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Now more than ever, you need someone who is in tune with the market and what is going on with rates. Rates are extremely volatile right now as are guidelines and you need to make sure you have someone who knows what's going on.
I always recommend working with someone you can meet with face to face and get a feel for their competency.
A good broker will always beat a good credit union who will usually beat a good bank who will always beat a bad broker.
After an interview and a few conversations, a good broker will be easy to spot. Get referrals, read reviews, go on yelp.com, visit NAMB to see who is certified in your area.
Anyone can quote a rate, hell, I'll quote you 3.5% APR today if you want it. Let's see if it's there at closing and if the LO will be able to actually get the deal closed.
Lending Tree is simply a lead source for Brokers. It's a misnomer when it says, when banks compete, you win. It's actually just a bunch of brokers. You will usually get a lowball quote that has very little chance of being able to get locked on any normal timeframe.
A favorite trick is to quote a 15 day lock and in the fine print, tell the borrower that the rate is only good for approved loans already in the pipeline. That's not really a ratelock at all, is it.
I locked at 4.625 with no points or origination fee. My appraisal came back (only $6k less than what I paid in 2007 - whew!). I know someone whose appraiser knocked their appraisal $200k less than what they paid. We want our appraisal to be what we hope it would be (It was $50k to $100k more than what the various internet home values was saying).I realize that the appraisal is arbitrary but I felt good about it.
I locked at 4.625 with no points or origination fee. My appraisal came back (only $6k less than what I paid in 2007 - whew!). I know someone whose appraiser knocked their appraisal $200k less than what they paid. We want our appraisal to be what we hope it would be (It was $50k to $100k more than what the various internet home values was saying).I realize that the appraisal is arbitrary but I felt good about it.
Assuming the fees are good, that's a nice lock. That's the same as I'm quoting today for 740+ fico, under 80% LTV, and I know I quote really low compared to the market.
With the rates dropping, I am actively looking for lenders to refinance. I shot out a preliminary application through Lending Tree.
I received a contact from a broker "Nationwide Lending Corporation" based out of Chicago, IL and "North American Savings Bank" out of KS.
Here is an example of rates quoted:
I am also going to a couple of local branches in my town.
I have a couple of concerns:
How will I know that the appraisal will go through? If the house doesn't appraise for the 80% threshold, do I just pay the difference?
How should I judge a lender? Am I better off getting a lender locally, rather than going to the aforementioned businesses.?
Won't they just sell my mortgage off as a commodity, anyways?
Personally I can't beleive people apply on Lending Tree and then do their mortgage with a complete unknow person and company.
You might save a couple bucks or you might end up with a big headached and multiple problems. This on what is likely the largest transactions in someone's life.
You all ready have concerns. Go with a reputable local bank, creidit union or broker.
Personally I can't beleive people apply on Lending Tree and then do their mortgage with a complete unknow person and company.
You might save a couple bucks or you might end up with a big headached and multiple problems. This on what is likely the largest transactions in someone's life.
You all ready have concerns. Go with a reputable local bank, creidit union or broker.
What's the difference between doing it online or using an institution you can walk into? If something goes wrong, you have an actual face to yell at? Do local institutions never have problems?
If the purpose of refinancing is to save money, go where the deal is imo. Why do I care who holds the mortgage as long as I can pay it and the terms are good?
Personally I can't beleive people apply on Lending Tree and then do their mortgage with a complete unknow person and company.
You might save a couple bucks or you might end up with a big headached and multiple problems. This on what is likely the largest transactions in someone's life.
You all ready have concerns. Go with a reputable local bank, creidit union or broker.
Thanks. When I went to the banks, myself, it was not like the brokers were cutting me a break, the cost was actually more because of the 'processing fee' and origination fee.
Assuming the fees are good, that's a nice lock. That's the same as I'm quoting today for 740+ fico, under 80% LTV, and I know I quote really low compared to the market.
I have a score in the high 700s and the LTV was 73%.
Assuming the fees are good, that's a nice lock. That's the same as I'm quoting today for 740+ fico, under 80% LTV, and I know I quote really low compared to the market.
What would you suggest for a 90% LTV with income to debt ratio of 60%?My request for modification was denied by Countrywide because I already have a low interest rate but it is interest only and will be an adjustable in 2 years and my loan is not Fannie Mae or Freddie Mac. Interest rates are low now and Countrywide won't refinance me either because of my high interest to debt ratio.
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