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I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between these Citibank or Sovereign for the mortgage. Which do you prefer and why?
I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between these Citibank or Sovereign for the mortgage. Which do you prefer and why?
Thanks a bunch!!!
I make decisions based on "terms" not "name". Have they quoted you a rate, underwriting costs/fees, and how quickly they can process the loan? Just based on the information you have provided so far I am completely indifferent.
If the OP belongs to a credit union, he will almost surely find that his total borrowing costs will be lower from the credit union than from a commercial bank.
And, if he doesn't currently belong to a credit union, simply opening a savings account for a small sum (typically $25.00) will enable him to avail himself of mortgage services from a credit union.
I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between these Citibank or Sovereign for the mortgage. Which do you prefer and why?
Thanks a bunch!!!
Neither. Pick one that gets you the best 'deal' you want. Mortgage companies can careless about you whether they fund and/or service it. You are just another number to them. Really.
Depends how much time of your own you want to put in. I did a refi through chase just recently. Went into a branch with all of the info I knew I needed (2 years worth of this, last 2 of that, blah blah blah). They quoted me a rate that was pretty much in line with everyone else. Got an email 3 days later from someone at chase, they told me they were on my account and everything was fine. Got an email with the contact info of the appraiser that they wanted me to us. Did that in 2 days. Got another email 3 days later (I asked to be contacted via email) saying that they would like to schedule a closing date. I gave them a time (said this Friday before 10am) and they arranged everything. Person came to my house, I signed everything with the wife, and we were done. The closing fees were $2000 more than one of these random places. Got the $500 application fee back after closing (so down to $1500). They have a program to give you back 1% of the interest you pay them if you have a checking account with them. So that is another $250/year I get back. Also get a free safe deposit box, and free savings accounts for the kids (and other things like free cashier checks that I use more often than most).
Some people think the numbers are all that matters. It was worth the extra money to me (well I think it is costing me less in the long run) to make things easy. Buying a house is enough of a pain. Having problems with your mortgage is the last that you need (and then you hear stories of mortgage brokers delaying things so that your locked in rate expires and you need to start over with a higher rate)
Depends how much time of your own you want to put in. I did a refi through chase just recently. Went into a branch with all of the info I knew I needed (2 years worth of this, last 2 of that, blah blah blah). They quoted me a rate that was pretty much in line with everyone else. Got an email 3 days later from someone at chase, they told me they were on my account and everything was fine. Got an email with the contact info of the appraiser that they wanted me to us. Did that in 2 days. Got another email 3 days later (I asked to be contacted via email) saying that they would like to schedule a closing date. I gave them a time (said this Friday before 10am) and they arranged everything. Person came to my house, I signed everything with the wife, and we were done. The closing fees were $2000 more than one of these random places. Got the $500 application fee back after closing (so down to $1500). They have a program to give you back 1% of the interest you pay them if you have a checking account with them. So that is another $250/year I get back. Also get a free safe deposit box, and free savings accounts for the kids (and other things like free cashier checks that I use more often than most).
Some people think the numbers are all that matters. It was worth the extra money to me (well I think it is costing me less in the long run) to make things easy. Buying a house is enough of a pain. Having problems with your mortgage is the last that you need (and then you hear stories of mortgage brokers delaying things so that your locked in rate expires and you need to start over with a higher rate)
That actually sounds good! But I would be interested to know what interest rate they offered for refinance. From what I have seen, Chase is significantly higher than the market rate when it comes to refinancing. When I was in the market for refi, Chase quoted about 0.5% higher (plus closing cost) than the rate I had for refi without closing cost.
You need to get a mortgage broker to get the best deal. It doesn't matter who the mortgage is with, it'll likely get sold on anyway, just go for the best rate/least overall cost.
You need to get a mortgage broker to get the best deal. It doesn't matter who the mortgage is with, it'll likely get sold on anyway, just go for the best rate/least overall cost.
A motgage broker is a middleman. Cut out the middleman and go to a bank, you should fare better. Again, check out Investor's Bank.
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