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I was shopping for rates and they offered 4.75% for 30 year fixed - a bit lower than Wells Fargo & Bank of America (both offered 4.875%). WF & BOA are prestigious institutions and I wouldn't have to worry too much but haven't heard a lot about Weichert's loan origination business.
don't just compare rates look at the whole picture fees & points. Weichert does not service the loan and may end up with one of the two banks you mentioned.
don't just compare rates look at the whole picture fees & points. Weichert does not service the loan and may end up with one of the two banks you mentioned.
Mumra is partially correct... look at the entire package. Terms, points, closing costs, origination fees, etc... it is the total cost of everything, including closing that counts.
As far as servicing... many companies sell their loans. As long as you're paying, it shouldn't matter who services the loan.
That said, I have no direct experience with Weichert, good or bad. I work for a competitor.
All quotes are for a conventional loan with 20% down payment and zero points. Weichert's closing is about $900 less than WF & BOA and one eighth percent lower. But I am still inclined to use one of the big banks.
I've heard horror stories about BOA but most of them are over short sales so probably not a huge deal for you. I'd go with the cheapest one... in the end they'll end up in the same places anyhow likely as they get sold and shuffled.
Definitely don't touch anything with Weichert's name on it! They are the most unorganized & irresponsible company I have ever attempted to work with!
While it's certainly possible that you had an issue with your specific situation, and the individual people involved, your ridiculously overgeneralized statement is completely and totally untrue.
I've been with Weichert for about 9 years. The company is quite good at what it does, and has a stellar record for customer satisfaction. The last customer satisfaction survey I saw showed that over 95% of Weichert Financial customers would recommend WFS to a friend.
we had our closing a few weeks ago and our Weichert Realtor saw the FS services guy pass by in the hall and said Thank goodness you guys didn't go with our FS for financing! They take so long to do everything and they always screw something up. He said the guy was fairly new but the other guy was just as bad. Who knows maybe it was just a fluke that both the new guy and the old guy at this office were bad but his comment made me feel better about having gone with someone else. (American Federal Mortgage, btw. They were very good fees were low and we had NO surprises)
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