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Old 02-13-2018, 10:49 PM
 
42 posts, read 34,216 times
Reputation: 31

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will different lending agents offer different rates and fees within the same lender?

Will a different agent at citi bank offer me different rate, credits etc get me better deals?

I just went into contract and the two reps I spoke to do not want to do a fee analysis which made sense when I didn't have a contract but now it seems like they should be able to give me a better idea/ something close to a good faith estimate.

When I compared 2 different banks 2 months ago on another property, that I lost to another buyer, the 2 bank quoted several thousand difference in fees, because it was $200-400 for a handful of fees... I want to make sure I get the best deal, or at the very least a fair deal.

I've looked into the highest rated reps on zillow and linkedin, 6 different agents from citibank, will they all offer me the same products and rates?

2 have a lot of reviews online (many don't seem verifiable though),

2 have 2-5 reviews online, according to linkedin have been working within the industry for 10-15yrs,

and 2 are local with limited info (some shared personal interest - I'm not familiar with them but they grew up in the same town, the other went to the same college- doesn't make them a great agent but they might be worth giving a shot/some business to boost reviews).

also does anyone know if it's possible to search linked in for a shared friend that is a mortgage lender? I'd rather give business to a friend. Citibank is already ledning in teh building so I don't foresee this process being exceptionally different/difficult that others.

Last edited by candlestix; 02-13-2018 at 11:09 PM..
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Old 02-14-2018, 05:47 AM
 
Location: Cary, NC
29,451 posts, read 51,918,974 times
Reputation: 27684
Why are you at a commercial bank for a mortgage?
Home mortgages are a mere secondary line of business, and not the commercial banks' primary business focus.
Mortgages are merely something they offer, poorly, to attempt to secure multiple other accounts from you such as checking, savings, investment and retirement planning, CDs, insurance, credit cards, etc.
Loan underwriting is usually underfunded as a department and often poorly responsive to the borrower.

I strongly suggest you consider finding a good local mortgage banker, who either lends money or goes out of business, because home mortgages are their only business.
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Old 02-14-2018, 01:04 PM
 
3,217 posts, read 6,814,495 times
Reputation: 3822
Quote:
Originally Posted by candlestix View Post
will different lending agents offer different rates and fees within the same lender?

Will a different agent at citi bank offer me different rate, credits etc get me better deals?

I just went into contract and the two reps I spoke to do not want to do a fee analysis which made sense when I didn't have a contract but now it seems like they should be able to give me a better idea/ something close to a good faith estimate.

When I compared 2 different banks 2 months ago on another property, that I lost to another buyer, the 2 bank quoted several thousand difference in fees, because it was $200-400 for a handful of fees... I want to make sure I get the best deal, or at the very least a fair deal.

I've looked into the highest rated reps on zillow and linkedin, 6 different agents from citibank, will they all offer me the same products and rates?

2 have a lot of reviews online (many don't seem verifiable though),

2 have 2-5 reviews online, according to linkedin have been working within the industry for 10-15yrs,

and 2 are local with limited info (some shared personal interest - I'm not familiar with them but they grew up in the same town, the other went to the same college- doesn't make them a great agent but they might be worth giving a shot/some business to boost reviews).

also does anyone know if it's possible to search linked in for a shared friend that is a mortgage lender? I'd rather give business to a friend. Citibank is already ledning in teh building so I don't foresee this process being exceptionally different/difficult that others.
What?

There could have been differences in property tax/homeowners insurance collection due at closing. While there may be competition for your business, I wouldn't think it would result in a significant pricing delta from the same lender.

Stop looking at fees that are not Origination Fees (Processing/Underwriting/origination/Discount)

every lender will end up with identical Title and property tax/homeowners insurance collection amounts in the end. Some might use different calculators.

Maybe stop talking to different agents at the same company, and talk to someone at a different lender?
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Old 02-14-2018, 05:28 PM
 
Location: Rochester, WA
2,114 posts, read 1,089,304 times
Reputation: 5924
Quote:
Originally Posted by MikeJaquish View Post
Why are you at a commercial bank for a mortgage?
Home mortgages are a mere secondary line of business, and not the commercial banks' primary business focus.
Mortgages are merely something they offer, poorly, to attempt to secure multiple other accounts from you such as checking, savings, investment and retirement planning, CDs, insurance, credit cards, etc.
Loan underwriting is usually underfunded as a department and often poorly responsive to the borrower.

I strongly suggest you consider finding a good local mortgage banker, who either lends money or goes out of business, because home mortgages are their only business.
This ^

Find a good local lender who answers their phone when you call... not a national big bank.

Don't go by Zillow reviews.... ask your real estate agent. They know who is good!
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Old Today, 06:49 AM
 
Location: MID ATLANTIC
7,301 posts, read 16,509,828 times
Reputation: 7405
Quote:
Citibank is already ledning in teh building so I don't foresee this process being exceptionally different/difficult that others.
Okay, right off the bat, you are not giving us full information. Is this a condo? A co-op? New construction? Its my experience if Citi is involved, it's for the builder or developer. Why are you playing 6 people off each other at the same place? Is it because no one else will lend in there?

Playing loan officers off each other within the same company is playing with fire and some houses have no compete quote policies. Meaning, if you talk to a rep at Bank of America's 800 number, then someone in the local branch office and get a quote, once they find out about the other the one that was not first must back off and out of the picture. If you called me and told me you were calling reps within my own company, I would get you off my phone line as quickvas possible.
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