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If they are saying THEY are paying the PMI, that's a load of crap. I'll bet that the loan they are doing involves upfront PMI ir a higher interest rate to cover PMI. Note that neither of those things are bad (in fact, both can be advantageous), but YOU need to understand what's going on.
Years ago, I used to sell mortages for an online company. Essentially, that's how TBI operates. IMHO, very few first time buyers should be getting their mortgage with an online broker. You need somebody who will walk you through this process and explain EVERYTHING. That ain't TBI.
Ask your Realtor (you did have your own Realtor, right?) To recommend two local brokers. If you belong to a credit union, try them as well. You can compare that with TBI if you want, but don't accept their deal unless you completely understand and trust it.
That's what I've heard from many people (regarding covering the PMI). To be honest, I simply just don't trust them all that much. In addition, the loan officer we are working with TBI has been useless.
We are also working with a very reputable mortgage broker, who's been excellent about walking us through this whole process, and have told him we are interested in a mortgage with LPMI, as we plan on living in this home for less than 10 years.
Those folks at TBI are some of the lowest paid mortgage professionals. I promise you, with rates heading down, whoever you start with won't be there when you are ready to lock and close. Competition will snap them up.
Those folks at TBI are some of the lowest paid mortgage professionals. I promise you, with rates heading down, whoever you start with won't be there when you are ready to lock and close. Competition will snap them up.
They sure let us know that they are some of the lowest paid mortgage professionals with how they are treating us! (Doesn't answer questions repeatedly (have had to escalate my questions to other higher-ups in the company), unorganized, etc...) Even if they gave us the best "deal," at this point, I'm apprehensive to use them. This is the biggest purchase of our lives, and my gut just does not trust them.
I'm curious, though, if anyone else on the forum has experiences with using a builder's lender? Am I just paranoid?
They sure let us know that they are some of the lowest paid mortgage professionals with how they are treating us! (Doesn't answer questions repeatedly (have had to escalate my questions to other higher-ups in the company), unorganized, etc...) Even if they gave us the best "deal," at this point, I'm apprehensive to use them. This is the biggest purchase of our lives, and my gut just does not trust them.
I'm curious, though, if anyone else on the forum has experiences with using a builder's lender? Am I just paranoid?
You're not paranoid. IMHO, you sound like a smart cookie who know that they are an first time borrower making a huge financial decision. I wish EVERY borrower were like you (we'd have a much more stable mortgage system.)
And I say that even though I'm the one who was very satisfied with TBI. But I WILL remind you that I had purchased and refi'd many times before AND had sold mortgages and refi's. That is NOT your background, so I'm strongly suggesting you look elsewhere than TBI (especially since you feel they are not servicing you well).
BTW, if I were in your position, the first thing I'd do tomorrow morning is contact SmartMoney to see about getting a mortgage thru his/her credit union. No, I am NOT kidding!
You're not paranoid. IMHO, you sound like a smart cookie who know that they are an first time borrower making a huge financial decision. I wish EVERY borrower were like you (we'd have a much more stable mortgage system.)
And I say that even though I'm the one who was very satisfied with TBI. But I WILL remind you that I had purchased and refi'd many times before AND had sold mortgages and refi's. That is NOT your background, so I'm strongly suggesting you look elsewhere than TBI (especially since you feel they are not servicing you well).
BTW, if I were in your position, the first thing I'd do tomorrow morning is contact SmartMoney to see about getting a mortgage thru his/her credit union. No, I am NOT kidding!
I don't know about smart...you could break this whole home buying process into the simplest terms possible (and I've read so much about it) and it's still overwhelming and puzzling. I'm gonna leave it as it's something you have to experience once to really learn, regardless of whatever book or internet source you may read.
Again, as paranoid as I am (), I still want to give TBI the benefit of the doubt, but the Loan Officer has been a terrible representation of the company. If he was more available, and even responded to my emails (still hasn't), and had an ounce of transparency, I would probably (seriously) consider using them.
We are in the process of buying some new construction as well. Initially pre-approved with a highly recommended broker. I also put an application in with the builder's affiliate for a comparison. They make a big deal about advertising covering $5k closing costs if you work with them. Rejected their initial offer as it wasn't as good, but they came back with a better offer.
Recommended broker: No closing costs, 3.25% rate
Builder: After the closing cost shell game would be bringing $800 to closing, 3.125% rate
So technically long term the builder's offer is better...but it would take 9.5 years to reach break even and with the broker being highly recommended I'm going with him.
We are now in kind of a bind and have more questions. We have now received two loan disclosures for the two lenders we are working with (TBI, and the mortgage broker). TBI offered a 120-day rate lock for us at 3.875% (the LO at TBI said that the extra fees would be paid by TBI if we close with them...), while the mortgage broker that we have loved working with has our interest rate at 4% (no lock offer yet)- is this rate likely to change by the time of closing (end of October)?
Second, can we keep both of the lenders "on hold," until closing date? We've gotten our loan commitment letter from TBI, and are waiting to get our letter back from the broker, but we want to use another month or so to do some more research on what is best for us. I feel bad to be "playing" one over the other and then tell them we won't be closing with them, but oh well.
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(Doesn't answer questions repeatedly (have had to escalate my questions to other higher-ups in the company), unorganized, etc...) Even if they gave us the best "deal," at this point, I'm apprehensive to use them. This is the biggest purchase of our lives, and my gut just does not trust them.
), I still want to give TBI the benefit of the doubt, but the Loan Officer has been a terrible representation of the company. If he was more available, and even responded to my emails (still hasn't), and had an ounce of transparency, I would probably (seriously) consider using them.
