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Does anyone know of any local (Mooresville area preferably) lenders with decent mortgage promotions going on currently? I'm going to start calling around, but there are TONS of lenders in the area and I'd like to narrow it down a bit.
I think most (if not all) lenders will package and resell the mortgage as soon as they can. So even if you deal with someone locally now, you probably won't later.
Yes, most places don't keep servicing their mortgages once they close, but I was mainly looking for who has the best rates and programs, as they don't normally change if a mortgage is sold after the fact.
I personally would deal with a good broker. They can shop the rate among several large and small banks. Like others have said, dealing with a local lender/bank does not guarantee they will be servicing it and you will probably become just another number.
Brokers don't do this out of the goodness of their hearts. They will get you by slipping in a point or more on the closing costs. Your best bet in getting financing, is, assuming you are not sub-prime or needing a government backstop like FHA, is to simply call the lenders yourself. Tell them what you are buying and what deal can they give you. Make them fax you a truth in lending form with all the fees added in, then work through these fees 1x1 until you know exactly why each one is there. A lower interest rate won't do you much good if they jacked up the closing with additional cost.
Once you have this, then you can compare the offers and play them off against each other. It's a little work but can save you 1000s over the life of the loan. I don't know why more people don't go this route because they will fret endlessly over things like their credit rating, but won't spend the time to do some basic research on their mortgage. (a hugely more important item) Lenders reps. don't like it, they will refuse sometimes to give you an offer in writing which means you are going to get screwed so go elsewhere. We have the Internet now, so it should be no mystery how to look up anything on the form. Don't ever walk into a lender's office until you have a written truth in lending form from them that you have worked through. Else, it's like a lamb being led into a den of lions because they have a 100 ways to take advantage of you. In this business you can't trust anyone but yourself.
Do this and you will end up with the absolutely lowest cost mortgage. This won't work if you need a FHA loan, or you don't have a decent down payment. In those cases you really ought to sit down and think this through again as in you really are not financially ready to buy a place.
I just called Bank of America and got 4.3%. I'm happy with that. I was pre-qualified in about 20 minutes and had the letter in my email-box. I met with a broker in Mooresville and he offered 4.5%.
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