Shopping for a mortgage...any recommendations? (Union, Wells: mortgage broker, credit, loans)

[grodri02]

Hi,

I been looking around for a mortgage and so far I have been pre-approved from Chase. But I know that other mortgage banks can give me a better rate.

Can anyone recommend a mortgage person to talk to...looking for someone that is legit, no hidden costs...just plain basically a honest person. I went to one that made it seem he was a car salesman and I ran away.

Please PM me with any info. Im in the queens/nassau area.

Thanks alot!

[Drwhitefps]

Do u have access to any credit union loans? Chase doesn't have the best rates I think. We are looking into wells Fargo too

[grodri02]

Originally Posted by Drwhitefps

Do u have access to any credit union loans? Chase doesn't have the best rates I think. We are looking into wells Fargo too

I may have access to the Aspire Credit Union.

[JonnyTrees]

Def look into Wells

[Drwhitefps]

Some will let you roll in closing costs...which can be helpful. Good thing to ask about.

[rocafeller05]

Bank of America had the best deal going when I closed. Total closing costs were about 3k cheaper than anyone else last yr.

If you want the senior mort. consult. name and number let me know.

[grodri02]

Originally Posted by Drwhitefps

Some will let you roll in closing costs...which can be helpful. Good thing to ask about.

How thoes that work...lets say closing costs is 15k and you are borrowing 400k...then the amount they let you borrow is 415k? (these are just numbers)

[kayo_michael]

https://www.google.com/advisor/mortgages

EDIT: oh dang, it's not available for NY right now. I've never seen that happen before. I wonder what happened?

[sirtiger]

maybe a reputable mortgage broker is better for you.

I used them once & had a good experience. The drawback is the upfront application cost. Mines was $300. They did a lot of grunt work for me which saved me a lot of time & effort. Then they gave me a list of rates across the board of dozen banks with closing cost and the terms (15yr, 30 yr, ARMs, etc). Any little issue, I called them & they took care of it. The best was when rates move, I easily switch from one bank to another.

2nd time I went on my own & it was SO MUCH more work than I anticipated. I must of called the 800# cust service more than 20x. faxing papers work back & forth. mailing papers back & forth. What was nerve wrecking is locking in the rates debacle. You want the best rate & you are really stuck with whatever bank you applied with. Once you lock, the clock starts to tick to close the house bc of penalties of rate expiring in 30 or 60 days.

[2Tiny]

do 80/5/15 loans still exist?

80% mortgage
5% piggy back 2nd loan
15% down