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Old 07-04-2014, 08:11 AM
 
770 posts, read 726,150 times
Reputation: 194

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I am looking for a new mortgage loan. So far contacted USAA and Wells Fargo. Three months ago WF seemed cheaper, but now their rates went up. My realtor recommended Great West, not quite sure how good they are. Talked to one of their guys, he seemed very talkative, pretty much bragging about how good they are compared to others like a typical car sales man. So my question is what are my options? I haven't talked to any credit unions yet. I am new in Dallas and so don't have any credit union account. Last time, back in 09, I went with the realtor recommended loan officer and I didnt get the rate they promised and ended up buying points to bring it down plus orign. fees. etc. USAA has a standard origination fee of $685 and WF waives it for VA loans. So I am not sure if I should go with these lenders or find something on my own. Pretty sure the realtor must be getting commission as well for picking their lender. The Great West guy told me to send him the quotes from other banks and he will beat it but they charge 1% origination fees. I guess if I get a good deal, orgn cost shouldn't matter? Or should I ask him to give his rates and do the comparison myself and then shop around? You never know what kind of hidden fees they bundle it up and I am no expert in this field. He said they have many rates depending upon how much I want to pay. I assume he was talking about buying points which I could do it through other banks as well. So far I got pre qualified through USAA though I talked to WF few times but never did the official application. I made an offer the other day and need to find some one soon. Do I have still have time to shop around?
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Old 07-04-2014, 10:03 AM
 
Location: Dallas, TX and Las Vegas, NV
6,604 posts, read 5,454,052 times
Reputation: 14618
Most of the time the mortgage gets sold to another entity, so just find the most competitive rates, including fees, and just do it. Chances are extremely high tah whoever you get your mortgage with will not be servicing the loan in the future anyway.
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