Mortgage lender recommendations? (mortgage broker, credit, loans)

[kmflan]

Hey folks. Thought you all would by a great place to find some mortgage lenders. We wanted to go ahead and get the ball rolling on that end. We have a good idea of what we want and what we qualify for. Would love your your refernces. I don't mind if you list them here, but you are certainly free to PM me if necessary

[playnice]

Been with Wells Fargo for years with never a problem or issue at all.

[UseJeff]

You should call a few local banks, and a couple local mortgage brokerages. This should give you a good enough spread of competition to figure out who has the best rates, and in addition has the most experienced people to deal with.

If they start talking about what rate they can get you during the first visit be careful. No one knows what they can do for you until they gather all the key necessary information.

[Coach Knight]

I agree with comparison shopping, however, don't forget to check out a Mortgage Banker also. Mortgage bankers will usually underwrite and fund the loan themselves.

Brokers are only middle men and will have to charge you a commission by either origination or fees of some sort, they are not loaning their own money and they surely aren't going to do it for free. A direct lender doesn't have to charge many of the fees you'll see with a broker. You see, if you go with a broker, there is profit for the broker and the lender.

Local banks are generally nowhere near as competitive as a Mortgage Banker since they don't specialize in just mortgages, and they also have that big overhead to pay for all the fancy buildings. (Yes there are exceptions due to individual circumstances that can make a local bank an option.)

Really, no matter who originates your loan (even a local bank) you have an outstanding chance of having your mortgage sold on the secondary market at least once. Rates and fees are the main thing to focus on...don't pay more for the "safety" of a local bank...when you are paying the money to them, that's kind of illogical but so many people fall for that.

Good luck to you, the mortgage business is certainly a complicated one.

[MrsSteel]

We used Coastal Federal Credit Union. We got a better rate than the mortgage bankers could offer (they couldn't even match it) & closing costs were less, too. Plus, they have a long history of not selling their mortgages to other companies. We had no problems with them whatsoever & would gladly choose them again.

[liliping]

We used Bank of America. They had the lowest rates and no origination fees. Closing costs were only $2000 or so (2 years ago). They also can set up an auto draft from your checking account - one less bill to remember to pay! We have been very pleased with them. The man's name whom we worked with is Chris Beaver. We highly recommend him and will definitely deal with him next year when we build a new home.

[Gatornation]

Originally Posted by liliping

We used Bank of America. They had the lowest rates and no origination fees. Closing costs were only $2000 or so (2 years ago). They also can set up an auto draft from your checking account - one less bill to remember to pay! We have been very pleased with them. The man's name whom we worked with is Chris Beaver. We highly recommend him and will definitely deal with him next year when we build a new home.

I used BOA with no issues.

[renriq02]

It really depends on your credit, income, assets, and loan amount is.
Every lender has a 'niche', and it will be hard to compare one to another.

Working with a local bank will give you a product with rates/terms and fees.
Normally, most banks have their margins for their loans, and are unwilling to budge from their rates/costs. They have to pay for overhead fees that most brokers dont incur.

Working with a mortgage banker (online lenders usually) can offer the same experience, but you will have options picking from different quotes.
Normally, they have different investors offering rates/fees. Most online lenders may offer a slightly lower interest rate than the actual bank. (they receive wholesale rates) They also have their margins.

Working with a mortgage broker can offer you the same as above, but a broker builds HIS fees into the loan. He can probably get a lower rate by offering a product from an institution that isnt opened to the public. It's his business, and if he wants to stay in business, he would offer something competitive.

6.5% with 1% Origination fee = Bank
6.375 with 1% Origination fee = Online Lender

6.375 with less than origination fee OR
6.125 with 1% origination fee = Broker

Whether Bank A decides to sell the loan to Bank B is irrevelant.
EVERY lenders makes you sign a waiver that states they have permission to sell your loan to anyone they please. The terms/rates dont change only the fact that you will send your payments elsewhere.

One of the best mortgage companies with the best rates is Taylor Bean.
They're a wholesaler, and not opened to the public.
They have awesome rates!

I hope this helps.

[NYC2RDU]

Here's my vote for Bank of America.

Despite what people may tell you (e.g. they're making their money somewhere, you don't get something for nothing) their no-cost closing program proved to be the real deal. In the end their rate was equal to or better then everyone else's save one. However when factoring in the no-cost closing it would take me seven years to recoup the additional expense and I preferred to have that cash in hand for moving expenses.

If you can get a rate that's at least a half-point better then BoA and the closing costs are standard then you should give it serious consideration; otherwise BoA is a great deal.

[renriq02]

what i dont understand is this.....if the loan is TRULY advertised as NO CLOSING COSTS....then why is the APR higher than the interest rate??

*always read the fine print.

Originally Posted by NYC2RDU

Here's my vote for Bank of America.

Despite what people may tell you (e.g. they're making their money somewhere, you don't get something for nothing) their no-cost closing program proved to be the real deal. In the end their rate was equal to or better then everyone else's save one. However when factoring in the no-cost closing it would take me seven years to recoup the additional expense and I preferred to have that cash in hand for moving expenses.

If you can get a rate that's at least a half-point better then BoA and the closing costs are standard then you should give it serious consideration; otherwise BoA is a great deal.