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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 04-30-2014, 11:21 AM
 
Location: Cary, NC
43,266 posts, read 77,043,330 times
Reputation: 45612

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Quote:
Originally Posted by don6170 View Post
The recommendation I have heard is a good rating on BBB is a yellow light (indication to continue your research on a company), but a bad rating is a red light.
Yep.
That is a great way to put it.

 
Old 04-30-2014, 04:03 PM
 
Location: Raleigh, NC
5,874 posts, read 6,940,842 times
Reputation: 10272
Quote:
Originally Posted by CardinalRed View Post
As we say in real estate-If you want to get ripped off, go to a broker, and if you want incompetency, go to a bank.

Make sure the person is licensed and has been around a while-There are also disadvantages to mortgage brokers. One of the first questions to consider is who pays the broker's fee. Some mortgage brokers are not equally skilled and knowledgeable and individual brokers may not be aware of all the mortgage options available.
I've had great luck with mortgage brokers - great service and a better deal than shopping at single source. Same with insurance brokers. I think it is a mistake to write them off entirely.

Remember when you are getting quotes, get them all in a short period of time so they count as a single hit (inquiry) on your credit.
 
Old 04-30-2014, 04:12 PM
 
1,733 posts, read 2,420,662 times
Reputation: 2119
Quote:
Originally Posted by hkrn44 View Post
They are giving me my loan at 4.75 when I have really good credit -769 is my score. However I do not have to pay as much closing fees up front - less than $750. I looked at Wells Fargo and they would give me a Better interest rate but higher closing costs of almost $8,000. I was interested in the movemnent mortgage so I would not have to pay all the closing costs when I don't have the money.
Sounds like FHA with down payment assistance from North Carolina. The DPA increases the interest rate.

Movement mortgage is a good company. I can't vouch for every loan officer there, but the one I know is a very good guy to deal with.
 
Old 04-30-2014, 06:06 PM
 
13,811 posts, read 27,433,048 times
Reputation: 14250
Quote:
Originally Posted by hkrn44 View Post
They are giving me my loan at 4.75 when I have really good credit -769 is my score. However I do not have to pay as much closing fees up front - less than $750. I looked at Wells Fargo and they would give me a Better interest rate but higher closing costs of almost $8,000. I was interested in the movemnent mortgage so I would not have to pay all the closing costs when I don't have the money.
Everything in the business is a give and take. You have to pay somehow. Either with a higher interest rate or a higher closing cost or a higher xxx. You have to compare to see what works for you.

When you buy a home, you realize how expensive it is just to get financing for it.
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