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Which LI bank / credit union offer the best rate on FHA loans? I would like to know the ease of dealing with them. Any experience.
The rates and terms you may qualify for are determined by your LTV, DTI, and most importantly your credit. Better time could be spent learning how to qualify for a loan, instead of wasting your time shopping between different lenders, not doing your homework. What you are doing is opening yourself up, to be told something that will change when you get to your closing. Do yourself a favor - learn what a mortgage is before you go out shopping.
Why are you looking at a FHA loan? Do you want to pay more over the lifetime of your mortgage? The time to save up the required 20% down payment on a conventional loan. Could really benefit you in the future, with 30 years of a smaller payment. Verse rushing into a FHA 3.75% down payment, with a larger loan balance and lifetime PMI. Having a 30 year loan paying more.
As for your second question.
Credit unions are at the top of my list, they are owned by members (not investors). Credit unions provide a very stable loans. The problem is - if there's is anything that comes up, your loan is DOA. Any money upfront you paid, example for an appraisal is lost.
Banks like BOA, Wells Fargo, Flag-star, are "A" commercial lenders (owned by investors). If any small issues come up, they have different loan problems to switch over to.
If you have issues, your best bet is using a broker. They can be affiliated with different banks, if a problem comes up, they can switch your loan between different lenders.
Suggest you post any mortgage questions - in the mortgage section of our forum.
Good Luck
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Last edited by Modification Specialist; 06-08-2016 at 01:18 PM..
If you have issues, your best bet is using a broker. They can be affiliated with different banks, if a problem comes up, they can switch your loan between different lenders.
You make it seem like a broker can just get a loan transferred from one bank to another with a snap of the fingers, which couldn't be further from the truth. You'd have to refinance, pay the costs associated with doing so, provide income proof, etc... That's a lazy comment.
You make it seem like a broker can just get a loan transferred from one bank to another with a snap of the fingers, which couldn't be further from the truth. You'd have to refinance, pay the costs associated with doing so, provide income proof, etc... That's a lazy comment.
I think he meant that if a problem comes up during the mortgage application process, he can shop it to another lender.
People always say Bethpage FCU is good bc it's a credit union
Who knows?
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