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Old 02-03-2009, 11:54 PM
 
38 posts, read 145,313 times
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So I've been w/ the same credit union for over 15 yrs and I really like them. Their website shows 30-yr home loans are going for 5.71%. Of course if I start the paperwork w/ them, I'll get a % based on my credit score, etc, etc. but in the meantime, I'm seeing stuff about rates as low as 4.5%! Just wondering your thoughts on whether there are any reasons to stay loyal to my credit union (for the mortgage) OR consider other lenders thru say, a bank, or other companies I've heard of OR if it's even a good idea to consider lenders I haven't heard of. You know, they have all those websites online that say, "Tell us what you want and we'll send you offers from 4 different companies!" What do you think about that? Thanks.
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Old 02-04-2009, 03:12 AM
 
Location: Plano, Texas
1,676 posts, read 6,333,376 times
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The rate quote from your credit union is very high. I would shop around unless you dont mind them making more interest from you. The best source to contact would be through a referral from a friend or relative, if you dont have that then contact a few banks and a mortgage broker.
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Old 02-04-2009, 10:40 AM
 
Location: WA
5,292 posts, read 20,701,286 times
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As much as I like my credit union I have never found they offer the best rate on mortgages. I used a mortgage broker and got a lower rate and terms that better suited my needs from a mojor bank.
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Old 02-04-2009, 02:02 PM
f_m
 
2,289 posts, read 7,363,491 times
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You can go to the major bank websites and find out their rates online.
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Old 02-10-2009, 12:47 AM
 
38 posts, read 145,313 times
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Thanks, everyone. The rate from my credit union was actually just on their website- not something they told me personally after looking at my financials... I will give them all my info and see what they can quote me but it's sounding like it's worth also trying major banks or a mortgage broker as well. Anyone have advice on finding a trustworthy mortgage broker? Also, I assume that it's the lender that gives them some kind of "finders fee" and that I don't myself pay more to use them? Finally, does anyone recommend online services... I remember a commercial awhile back: "When banks compete, you win" but I don't remember what company that was. Opinions on whether I should consider a place like that?
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Old 02-10-2009, 08:49 AM
 
Location: Tampa,FL
54 posts, read 238,603 times
Reputation: 18
DO NOT use those online places. Lenging tree and all of those other guys just take your info and sell it to hungry mortgage brokers. It is not a good way to find a trust worthy person. We have many states covered here with trust worthy mortgage folks. Take a look around and you can find them easily and I am sure anyone of us would be more than happy to help you out.
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Old 02-24-2009, 10:23 PM
 
38 posts, read 145,313 times
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davidhomes: Thanks! I was kind of suspecting something fishy about the online services, just not sure what it was. What you said makes sense. If anyone has personal recommendations for a mortgage broker for WA state, I'd love to hear them.
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Old 02-25-2009, 10:03 PM
 
9,601 posts, read 23,074,372 times
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A lot of times the places with the lower rates will have much higher fees, and rates do change almost daily, so it is a good idea to check with a few lenders. Credit unions tend to have lower fees.
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Old 02-26-2009, 09:26 AM
 
718 posts, read 2,663,238 times
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We just used Lendingtree.com. We were referred to 2 different mortgage brokers and we got a very good rate 4.625 and we will be closing in a few weeks. They beat out a "friends" mortgage broker in rate as well as closing costs. I also used them in the past to take out a second mortgage on my previous home and the broker they recommended was great. I would give them a try and see what kind of rates the brokers they work with offer. Can't hurt.
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Old 02-26-2009, 11:15 AM
 
Location: Apple Valley Calif
7,475 posts, read 19,565,214 times
Reputation: 5575
Another thing you might find when you talk to your CU, if you use direct deposit they will shave the interest, if you use auto payment, they will shave some more. If you have excellant credit, shave it again..! You just saw the starting rate, go sit down and talk to them, see what they will do...
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