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I have really enjoyed reading a lot on this forum - but I need some help to get started please. My husband and I are looking to buy our first home. We earn 90k combined. We have given our Realtor 3 condos that we'd like to tour. We are meeting with our bank this week to see if we will qualify for a good interest rate mortgage. I have excellent credit; my husband's credit is ok. I am reading that people get multiple mortgage quotes from several different companies, is this normal? If so - can someone suggest a good mortgage company for us to start with if we aren't happy with what Bank of America tells us? Thanks for any help - there is just so much to learn!
The "numbers" you get from a megabank like BAC are going to ne vey similar to those younmight get from a more person-to-person mortgage broker or a create union or a medium sixes regional bank, but the level of service that younger from each differs quite a bit.
Generally you should interviewing more to get a sense for how responsive the lender will be so that you can count on them doing everything they can to make sure you close in a timely manner.
The actual amount you qualify for will rarely vary by more than a few thousand and fees tend to be pretty similar too, but some lenders will "discount" some fees for customers that also bank with them, which might save you a few grand in some cases.
The conventional mortgage programs are the same for all banks but rates will vary an eight or quarter here and there. What you might find a huge difference in is the closing costs.
Definitely apply elsewhere if BAC is your selected lender or have infinite patience. I left that bank due to the way they process (and close a loan): initially your loan will be reviewed and run through the automated underwriting system. The processor (fulfillment office) will then send you a checklist of items needed and then probably won't look at the file until a couple of days prior to closing. So, it's then it's discovered that page 3 of 6 of your bank statemenst is missing from the fax you sent 30 days ago. Or they are questioning a deposit from 4 weeks ago. I was a mess from the last minute angst. The way BAC trains a loan officer is for the loan officer to bring the loans in, let the fulfillment office get the loan closed admist all the problems. This is fairly well hidden from the public, but is fairly apparent to loan officers and to many real estate companies. So, the latest MO is for BAC to throw money at real estate offices by paying rent or sponsoring activities. It's the only way most Realtors will put up with them. (This is not to say there are not responsible loan officers there - there are, but the training model works against them).
Rates & fees are important, but with your first time buying a home the most important part is communication & customer service. If you have no clue what is going on, when the next milestone is, how long it'll take, or if you'll even be able to close on time... doesn't matter what the rate & fees are. My suggestion is you ask friends, family & co-workers who they used for their mortgage and then start there.
Rates & fees are important, but with your first time buying a home the most important part is communication & customer service. If you have no clue what is going on, when the next milestone is, how long it'll take, or if you'll even be able to close on time... doesn't matter what the rate & fees are. My suggestion is you ask friends, family & co-workers who they used for their mortgage and then start there.
I agree with the bolded. I'd spoken only to two different Weichert Mortgage guys and a Wells Fargo guy. The Weichert guys were fast-talking salesmen, both concentrating on telling me that I could easily get a substantially higher mortgage than what I was looking for. The WF guy LISTENED to me and answered all the questions I had and worked within the parameters of the numbers I had in mind. I went with him, and he was very helpful throughout the whole process.
my realtor recommended a small-time loan shop. they beat the other guys on interest by 1/2% and also closing costs were just $1,000. this is a way better offer than the big banks gave. so look around.
Get a referral from a friend, family memeber or coworker, someone you trust to a local broker. As it was said above communication and customer service play a large part for first time homebuyers.
Went with a small mortgage company after a horrible experience with ch***. Communication was excellent, even answered my emails and returned my calls after business hours. Got preapproved within a day and manage to close in less than 30 days even with all the holidays in dec. Might have been a tad bit more than a big bank on the closing costs but I thought it was well worth it.
I also started off with a big-box bank (BoA) and found them to be a hassle.. It wasn't very personal at all and i was shifted to different loan officers constantly. I went with a smaller more localized bank and got great service. My loan officer even answered emails and texts while she was on vacation...
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