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Old 08-01-2007, 04:53 PM
 
1 posts, read 2,556 times
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What bank or loan company do you guys use to obtain a mortgage? Preferably somebody in southcentral kentucky. I'm aiming to buy a house in Danville, Kentucky because its relatively close to my workplace, but there's just so many places to choose from.
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Old 08-01-2007, 08:19 PM
 
Location: California
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I don't know the area at all... however, I generally recommend talking to a mortgage brokerage, a local bank, and possibly a retail lender. This should give you a good idea of which part of the lending market is the most competitive. Also, don't hesitate to jump ship if they sound "green"...there's still some inexperienced LO's out there who somehow have still survived through this slow time.
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Old 08-02-2007, 07:38 AM
 
Location: Louisville, Kentucky
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A lot of the costs are negotiable and the loan officers that are still around are close to desperation for good customers. So don't be afraid to ask for discounts.

I like Countrywide, but if you have a good relationship with a bank, lots of times that is where you will get a good bargain.
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Old 08-03-2007, 08:01 PM
 
Location: Louisville KY Metro area
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I don't have the contacts in front of me tonight, but when I was listing HUD homes in the Danville, Stanford area, I had a couple of good banks which provided very conservative loans, but if you qualify, those are the cheapest and best. I can easily recommend at least three mortgage brokers who all will serve you well. PM me for data, etc.
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Old 08-04-2007, 06:15 AM
 
Location: Las Vegas
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It's difficult to shop for a mortgage because you are at an instant disadvantage from the get-go. The average "Joe" probably negotiates 4 loans in a lifetime, whereas a mortgage broker does that amount in a week.

Tomocox is right in that if he recommends someone good you can definitely trust them. I personally will be buying next month and have chosen to get pre-qualified with my credit union as well as USAA. They both make loans nationally and don't broker the loans off to another entity. I might not get the absolute best deal, but at least I will know that I didn't get taken advantage of. When I need the loan - I'll compare the rates between the two.

I think if you go for a 0 point loan, then the comparison should be relatively simple because you will be looking at closing costs and monthly payment amount. Good Luck!
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Old 10-13-2007, 06:56 PM
 
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How do you protect yourself if you don't need a mortgage? Should I get a lawyer? A lawyer is totally unnecessary where we come from, Colorado. Title insurance will cover it all.
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