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Ask your friends who they used and if they were good.
If you have a realtor/buyer's agent already, ask for recommendations for good, responsive local lenders who answer the phone, are quick with pre-approval letters when new prospective homes are found and you want to make an offer, are detail oriented and organized, and who are on top of timelines and close on time.
It's nice if your buyer's agent and lender work really well together. If you don't have an agent already, ask for a referral from the lender for good agents. They know who is good.
If you are a W2 employee with good credit. I would first recommend going to your Bank 1st.
- Reason being, Retail Banks don't charge point. Also, if you have accounts with them it makes the transaction easier. And, usually the rates are a bit lower than Mortgage Wholesale Brokers. Meaning you will get the best rate and cost for your loan.
If you are Self Employed, I would recommend going with a Mortgage Broker.
- Wholesale Mortgage Brokers work with Banks that have special programs for Self Employed. Since a lot of Self Employed people write everything off, it is difficult to show what they actually make a month on their Tax Returns. Broker's usually have Bank Statement programs. Where they add up your deposits and use that as income.
Mortgage brokers usually charge 1.5% to 2.5% in commission.
If you go the MB route.
Ask what their comp plan is? That's their commission points charged.
Which Lender?
What Program do they recommend?
How much is the appraisal and credit report fee is?
If you are a W2 employee with good credit. I would first recommend going to your Bank 1st.
- Reason being, Retail Banks don't charge point. Also, if you have accounts with them it makes the transaction easier. And, usually the rates are a bit lower than Mortgage Wholesale Brokers. Meaning you will get the best rate and cost for your loan.
If you are Self Employed, I would recommend going with a Mortgage Broker.
- Wholesale Mortgage Brokers work with Banks that have special programs for Self Employed. Since a lot of Self Employed people write everything off, it is difficult to show what they actually make a month on their Tax Returns. Broker's usually have Bank Statement programs. Where they add up your deposits and use that as income.
Mortgage brokers usually charge 1.5% to 2.5% in commission.
If you go the MB route.
Ask what their comp plan is? That's their commission points charged.
Which Lender?
What Program do they recommend?
How much is the appraisal and credit report fee is?
Hope this help
I disagree with almost everything said here. I don't even know where to start, nor have the time.
OP, call and ask what programs they have for first time buyers. Pay attention to who stops to explain what they are talking about. Most of my long-term clients are with me for that reason. (Rate shoppers already think they know it all). Do not worry about shopping rates when you don't even have a property under contact. Shop rates once you have a contract.
Rates are competitive across all channels, bank, broker and credit unions. All have 0 point quotes. Call a couple or a few. Who returns your call the fastest? Who can you reach after hours? Ask them their processing style. Will the loan officer continue to be involved in your file all the way to closing, or is your loan turned over after a property has been identified? If the latter, it doesn't matter how good the loan officer is if you stop working with them after loan application.
Most of all, trust your gut. If something doesn't sound right, come back here and post.
I disagree with almost everything said here. I don't even know where to start, nor have the time.
OP, call and ask what programs they have for first time buyers. Pay attention to who stops to explain what they are talking about. Most of my long-term clients are with me for that reason. (Rate shoppers already think they know it all). Do not worry about shopping rates when you don't even have a property under contact. Shop rates once you have a contract.
Rates are competitive across all channels, bank, broker and credit unions. All have 0 point quotes. Call a couple or a few. Who returns your call the fastest? Who can you reach after hours? Ask them their processing style. Will the loan officer continue to be involved in your file all the way to closing, or is your loan turned over after a property has been identified? If the latter, it doesn't matter how good the loan officer is if you stop working with them after loan application.
Most of all, trust your gut. If something doesn't sound right, come back here and post.
Look at the entire package, not just rate. Find out what their closing costs are. Some lenders offer incentives for first time home buyers. Find out what those are. Find out if they service the mortgage for the life of the loan. Some lenders sell your mortgage, but will still service it.
If you are a W2 employee with good credit. I would first recommend going to your Bank 1st.
Hope this help
Banks tend to have higher fixed pricing to pay for management, stock holders etc, most likely not your best deal. Go to a small broker shop and ask their comp plan, some brokers around me are really competitive and banks cannot come close on the pricing, plus they have hundred of lenders to send the loan to vs a limited amount of in-house programs a bank would have.
Banks tend to have higher fixed pricing to pay for management, stock holders etc, most likely not your best deal. Go to a small broker shop and ask their comp plan, some brokers around me are really competitive and banks cannot come close on the pricing, plus they have hundred of lenders to send the loan to vs a limited amount of in-house programs a bank would have.
Ask to see their comp plan.
Hundreds of Lenders.
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