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No, please don't suggest google.com, I have already done some research
Is there any good site which allow to see the approximate APR comparison from different lenders after providing basic information (house cost, downpay, zip and etc.), but without providing personal information, phone # and etc.?
At this point I would like just to gather approximate comparison information and do not want to talk with each and every agent. It is possible?
I have one more question, is it makes sense to look for mortgage myself or better not waist time and contact mortgage specialist? I did hear that most of people just higher mortgage specialist who has connections to multiple lenders and helps house buyers to find the best option.
I'm guessing that if you have good credit, 20% down, and know the kind of loan you want, you can find your own lender. If you have a lower credit score, too much debt, recently divorced, are only going to live in the place a very short time, have a high land to house value--various less usual situations--you might look at what a mortgage broker can come up with.
I'm guessing that if you have good credit, 20% down, and know the kind of loan you want, you can find your own lender. If you have a lower credit score, too much debt, recently divorced, are only going to live in the place a very short time, have a high land to house value--various less usual situations--you might look at what a mortgage broker can come up with.
There is really no such thing as "finding your own lender". The "lending pipeline" ALWAYS start with a "loan origination" person and while that role exists in pretty much every lending organization the difference is that when that originator works for only one lender their whole focus will be on convincing potential borrowers that every other lender sucks.
Conversely when the loan originator works for a "broker" they role is far more focused on finding the loan terms that work best for each borrower. Does not matter if you have stellar credit, high equity to loan status, and a superbly maintained home OR crap credit, abysmal ratios, and a house that will only appraise out if the appraiser needs a seeing eye dog there are ALWAYS programs that are smart broker can find for your situation...
The thing too is that when you contact a loan originator that is "in house" for a single lender they pretty much have to lie to you about important details like "given your current backlog what are the odds that you can close in XX days" or "if I decide to refinance this loan how simple is your process"? In contrast an experienced loan originator that works for a mortgage broker can reliably answer those questions and tell the potential borrower "if you want a quick close there are lenders who are better suited to that sort of deal and if that is your priority here is what makes sense to consider as a trade-off for rate / fees". In the same way the most flexible programs, which very clear standards for refinance or other down-the-road options, are generally offered ONLY through the lenders that deal exclusively with mortgage brokers because it is kind of impossible to put all the "fine print" up on a giant billboard / TV ad / web site without scaring off all the potential "newbie" type borrowers...
In fact if you were to call / email pretty much ANY lender directly the "originator" you'd first contact is the least competent sort of "inbound telemarketer / marketing person" that has a very strict script that has been reviewed by some nitpicky legal team so "knowing what sort of loan you want" is going to be an extremely frustrating experience.
Bottomline the best place to start for pretty much every borrower is generally an experienced mortgage broker.
The problem with shopping via rate sites, those lenders PAY to put their rates up there. If rate is truly your main concern, look at credit unions. Yesterday, I was 1/4% lower and over $1100 lower in lender fees. Many credit unions are open access, meaning you can join/contribute to a non profit organization and be eligible for membership.
Credit unions are non profits. Banks and mortgage companies are Wall Street centered with shareholders. Even the smaller companies not on Wall Street are for profit. Our late fee (not that you want to be late) is 2%. Banks/mortgage companies are 5% (VA & FHA are 4%).
You are not doing your homework, you are shopping advertisements.
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That is not how it works...
