[MD2NC]

I used Alex with Myers Park Mortgage located in Ballantyne, they had very good rates. My realtor had suggested them.

[FortMillBound]

Andy Olson, Wells Fargo in Ballantyne. 704-688-3982. andrew.olson@wellsfargo.com or http://www.wfhm.com/andrew-olson

I was referred to him by my realtor. Got a good rate, quick support for preapproval with letter, etc.

[mikenyc]

I used BAnk of Americas no fee morgatge and i was very happy with it.

[redlikemethodz]

I second the No mortgage fee plus option. But also, it's a good idea to get good faith estimates from several lenders. Also research mortgage options and pick the one you want first. It will be easier to talk to lenders if you already know what you want (example: 30yr fixed, no prepay penalty, rate lock 30 days, 1 float down).

[Trevor92]

I was also recommended a specific place by my realtor that she preferred and had very frequent communication with, and it was a local company that I ended up going with. But I will always be sure to ask the realtor for their recommendation in the future following my previous experience.

But I also supplemented their offer with another application that I also put in at Bank of America. One thing to watch out for with BOA is they have fewer up front fees but (at least for me), the interest rate was significantly higher so I eventually opted against them.

[slimjen]

thanks to all for this valuable information. Question; when you shop around do you need to submit an application for each mortgage lender so they may check your credit? Also, each of them will also ask for the income verification and such? If so, this will affect my credit score each time one of them pulls the credit report. Am I correct?

[Trevor92]

Originally Posted by slimjen

thanks to all for this valuable information. Question; when you shop around do you need to submit an application for each mortgage lender so they may check your credit? Also, each of them will also ask for the income verification and such? If so, this will affect my credit score each time one of them pulls the credit report. Am I correct?

Based on my experience ... and I'm in no way employed in real estate so if later posters correct me, go with them.

But I found that if you went in person to a bank or mortgage company, the first place did want to check credit and verify income before talking to you. They then pre-approved you for a certain amount. When you finally meet with them, they discuss the possible options and your situation ... for instance if you're a first time home-buyer, eligible for FHA or other types of loans, and basically what type of loan you're looking for (eg. fixed vs. sub-prime) in relation to how long you plan on staying in the home.

For later quotes, I found that if I went in person and simply brought in the 'quote' (not sure what the preferred term is) from the first mortgage company, this was sufficient to proceed for getting their 'quote' for a similar loan, while pre-approval and the actual application for those companies could be handled later in one step. I didn't need to provide income verification and a credit report to anywhere else unless I wanted to submit an application. And yes, the credit score is slightly lowered every time the report is pulled.

But I was never able to find a website for somewhere like ING or Countrywide where I could get an actual 'quote' with interest rate, actual closing costs, etc. without submitting an application.