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Old 05-28-2018, 06:06 PM
 
Location: USA
234 posts, read 106,390 times
Reputation: 70

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Researching Lenders- 1st time home buyer
===============================

Thanks for replies to my postings.

First and foremost I LOVE this forum. I've been on here a while now but have taken your wonderful advice/tips.

My wife and I are purchasing our very first home in Maryland. I am talking in respect to buying a pre-owned home with fixed conventional loan for 30 yrs with 15% down payment.

I did review listed lenders in bankrate.com . That shows


Home price 225K, 10% down Credit score 740+


From Rate 4.365% - 987/Month To Rate 4.875% 1048/M


1) Is it a good idea to pick the lenders from here?


2) Is there any good site which allow to see the approximate APR comparison from different lenders after providing basic information (house cost, downpay, zip and etc.), but without providing personal information, phone # and etc.?

3) Where can I find the list of mandatory costs associated to mortgage? (I heard different lenders add different costs for the same type of loan).

4). Should I expect mortgage lenders to negotiate much for closing cost and interest rates?

5) I am seeing lower interest rates offered by online mortgage lenders compare to local banks. Which one is more preferable?

6) Is Lender's Title Insurance mandatory?

7). For pre-owned homes, is it normal to ask seller to provide survey?

8) Is there a good site where I can quickly go thru the list of most popular lenders in DFW with best rates and service?

9) What are the items in mortgage estimate to SEE as RED flags?

10) What is the fair range for home appraisal, home inspection?

Thanks in advance for your time to review my post and providing help.
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Old 05-28-2018, 09:22 PM
 
Location: MID ATLANTIC
7,519 posts, read 17,283,443 times
Reputation: 7945
See below
Quote:
Originally Posted by GNCamry99 View Post
Researching Lenders- 1st time home buyer
===============================

Thanks for replies to my postings.

First and foremost I LOVE this forum. I've been on here a while now but have taken your wonderful advice/tips.

My wife and I are purchasing our very first home in Maryland. I am talking in respect to buying a pre-owned home with fixed conventional loan for 30 yrs with 15% down payment.

I did review listed lenders in bankrate.com . That shows


Home price 225K, 10% down Credit score 740+


From Rate 4.365% - 987/Month To Rate 4.875% 1048/M


1) Is it a good idea to pick the lenders from here?
Rates are too competitive right now. That's such a narrow range. Concentrate on lenders you feel comfotable with on the phone. Look for individuals that ask you questions about what YOU want, not how great they are and what they can do for you.

2) Is there any good site which allow to see the approximate APR comparison from different lenders after providing basic information (house cost, downpay, zip and etc.), but without providing personal information, phone # and etc.? You are over thinking this and you will be consumed with buyer paralysis. You will go into information overload.

3) Where can I find the list of mandatory costs associated to mortgage? (I heard different lenders add different costs for the same type of loan). Each lender has their basic "junk" fees. Ask the lender point-blank, what are your junk fees. They will know what you are asking. The appraisal fees are pass-thru fees, and comparable everywhere. Ditto on credt reports, flood cert and tax service.

4). Should I expect mortgage lenders to negotiate much for closing cost and interest rates?
Things are really busy. They may, but you would do better to get an estimate from another lender and asking the lender you want to work with to match it.
5) I am seeing lower interest rates offered by online mortgage lenders compare to local banks. Which one is more preferable?
I don't recommend online lenders to first time buyers
Sellers and their agents will kick back your letter and tell you to find someone local. Online lenders don't care how badly they mess up. There's no incentive (future business) to do right.
6) Is Lender's Title Insurance mandatory? YES, owners is not.

7). For pre-owned homes, is it normal to ask seller to provide survey? Its normal to request they furnish if available, but not demand it.

8) Is there a good site where I can quickly go thru the list of most popular lenders in DFW with best rates and service? Word of mouth and personal recommendations proves to be the most successful means.

9) What are the items in mortgage estimate to SEE as RED flags?Lender quotes that are not provided within two hours of each other. Never compare two quotes of different days. Never tell a lender you don't have a contract just yet if you want a real quote. They see you a mile away....no contract, sure, we are at 4.0% todsy. Come get pre-approved! When you go to lock in, their rates are fair at best. ie, how you shop is the red flag.

10) What is the fair range for home appraisal, home inspection? depends on state, but if for Maryland, you are looking at $450 to $600 for the appraisal and $450 - $750+ for the inspection. They can get pricey, there are so many ways to investigate. Sewer lines video inspection ($450, just for that) if treed lot. Lots of options.

Thanks in advance for your time to review my post and providing help.
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Old 05-28-2018, 11:15 PM
 
Location: Phoenix, AZ
1,108 posts, read 416,985 times
Reputation: 2601
My comments are in green. (AdjusterJack)


1) Is it a good idea to pick the lenders from here?
Rates are too competitive right now. That's such a narrow range. Concentrate on lenders you feel comfotable with on the phone. Look for individuals that ask you questions about what YOU want, not how great they are and what they can do for you.

I would give your local bank or credit union a shot. Their people are more likely to take a personal interest in you.

2) Is there any good site which allow to see the approximate APR comparison from different lenders after providing basic information (house cost, downpay, zip and etc.), but without providing personal information, phone # and etc.? You are over thinking this and you will be consumed with buyer paralysis. You will go into information overload.

Agree.

