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Old 03-17-2009, 09:27 AM
 
4 posts, read 19,242 times
Reputation: 13

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Can anyone recommand a good mortgage company which provide a relative low interest rate and low closing cost? I checked several banks and they can give 4.875% rate(excellent credit score,30 years fixed) with differnt closing costs(6000-10000$). Thanks.
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Old 03-17-2009, 09:37 AM
 
Location: Lake Highlands (Dallas)
2,394 posts, read 8,596,369 times
Reputation: 1040
search on Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com - I found it has good leads
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Old 03-17-2009, 09:51 AM
 
Location: Mostly in my head
19,855 posts, read 65,829,411 times
Reputation: 19380
See if you can qualify for a credit union. They usually have the best rates and lowest closing costs. I joined one just b/c I lived in the county it served - I thought you had to be a teacher, gov't worker, etc. to qualify.
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Old 03-17-2009, 10:15 AM
 
Location: Texas
5,872 posts, read 8,094,294 times
Reputation: 2971
Don't ever trust ANYTHING that comes from Bankrate.com. The information on there always assumes best case scenario and best rates possible, and is not up to date. The sources there are a good way to collect the names of institutions, but I wouldn't believe anything from the site.

4.875% on a 30 fixed sounds really good. I would work on the closing costs though.
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Old 03-18-2009, 01:49 AM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,257,217 times
Reputation: 2720
When you get quoted an interest rate always ask what the APR would be. This would tell you how much in fees they are charging you. The APR is always higher than the rate but not significantly higher. On a 4.875% I would anticipate the APR to be about 5.125. If it's higher, I would question it.

Also, I hope that on the 6K-10K in closing costs you were quoted above, that the prepaids were included!!!

Naima
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Old 03-18-2009, 01:04 PM
 
Location: Dallas, Texas soon to be Carrollton, TX
14 posts, read 33,591 times
Reputation: 15
I am in the process of closing on my house right now. We went with Mike Dickstein of Pulaski Mortgage after checking with several companies (JPMorgan Chase being one of them). He is very upfront with his closing closes and I do not expect any hidden fees. We locked in at a 5% 30-year fixed and although I haven't closed yet, I do not forsee any potential issues.
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Old 03-18-2009, 01:18 PM
 
Location: North Texas
2,482 posts, read 6,532,564 times
Reputation: 1726
Paramount Mortgage

I have used them twice now, my parents used them once. And the agent I worked with now recommends them to her clients. I was pre-approved prior to getting my agent. This lender has their own money to lend, have access to all types off programs and have good fees. I worked with Crystal Ellis, she is no longer there but her boss John is a great person to work with. Check out their website, call and ask questions.
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