Mortgage company recommendation (balloon payment, credit, loans)

[Deltagolf]

I have been starting to work with Countrywide Home loans Mortgage Company but am not that happy with their customer service or rates and am wondering if any has any recommendations for mortgage company. I have excellent credit history and have generally had no problems trying to qualify for loans but am trying to maximize my return as far how much I can get on mortgage as far as the rate. I know that the rates are often affected by alot of factors out of control of mortgage companies/banks but hope to find one that I trust. I also have thought about nation wide companies /banks Bank of America and Lending Tree but don't how competitive their rates are.

[Noahma]

My wife and I are using Summit Mortgage. Smaller firm from what I can tell. Extremly helpfull so far. Our rep right off the bat told us (this was before the whole sub-prime explosion) that she would not show us any intrest only, or large ARM, or loans with balloon payments. Sounded good to us, so we started work with Shauna. Very nice lady to boot

[patblue03]

why not Wells Fargo?

[Noahma]

Originally Posted by patblue03

why not Wells Fargo?

our current mortgage company is Wells fargo (on the house we have on the market), They are actualy quite good

[wankel7]

Try Bank of America for their no closing cost mortgage and no pmi. They good faithed me 6.75 and the apr was 6.77 so no fees. There are some threads in the mortgage forum.

[Deltagolf]

Originally Posted by wankel7

Try Bank of America for their no closing cost mortgage and no pmi. They good faithed me 6.75 and the apr was 6.77 so no fees. There are some threads in the mortgage forum.

Probably with BOK and their no fees is no matter what you going to pay these they just stick you with a higher mortgage to cover the cost. I am hoping for a below 6 % on a 30 % jumbo fixed and I know what people are going to say "good luck". However with the current rates sitting at a about 6.15 for those with excellent credit and another opportunity before we purchase in February for the Fec to lower the rates again, I am hoping for something below 6. If not I guess I will look at points and buying a few.

[jeffselan]

You will probably need to buy down your rate to get under 6%. Please don't be fooled by tickler rates. We, as lenders, can paint a pretty picture on a good faith estimate given the most favorable conditions.

It's a little different when we come back to reality and show you the true numbers.

Not saying all lenders do, just saying beware.

[Deltagolf]

Originally Posted by jeffselan

You will probably need to buy down your rate to get under 6%. Please don't be fooled by tickler rates. We, as lenders, can paint a pretty picture on a good faith estimate given the most favorable conditions.

It's a little different when we come back to reality and show you the true numbers.

Not saying all lenders do, just saying beware.

Yeah that is kind of what I am expecting. But that does seem to be cost effective for a longterm home purchase and mortgage 30 years. Does anyone know what is the calculation for figuring what it would take to buy points on a mortgage of 430k?