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So long story short I'm looking for a local mortgage lender. I'm not really looking for a big bank, but maybe a smaller company who wont charge astronomical fees or have hidden fees. The mortgage guy my Realtor suggested just turned out to be a bust. He didn't want to answer our questions, beat around the bush and wouldn't come clean about how much he would charge or the things we need to be able to go forward...basically he was a joke. Okay that said and since I don't live anywhere near MB I need some good recommendations for local mortgage lenders.
- Not really looking for a big bank (heard they are much harder to deal with) However I am open to suggestions
- not looking for huge fees
- Need someone who is going to be honest and upfront, someone who will lay it all on the table. Tell me exactly what we need to do, exactly or a round about idea of how much money this is going to take and be someone we can trust and put our faith in.
My credit score is excellent, my husbands is much weaker with only 3 months with 3 lines of credit. However in April he will have 6 months in. We are looking for a FHA loan and I know the basics of that. I know about 620 for a mortgage and 640 for a gift. I want to go ahead and establish a relationship with a mortgage lender now, basically because I'm going to have a lot of questions between now and time of purchase. I already do have a ton of questions I need to ask and I can't seem to find anyone that will level with me. So any recs?
Also has anyone ever had a Realtor from Beach Reality Group? That is more then likely who we will be going though to buy a home. I just wondered what opinions are of this reality company. Good or bad? Can anyone provide some basic information on the reality company?
Last edited by CarolinaDreams; 12-18-2012 at 09:47 AM..
All lenders are required to file disclosure forms that must be signed by the party looking for the mortgage . They will state the total closing cost. If they are off by more than a few percent the mortgage company will have to absorb the extra cost at no charge to the applicant . Because of Dode/Frank there can be no smoke and mirrors and these notes will be sold to Fannie as soon as they can. What is in writting and signed is "in stone". Down side for some is the requirments are much stricter than in then past. As far as local vs national mortgage lender not sure what your looking for. If money is no object go with a local bank that is a half a percent higher and 2 more points than a national. Many of the national names have local mortgage lending offices but really 99 percent of communication is done by phone,email and mail. In SC they don't even sit at the closing.
- Not really looking for a big bank (heard they are much harder to deal with) However I am open to suggestions
- not looking for huge fees
- Need someone who is going to be honest and upfront, someone who will lay it all on the table. Tell me exactly what we need to do, exactly or a round about idea of how much money this is going to take and be someone we can trust and put our faith in.
As Seabass mentioned, all lenders are required to be honest and upfront. I would suggest a great place to start would be the local bank you use. I bank with First Federal and would go there first if I were looking to get a loan to purchase a home. Another thing you might want to consider, if there is a possibility that you could purchase a FannieMae owned property, is you may want to look for Mortgage lenders that offer Homepath financing. Although the chances of you ending up purchasing one of these properties is slim, if you do you are already in line to take advantage of the benefits.
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
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Over the past several years we have both refinanced and acquired new mortgages in three states. We have used both small local mortgage companies and banks and national institutions. In every case our mortgage ended up being with a large bank because the small companies almost immediately sold the mortgage to the big guys.
I don't want to sound stupid here but I have no clue what any of you are talking about. This will be our first home, we have never bought only rented. I'm still learning basic info, and all of this is all new to me about selling mortgages and such. It seems I have a lot of research to do where this is concerned. I'm not really sure what i'm needing to be honest, everyone tells me different things. I've been told one thing by chase bank(which I got half truth on), another thing by the mortgage lender I was speaking to, what little info I could get from him was completely different from what Chase bank said. I just want a good and honest mortgage company I can put my faith in. We are not super rich, and we don't have money to burn however at the time are wanting to move as soon as possible and I want as little wait time as possible, which is why I was looking for smaller montage companies, I thought they may be more willing to work with people like us where one has great credit, the other just started out a few months ago. I was told big banks are extremely hard to deal with for mortgages...again not sure if I can trust that info. I may have to get back in touch with Chase bank again and ask some other questions but again afraid I'll only get half the truth. I didn't realize how big of a deal buying a home would turn into, but it seems there is a ton of info I don't know and a ton of things you have to do before hand. Thanks to those of you who have replied so far, keep the good info coming because I sure need it. Now i'm off to research some of this new info.
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
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Reputation: 3531
It happens with car leases, car loans and mortgages..... The mortgage company you close with may not be the company that ends up with your loan. Our last home purchase (in NJ) was mortgaged by a local store front (small) mortgage company recommended by our realtor. Not too long after the closing the mortgage ended up being held by Bank America (who we now pay).
Getting and finalizing the mortgage is the hard part where you need the most help. Large lender or small, find people you are comfortable working with. You should also have a lawyer to look over everything including the mortgage documents.
Carolinadreams look into reading the dummy books for buying a house. I used it years ago it gives alot of useful information, just try getting the latest edition because so much has changed. Good luck and I agree with the other posters even if you go with a smaller/local bank your morgage will most likely be sold at the closing table.
Tarag, that's what I was going to suggest. The "For Dummies" series of book are well laid out and written in simple, easy to understand language. YOu can probably even get one at your local library, but if you are seriously in the business of house hunting and need to understand the entire process, you might want your own copy.
As Seabass said, lenders must file disclosure forms to let you know beforehand what you can expect to pay at the closing table. It's a bit of a shock at first. The part about your mortgage being sold is not something you have any control over or need to worry about, it's just something that will more than likely happen. You will just being paying the note to another lender. The home buying process is a big fat pain in the butt and the best thing you can do is learn all you can about it. I would suggest also that you contact a credit union (I use Carolina Trust here) to get rates from them as well. All of my home buying lending has been thru banks but I do most of my banking now with CU's and I think they are far superior to banks as far as customer service. It comes down to the fundamental difference between banks and CU's. Learn all you can before jumping into this, take your time and make sure you understand what you are signing.
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