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Old 02-13-2018, 09:49 PM
 
48 posts, read 41,688 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 10:09 PM..
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Old 02-14-2018, 04:47 AM
 
Location: Cary, NC
31,036 posts, read 54,327,026 times
Reputation: 29531
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, 12:04 PM
 
3,283 posts, read 7,124,985 times
Reputation: 4019
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, 04:28 PM
 
Location: Rochester, WA
3,466 posts, read 1,806,351 times
Reputation: 9349
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 02-17-2018, 05:49 AM
 
Location: MID ATLANTIC
7,521 posts, read 17,294,894 times
Reputation: 7945
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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Old 03-03-2018, 02:39 AM
 
Location: Boise
558 posts, read 509,904 times
Reputation: 1227
Find a local lender or twelve, if you must. You'll be happier. Online only lenders are notorious liars. Sit in on a lending tree call and you'll know why.
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Old 03-03-2018, 11:11 AM
 
451 posts, read 189,567 times
Reputation: 1205
I'm casually looking to possibly purchase a condo in the next several months. At an open house, the realtor referred me to a lady in "mortgage services" at their office. Will this person compare rates at several different places or is it likely they just work with one loan company?

I looked at Chase online because I have their credit card. They also offer mortgages. In order to get pre-qualified, Chase wants the address of the property; the price, and how much of a down payment. I haven't pinpointed a property yet. Don't banks normally just qualify you for a certain amount before you've selected the property?
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Old 03-07-2018, 06:01 AM
 
Location: MID ATLANTIC
7,521 posts, read 17,294,894 times
Reputation: 7945
Chase is trying to turn you into a live loan application, hoping you don't catch on you can go where you want. But to answer your question, you should certainly find someone to pre-qualify you for an amount without the address. Keep looking.
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