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Old 02-01-2008, 08:03 PM
 
Location: Long Island
206 posts, read 287,464 times
Reputation: 131
Default Bank/credit union for new mortgage

I'm in the process of looking for a house and want to find a bank or credit union to work with to get a preapproval ASAP. We'll be doing a conventional 30-year, our credit is really good, and we're putting about 40% down. Anyone have any good or bad experiences to share? I'd love to deal with a local bank if possible - we're in the Northport area.
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Old 02-01-2008, 08:37 PM
 
4,502 posts, read 7,438,982 times
Reputation: 3909
Why not try something like LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance They can find you good offers and you can decide from there. I wouldn't go through a mortgage broker... try and find a mortgage lender or a mortgage bank (one that specializes ONLY in mortgages).

I don't have any personal experience, but I'm sure you can Google it as well or look on MLSLI.com – Long Island Real Estate – Find A Home in Nassau, Suffolk & Queens to see if they recommend anyone.
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Old 02-01-2008, 09:20 PM
 
1,303 posts, read 2,026,581 times
Reputation: 329
Quote:
Originally Posted by OnOurWayHome View Post
I'm in the process of looking for a house and want to find a bank or credit union to work with to get a preapproval ASAP. We'll be doing a conventional 30-year, our credit is really good, and we're putting about 40% down. Anyone have any good or bad experiences to share? I'd love to deal with a local bank if possible - we're in the Northport area.
Nassau Educators seems to have the best rates at the moment...try Bethpage as well. good luck to you!
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Old 02-02-2008, 05:01 PM
 
Location: Sound Beach
2,154 posts, read 4,270,735 times
Reputation: 821
Do you have any military connections? If you or a family member is active/reserve/retired you can join Navy federal Credit Union. they have spectacular rates and very low closing costs.

Navyfcu.org
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Old 02-02-2008, 05:12 PM
 
Location: Long Island
206 posts, read 287,464 times
Reputation: 131
My dad was in the Navy years ago - he is now deceased. I read their FAQ's but I'm still not sure whether I qualify - I'll give them a call Monday. Thanks!
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Old 02-02-2008, 05:15 PM
 
Location: NYC
248 posts, read 622,628 times
Reputation: 190
Had a miserable experience with Municipal Credit Union, though I think you have to work for the city to use them anyway.

I have heard good things about Bethpage- I am going to look into them for our next mortgage.
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Old 02-02-2008, 05:23 PM
 
Location: Sound Beach
2,154 posts, read 4,270,735 times
Reputation: 821
Quote:
Originally Posted by OnOurWayHome View Post
My dad was in the Navy years ago - he is now deceased. I read their FAQ's but I'm still not sure whether I qualify - I'll give them a call Monday. Thanks!
You may need to provide some of your dad's documentation of his service if you can get it...but they are very accommodating. Best wishes on your home!!
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Old 02-02-2008, 11:31 PM
 
Location: Sector 001
147 posts, read 373,284 times
Reputation: 46
If you've got good credit avoid a mortgage broker at all costs. You WILL get ripped off. Start with the bank where you do your banking. Then look for those with low or no lender fees. (might wanna check out Bank of America No Mortgage Fee Plus) Don't pay points unless you are 150% sure this is the house you will live in for a LONG time. Lastly get a SIGNED Good Faith Estimate. and get a SIGNED Rate Lock agreement. I've learned all this the hard way.
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Old 02-16-2008, 07:35 PM
 
4 posts, read 8,223 times
Reputation: 10
Whatever you decide, be very careful with title insurance. Title insurers are being investigated in many states for price fixing and paying kickbacks to realtors. As a matter of fact, a lawsuit was just filed in New York dealing with this very issue. More info on title insurance and the way some unscrupulous companies hurt consumers can be found here at this link:

Title Insurance Lawyer Price Attorney Fixing Lawsuit

Best advice, shop around for title insurance, and don't just go by your broker's recommendation.
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Old 02-17-2008, 07:52 AM
 
Location: LI, NY
248 posts, read 522,145 times
Reputation: 68
Quote:
Originally Posted by Jrprofess View Post
Nassau Educators seems to have the best rates at the moment...try Bethpage as well. good luck to you!

I second Nassau..great rates, very helpful..go for it!
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