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Old 08-09-2019, 07:55 AM
 
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Are the mortgage rules/laws in Texas more stringent? Or have the rules/laws loosen up? Any thoughts?
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Old 08-09-2019, 10:55 AM
 
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More stringent than what?
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Old 08-09-2019, 12:39 PM
 
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I was told mortgage rules are more stringent as there is no income tax here.. what they can rely on is property tax....
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Old 08-09-2019, 01:44 PM
 
Location: Houston
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I think your question and the thread header are 2 different questions.

Someone correct me if i'm wrong, but i don't think big banks vs other lenders follow different rules (laws/regulations). But you could be right that one may have more stringent internal policies than another. You should just work with a broker and have them shop around for the best mortgage they can find depending on your situation.
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Old 08-10-2019, 07:27 AM
 
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Quote:
Originally Posted by sonic0boom View Post
I think your question and the thread header are 2 different questions.

Someone correct me if i'm wrong, but i don't think big banks vs other lenders follow different rules (laws/regulations). But you could be right that one may have more stringent internal policies than another. You should just work with a broker and have them shop around for the best mortgage they can find depending on your situation.
Loan originators / Loan officers work for different companies. Each company has levels of risk and layers associated with the risk when underwriting a loan. Some big banks are very risk adverse where a local credit union might not have a problem with the same terms.

It also depends if they can sell the loans on the secondary mortgage market to Freddy or Fannie - some lenders only do one or the other. Some do both.

Some lenders hold the note and don’t resell - called portfolio lenders. They usually have worse terms for the borrower but can do deals the big banks won’t touch.

Usually a local lender is a much better customer experience than a big bank
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Old 08-12-2019, 05:46 AM
 
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anyone has experience with BOA mortgage? I am down to 2 options.. BOA or a lender based in Austin
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Old 08-12-2019, 09:51 AM
 
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Originally Posted by JJ-1979 View Post
anyone has experience with BOA mortgage? I am down to 2 options.. BOA or a lender based in Austin
Given that BOA is a major lender, I think you will find feedback that is all over the map. We used them for our prior mortage, and they were just fine. This time we ended up with Wells Fargo because they had the best rates, and they were fine too (and shockingly didn't sell our mortgage the day we closed).

Are you going standard 30-year mortgage, construction loan, or what?
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Old 08-12-2019, 10:07 AM
 
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Going with standard 30 year
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Old 08-20-2019, 02:36 PM
 
Location: Houston, Tx
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In my experience it's good to get about 3 different quotes. There is a standard plattform that big banks have to follow (or any lender that plans on selling your mortgage on the secondary market). Most lending institutions put your loan package together and sale it on the secondary market (for a profit). Credit Unions and private institutions that underwrite their loans in house basically make their own qualifying rules. Since they don't plan on putting your loan on the market they can bend/adjust the rules that work best for them.

I hope that wasn't too confusing. Definitely get a BOA quote and the other institution and compare what works best for you. I have some great lenders that i work with if you want to inbox me i will give you their info!
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