Which Banks in NY currently offers the lowest rates on Mortgae loans? (Wells Fargo, rate)
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I'm trying to purchase my first property.. So far BOA and Chase bank are offering me 5.5% and 5.8%. I thought I should be getting much lower rates than this based on the current market. Plus my credit is almost perfect.
I'm looking to purchase in the 2 months, but I'm still shopping around for the best loans. Any advice or referrals will be helpful. Thanks.
I'm trying to purchase my first property.. So far BOA and Chase bank are offering me 5.5% and 5.8%. I thought I should be getting much lower rates than this based on the current market. Plus my credit is almost perfect.
.
I guess the question here is how do you define "almost perfect"? Is this a conventional loan or FHA?
Also, keep in mind that rates fluctuate daily, sometimes more than once a day, so comparing rates on an apples-to-apples basis is extremely difficult.
Have you tried a local Credit Union?
STOP reading and quoting ads from banks. You have no idea of what qualifications are needed for these rates and if you meet them.
There is only 1 way to compare rates. Get referrals to 3 different sources(bank, broker, and credit union preferably). Call them on Monday and tell them you want an Initial Fees Estimate( this used to be called a GFE before Jan. 1 of this year) based on their opening rates Tuesday morning. Have them base their quotes on your qualifications(I have a XXX credit score, with Y% down etc.) that you give them, realize that their quotes are only as good as the info you give them. Also, outline your clsoing cost structure you want because this affects rates quoted significantly (1% discount + 1% orgination, 1% origination, 0% origination). You can get 3 quotes from each source as well.
Why not just go to an online compare website like bankrate, lending tree, or msn? There are lots of them online.
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