Best mortgage lenders in the Worcester area? (insurance, credit)

[RLCMA]

I've been doing some research online as I'm looking to buy a house in the Worcester area and was wondering if anyone had any suggestions for lenders in the area with low rates, no fees, etc. There are so many mortgage companies online its difficult to sift through all of them as some don't operate in the area, have fees, etc.

[r_p]

Originally Posted by RLCMA

I've been doing some research online as I'm looking to buy a house in the Worcester area and was wondering if anyone had any suggestions for lenders in the area with low rates, no fees, etc. There are so many mortgage companies online its difficult to sift through all of them as some don't operate in the area, have fees, etc.

The one that gives you the lowest rate(s). Most of them have all information on their respective websites, e.g., https://www.wellsfargo.com/mortgage/rates/, https://www.rocketmortgage.com/mortgage-rates etc.

[Shrewsburried]

I’ve used local credit unions for both my initial purchase and recent refi. Why? Once I calculated fees, actual APR, etc. they were nationally competitive while allowing me to maintain a ‘centralized’ banking/billing experience. The latter bit was an insignificant motivator, but if splitting hairs it is nice having the CU service the loan and drive payments/escrow through your existing banking portal.

[massnative71]

DCU (Digital Credit Union) is usually among the lowest.

[MMS02760]

Also, be aware that small local credit unions and banks are also less likely to sell mortgages to other lenders. This practice with bigger institutions can sometimes lead to problems, especially with escrow payments for items such as insurance and taxes. I have even read where some borrowers were unaware of who their loan was with after it had been sold several times and it took a lot of effort just to determine who held it.

[Shrewsburried]

Originally Posted by MMS02760

Also, be aware that small local credit unions and banks are also less likely to sell mortgages to other lenders. This practice with bigger institutions can sometimes lead to problems, especially with escrow payments for items such as insurance and taxes. I have even read where some borrowers were unaware of who their loan was with after it had been sold several times and it took a lot of effort just to determine who held it.

Yeah, this is one of the reasons I went with my local CU since they're APR and closing costs were competitive. They sell the mortgage to Fannie/Freddie like most everyone else, but unlike the large national lenders/originators they continue to service the loan post-sale.

I think transfer issues are relatively uncommon, but I've had friends/coworkers having to chase down new loan servicers over issues of escrow, insurance, changing insurance reqs, etc. It can be annoying, albeit infrequent.

[id77]

I did a pre-approval last year with DCU, but ultimately went with Chase as they beat DCU's rates.

[id77]

Originally Posted by Shrewsburried

Yeah, this is one of the reasons I went with my local CU since they're APR and closing costs were competitive. They sell the mortgage to Fannie/Freddie like most everyone else, but unlike the large national lenders/originators they continue to service the loan post-sale.

I think transfer issues are relatively uncommon, but I've had friends/coworkers having to chase down new loan servicers over issues of escrow, insurance, changing insurance reqs, etc. It can be annoying, albeit infrequent.

I think this is heavily factored by whether or not the loan is conforming. It's pretty easy for a lender to dump conforming loans, but non-conforming are a tougher sell, which is why many lenders also have stricter requirements for non-conforming.

[massnative71]

^I looked into one smaller credit union a few years ago, and they offered both an "in house" loan, or (I guess a Fannie/Freddie) that would be sold. The prior was a good 1% higher in APR.