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did you look at BBT? we have done two mortgages through them now - one with a broker and the other without. they offered the best rates around both times. and they are a pleasure to deal with on the homeowner side.
Selling off mortgages to servicing companies is the way of the banks and mortgage companies now. Happened to us and ours was sent to Green Tree Servicing. Google them to see the record of horrors and also the FB page Victims of Green Tree Servicing. We were never once late on our mortgage, just a victim of the new industry tactics. We quickly went to the credit union and refinanced to avoid all the trappings of the servicing companies. So glad we did. I don't care if a bank offered me 0%, I wouldn't take it because of the servicing companies they quickly sell off the mortgage to and all the major banks are doing it. If we ever buy a house again it'll be with a CU loan! Playing it safe is more comforting than a low rate, saves a lot of heartache.
Since Pulte the builder gets a kickback from Pulte Mortgage, I would not use them for the same total cost to me. If they want their kickback, make it worth my while.
We are with WF, though it was originated in 2006 before the buyout. We refinanced in 2009 or 10 with them as well and have had no issues so far.
Usually a builder will offer you closing costs if you use their preferred mortgage.
Most of the time, the closing costs aren't worth it if you end up with a higher rate and higher fees.
Once your rate is locked in, you need to know how long that lock is for. Your rate shouldn't change if you were locked in unless YOU changed something...a new purchase, late payment, etc.
As to the bank selling your mortgage...shouldn't really matter to you as long as you make your payments on time.
Credit Unions usually have great rates on adjustable mortgages but tend to be higher on 30 year fixed mortgages.
May I suggest you also post this question to the mortgage forum for CD? There are two very, very knowledgeable mortgage guys over there (SmartMoney and Pfhtex) who will give you a very straight answer from their educated perspective.
Thanks everyone.
Thanks Jkgourmet, I already posted the same to the mortgage forum.
Thanks RedZin. I am getting incentives but ended up not much of a differences. Only $220 closing cost difference and $216 extra per year to go with Wells Fargo.
Do not use Wells Fargo! I've heard nothing but bad things about them. I used BB&T and it was such an excellent process. It was fast, and only slightly painful. I was approved in about 21 days for a FDA mortgage
OTOH, I just closed a couple of weeks ago and had a good experience with Wells Fargo.
I'd have to say, though, that the WF morgage rep we worked with was personally the major factor in our experience. He stayed on top of things, stayed in close communication to the extent that even the title company rep commented at closing, "Wow, he really stays on top of things." And that was at long distance.
OTOH, I just closed a couple of weeks ago and had a good experience with Wells Fargo.
I'd have to say, though, that the WF morgage rep we worked with was personally the major factor in our experience. He stayed on top of things, stayed in close communication to the extent that even the title company rep commented at closing, "Wow, he really stays on top of things." And that was at long distance.
Most of the time, it really does come down to the person you are working with. You gotta shop the human beings involved as much as the rate and terms. I'd happily pay a little more in fees or take a higher rate if I know I'm working with a seasoned professional. Not saying that's necessary, but given the choice, the answer is obvious, IMO.
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