Where to Get Best Interest Rates (PMI, loan officer, escrow, credit score)

[mindy410]

Hi does anyone know where the best place right now is to get a 30 year fixed mortage. Bank of America seems pretty good with no closing or application fees. Also do you get a higher mortage if your not paying your insurance and taxes through your mortgage? Im in Massachusetts. Thanks Mindy

[Brandon Hoffman]

Shop 3 lenders and see what they have to offer.

[TwiloMike]

Originally Posted by mindy410

Hi does anyone know where the best place right now is to get a 30 year fixed mortage. Bank of America seems pretty good with no closing or application fees. Also do you get a higher mortage if your not paying your insurance and taxes through your mortgage? Im in Massachusetts. Thanks Mindy

Shop around. Are you looking for conforming? Jumbo? Work with a hybrid mortgage bank as they have access to numerous lenders' rates as well as their own.

[WhoFanMe]

More important than the best rate is a loan that will be funded at the closing table. The crisis from last summer isn't over yet, there are still issues with some brokers. Be very careful with those that advertise low note rates only to sock you with junk fees on your HUD statement, which you don't see until 24-48 hours of your closing. If you are working with a good Buyer Agent ask her/him for some recommendations of reputable, local (brick and mortar) places where you can interview a loan officer before making a decision.

[SeeSaw]

Check Compare Mortgage Rates | CD Rates | Home Equity Loans Mortgages Quotes Best Rate Calculator Bankrate.com

Also if you are super qualified and have great credit most local (state chartered) banks will offer low rates and don't charge extra apr for most jumbo's (over $417K). This is the best option if you qualify. Good luck.

[TimtheGuy]

Originally Posted by mindy410

Hi does anyone know where the best place right now is to get a 30 year fixed mortage. Bank of America seems pretty good with no closing or application fees. Also do you get a higher mortage if your not paying your insurance and taxes through your mortgage? Im in Massachusetts. Thanks Mindy

There is a .25% fee (to costs not rate) that is charged if you don't escrow for taxes and insurance. You only have this option if you are putting 20% down. You may or may not see this fee if you opt to go this route as it may be built into the interest rate.

[vukinjo]

Originally Posted by TimtheGuy

There is a .25% fee (to costs not rate) that is charged if you don't escrow for taxes and insurance. You only have this option if you are putting 20% down. You may or may not see this fee if you opt to go this route as it may be built into the interest rate.

I also recommend you shop around and compare not only the rate but the expected costs as well. I do know for Bank of America, there is not a fee to wiave the escrow with their No Fee Mortgage Plus program. There typically is with other lenders though as stated above. Not all lenders will allow you to waive escrow.

[geoffandliz]

I just come from B of A for other business and they tried to sell me on their "no fee" mortgage. Was not impressed. They were trying to charge me 2 + points to get a 5.75 mortgage rate. Their posted rate was 6%. Their total closing costs ended up being about $8000 on a $200k mortgage. The difference in rate and apr was more than .2%. I just thought their program was a joke to me. Maybe in some circumstances, with no pmi it would make sense, but not in my case. Point is, be sure to shop around. I have been told they can pull your credit for mortgage as much as possible within 30 days for mortgage with no penalty on your credit score. Liz

[TimtheGuy]

Originally Posted by vukinjo

I also recommend you shop around and compare not only the rate but the expected costs as well. I do know for Bank of America, there is not a fee to wiave the escrow with their No Fee Mortgage Plus program. There typically is with other lenders though as stated above. Not all lenders will allow you to waive escrow.

Did you see the part about "built into the rate"?

[renriq02]

a lot of lenders give good rates/loans to borrowers...

then when the word gets out.....it's time to raise those fees/rates!

this happens with wholesale lenders as well.
They lower the rates so all the brokers go to them.
Once they receive a lot of business, they start raising the rates.