3) Where can I find the list of mandatory costs associated to mortgage? (I heard different lenders add different costs for the same type of loan). Each lender has their basic "junk" fees. Ask the lender point-blank, what are your junk fees. They will know what you are asking. The appraisal fees are pass-thru fees, and comparable everywhere. Ditto on credt reports, flood cert and tax service.


Look online for a sample HUD-1 Closing Statement so you can become familiar with the layout. Ask your lender for a good faith closing cost estimate.


4). Should I expect mortgage lenders to negotiate much for closing cost and interest rates?
Things are really busy. They may, but you would do better to get an estimate from another lender and asking the lender you want to work with to match it.


Agree.

5) I am seeing lower interest rates offered by online mortgage lenders compare to local banks. Which one is more preferable?
I don't recommend online lenders to first time buyers
Sellers and their agents will kick back your letter and tell you to find someone local. Online lenders don't care how badly they mess up. There's no incentive (future business) to do right.



If you concentrate too much on interest rates you may get sandbagged with higher points and origination fees.
6) Is Lender's Title Insurance mandatory? YES, owners is not.


But it would be extremely unwise to not have an Owners Title Policy.


7). For pre-owned homes, is it normal to ask seller to provide survey? Its normal to request they furnish if available, but not demand it.


You can ask. They might provide it if they have it. Or they might not. They have no obligation to do so. They certainly aren't going to pay for one. If you want it bad enough (though I can't fathom why) you may have to pay for it yourself.


8) Is there a good site where I can quickly go thru the list of most popular lenders in DFW with best rates and service? Word of mouth and personal recommendations proves to be the most successful means.


Again, start with your bank or credit union. You already know them.


9) What are the items in mortgage estimate to SEE as RED flags?Lender quotes that are not provided within two hours of each other. Never compare two quotes of different days. Never tell a lender you don't have a contract just yet if you want a real quote. They see you a mile away....no contract, sure, we are at 4.0% todsy. Come get pre-approved! When you go to lock in, their rates are fair at best. ie, how you shop is the red flag.


Sellers will see you the same way if you aren't willing to write a contract backed up with money.




10) What is the fair range for home appraisal, home inspection? depends on state, but if for Maryland, you are looking at $450 to $600 for the appraisal and $450 - $750+ for the inspection. They can get pricey, there are so many ways to investigate. Sewer lines video inspection ($450, just for that) if treed lot. Lots of options.


Agree.



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Old 05-31-2018, 11:01 AM
 
Location: Kansas City North
3,566 posts, read 6,594,582 times
Reputation: 4501
If you are working with a realtor, ask for their recommendations. They know the lenders who are the easiest to work with/are good for first time buyers.
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Old 05-31-2018, 06:23 PM
 
10,196 posts, read 6,124,956 times
Reputation: 10667
Quote:
Originally Posted by GNCamry99 View Post
1) Is it a good idea to pick the lenders from here?

2) Is there any good site which allow to see the approximate APR comparison from different lenders after providing basic information (house cost, downpay, zip and etc.), but without providing personal information, phone # and etc.?

3) Where can I find the list of mandatory costs associated to mortgage? (I heard different lenders add different costs for the same type of loan).

4). Should I expect mortgage lenders to negotiate much for closing cost and interest rates?

5) I am seeing lower interest rates offered by online mortgage lenders compare to local banks. Which one is more preferable?

6) Is Lender's Title Insurance mandatory?

7). For pre-owned homes, is it normal to ask seller to provide survey?

8) Is there a good site where I can quickly go thru the list of most popular lenders in DFW with best rates and service?

9) What are the items in mortgage estimate to SEE as RED flags?

10) What is the fair range for home appraisal, home inspection?

Thanks in advance for your time to review my post and providing help.
1. From where?
2, I would google it or check Bankrate or Lending tree. Try some if they ask for personal info try something else.
3.https://www.consumerfinance.gov/ask-...e-loan-en-153/
4. The interest rate can depend on your credit score. Once you have one rate you can negotiate that with another bank and if you prefer the first bank ask them to match it.
5. I prefer local banks, that way if I need to go there it's not only on the internet or 3000 miles away.
6. Yes, I recently read that you can get owner's and the lender's one will only cost you $100 more, but that may be a local thing. It's good to have.
7. My bank ordered the survey and added it to closing costs
8 d/k
9, Loan Origination fee
10. in my area inspection for a very small home can start at 300 but it's 400 with a wind mitigation report because we are in a hurricane area. Appraisals around here are about $500 to start.
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Old 05-31-2018, 09:25 PM
 
226 posts, read 124,349 times
Reputation: 490
As a first time buyer, I would not use an online lender. I would find someone local. There are so many questions that inexperienced buyers have that are answered much more quickly and completely by someone who is invested in your transaction. If you have to wait a day or two each time you need something, you could end up delaying your closing. Or worse.
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Old 06-01-2018, 06:06 AM
 
10,196 posts, read 6,124,956 times
Reputation: 10667
Quote:
Originally Posted by MsVulcan500 View Post
As a first time buyer, I would not use an online lender. I would find someone local. There are so many questions that inexperienced buyers have that are answered much more quickly and completely by someone who is invested in your transaction. If you have to wait a day or two each time you need something, you could end up delaying your closing. Or worse.
Yes, you need the name of a person who is handling the loan that gets to know you and helps solve any problem, I know it came in handy when issues and questions came up when I bought, and i called my loan office and sometimes I had her assistant handle my inquiries. I don't know if large online banks assign you a person with a direct number that you can call, but being stuck in touch tone hell is not fun.
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