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Old 09-07-2011, 11:04 AM
15 posts, read 19,310 times
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I am planning to make a home purchase for which I would need a loan. I plan to put in 20 or 25% down whichever gets me the best 30 year fixed rate. A friend of mine told me to approach credit union banks as they are more likely to get you the best mortgage rate and also not to go through a mortgage broker as they may not get you the best deal especially so if the broker was recommended by the buyer's agent.

Also, when I call the banks everyone says rates keep changing through the day and its hard to give the exact rate and I don't want to give my SSN and run through credit report with each one of them. Any advice on how to get the best hassle free mortgage loan would be very helpful.
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Old 09-07-2011, 04:45 PM
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I just started to refinance with a local credit union. I could check with them daily for their rates. I got a 3.25 rate for a 15 year mortgage. The best BOA could do was 3.6.

If it's not listed on their website I'd call a couple credit unions to get rates.
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Old 09-08-2011, 05:29 AM
Location: Wake Forest, NC
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Get a personal referral to a broker. Brokers deal with many banks and do the comparison shopping for you. Rates do change at least once a day sometimes up to 3 times a day.. To give you an analogy that most people have some knowledge on.

A mortgage is an investment no different that a stock to the end investors. If you were to price stocks in $10 increments and say XYZ company was selling today for $20. As long as the actual price of the stock was $15.01- $24.99 in would stay at $20. The days trading can have the price rising from say $16 up to $24 without a "change" in rates but the reality is price went up $8 even though it has not yet funneled down to consumer level. Now lets take that price from $24.50 in the morning to $30 by lunch-new rates- up to $35.01 by end of the day- rates up again. Price up $10.51 with 2 rate changes and up $8 the day before with no changes.

This is a very broad range analogy as mortgage rates are in .125% increments but the idea is the same. Also, just because XYZ company- 30 year rates- are up doesn't mean ABC company- 5\1 ARM rates- aren't down.
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Old 09-08-2011, 09:11 AM
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The above advice about using a mortgage broker that is recommended to you by a trusted friend / co-worker is spot on -- good mortgage brokers, that have survived the horrendous shake out are likely your best source of good rates ANd responsive / efficient service.

There is NO MAGIC involved in getting a loan, virtually all sources of mortgages have VERY similar rates and standards. There may have been a period when credit unions had some different incentives than other lenders but realistically most smart lenders wholesale nearly all their loans so there is really not much room for differences.

A mortgage broker will know which wholesalers are speedy and decisive and which are pokey and always asking for additional documentation.

There are probably some credit unions that are quicker than others, but again if you don't get a testimonial from someone that has recently been able to get a loan closed quickly you are no better off than getting some crummy commercial bank...
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Old 09-08-2011, 09:49 PM
Location: Long Island (chief in S Farmingdale)
19,967 posts, read 17,166,252 times
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Rates do change on an hourly basis, also a Conventional loan tends to be more credit score specific than FHA loans. Fact of the matter is the more information you provide a lender, the more accurate the quote you can get. The best potential rate might not be something you qualify for, so you could wind up getting a quote that you don't qualify for because you didn't provide the information.

With that being said I can understand why you would be hesitant about giving out your s.s & have your credit run multiple times (however, when the credit agencies see you are shopping around for a mortgage the multiple inquiries won't impact your credit), but that information is important on making sure the lender can give you the most accurate quote possible. If you really don't want to give it out, I would suggest running your own credit, knowing exactly what your middle Fico score is, as well as your monthly liabilities and telling the lender that info.

Everyone obviously wants to get the best rate, but you shouldn't underestimate the importance of getting the most accurate quote possible, and the more information you give a lender the better chance you have of getting the most accurate quote.
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Old 09-10-2011, 10:09 AM
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Quite simple, find a lender with a float-down policy. While most will not provide a float down in writing, most can certainly provide you with recent agents that had customers that received a float down. 8 of my closings last month received renegotiated rates, two without even asking.
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Old 09-17-2011, 12:38 AM
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Thanks for all your suggestions! Really very helpful.
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