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Old 03-30-2015, 07:51 PM
 
67 posts, read 165,633 times
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This is for a first time home purchase. Would prefer to go through most of the process online.
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Old 03-31-2015, 03:22 AM
 
19 posts, read 137,680 times
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I've used Dan Kramer at Luxury Mortgage for a mortgage and two re-fis. Responsive and nice to work with. We do most of the paperwork online. dkramer@luxurymortgage.com
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Old 03-31-2015, 04:31 AM
 
240 posts, read 344,466 times
Reputation: 138
Quote:
Originally Posted by vader747 View Post
This is for a first time home purchase. Would prefer to go through most of the process online.
You can definitely try Quicken Loans in Detroit...
Quicken's founder Dan Gilbert is a magic man for Detroit...
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Old 03-31-2015, 04:03 PM
 
860 posts, read 1,337,937 times
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Not online, but I used PNC which in 2013 had some "Community" program which allowed you to put down less than 20% but not have to pay the mortgage insurance, which saved me about $250 per month. The program was easy, everything done through the PNC guy and email. I only had to meet him in person twice. Great program if they still have it.
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Old 03-31-2015, 04:29 PM
 
Location: New Jersey
11,345 posts, read 16,705,526 times
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Quote:
Originally Posted by vader747 View Post
This is for a first time home purchase. Would prefer to go through most of the process online.
Please check your DM.
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Old 04-09-2015, 09:20 PM
 
Location: Marlboro, NJ
9 posts, read 17,308 times
Reputation: 17
I know this is a week old. But I'll share my experience searching for lenders.

I went with Investors Bank as a first time buyer. TD Bank also has a similar program for first time buyers. Both banks will pay the PMI (lender paid PMI) when you do less than 20% down if you meet the first time buyer requirement (not bought in the last 3-years), a middle credit score of 720 or higher, meet maximum income requirements, and take an in-person or online first time buyer course (of which there are free ones available). I think Investors was $70,000 gross yearly salary max and TD Bank $77,000.

So, I got Investors to fund my loan in Dec 2014 at 2 points below the market rate (1 point for being a first time buyer and 1 more point for agreeing to auto-debit of the monthly payment from my Investors checking account). I did 10% down and have no monthly PMI, nor any one-time upfront PMI payoff. The lender really does pay the PMI; yes I know it is shocking and hard to believe. They also gave $2000 toward closing costs as part of the 1st time buyer's program.

For what it's worth, I took a 7/1 ARM since I plan to have the loan paid off in no more than 9 years. Going rate was 3.125% at other banks (Capital One, PNC, local credit unions, etc) and I got 2.875% (2 points lower) at Investors. I could have done the 30-year fixed for some decent rate which I think was 3.50% while it was still around 3.75% at other lenders. They were both 0-point loans, meaning you're not paying an extra fee to buy down the rate. I also got a 90-day rate lock for no additional cost; it was the standard lock length. I see now on their website it says 60-days rate lock, maybe the 90 was for first time buyers or else they have changed the default lock period.

I'd say I made out pretty well. TD Banks rates were higher and I don't think they offered the 2000 off closing so that's why I picked Investors. Also they don't allow ARM loans with their first time buyer program, which is another reason I chose Investors.

Best of luck to anyone reading this.

Last edited by slubfool; 04-09-2015 at 09:33 PM..
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Old 04-10-2015, 08:20 AM
 
800 posts, read 1,297,360 times
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bought a home a month ago and got 3.6% 30yr fixed through everbank. everything was done online and very smooth and responsive local reps. (bank is based out of FL)
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Old 04-10-2015, 01:14 PM
 
25 posts, read 50,207 times
Reputation: 21
Default Zillow Mortgage!

I used Zillow Mortgages couple of years back and went with the lender that was on top of the list with lowest APR. Kind of gamble as i went with them completely based on online reviews. It turned out very very smooth. Everything online, they hand held me in every step and gave me the best rate out there. It was 2.5% for a 15 year loan period. they sold the loan to a big bank after 1st month but it didn't impact me in anyway. Check it out and good luck with your process!
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Old 04-10-2015, 04:34 PM
 
19,128 posts, read 25,331,967 times
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Quote:
Originally Posted by slubfool View Post

I went with Investors Bank as a first time buyer.
When I refinanced my mortgage (for the second time), I went with Investors Bank and I have no regrets whatsoever. The rate was very competitive, the staff was courteous and efficient, and the mortgage servicing has been very good.

By comparison, a friend of mine refinanced with Capital One, and he has had nothing but problems regarding their mortgage servicing. His property taxes are not consistently paid on time, and when he tries to have the situation rectified by phoning Capital One, he is always shunted to somebody in Mumbai who barely speaks English and who is unable to help him.

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Old 04-10-2015, 05:01 PM
 
3,992 posts, read 2,458,665 times
Reputation: 2350
I had very good luck with American Federal Home Mortgagte- a NJ broker. Tried them after several people on this sight stated how happy they were. Several friends and family have used them since then and all have been very happy- no fees and very good rates- easy process all done online.

They sell the book to JPM or Wells Fargo who sells to FNMA/FRE, but thye service- no problems so far, very happy.
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