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We closed on our place here in NJ, and will be coming on July 16th to rent for 3 months while we look around. We got an email from our realtor that credit check was done and that we would have no problem getting a great rate, and she gave us the number to someone they use. I am not sure our we supposed to go through them or do some people shop around and find own mortgage funding? We had a friend who owned his own company here and we got a mortgage loan through him and preaproval before we bought this place, and we bought it from someone we knew, so technically this is our first real experience with this process!
Definitely shop around - you may wind up going with the person your realtor recommended, or find out they aren't very good at all. I had a negative experience with a realtor referred mortgage broker back in VA, so I learned to shop around. I got a much better loan on my own by finding out about a special program offered by my bank.
Shop around! Definitely!!! I cannot emphasize this enough.
Our realtor's company has an in-house mortgage broker. Through that broker, we were able to get "pre-approved" for a mortgage with a certain rate. That helped when it came time to make an offer on our house. But I didn't stop there. I shopped around. As a result, I was able to get a mortgage that was half a percentage point lower. The closing fees were a lot less, too.
Check with at least 3 different institutions. If you find a company that you like but they don't have the best rate, see if they're willing to match what the cheaper company has offered. Sometimes they are, sometimes they aren't. When you're making a purchase as major as this, you really need to do your homework in order to get the best deal.
I always suggest a few lenders to my clients with the understanding that they are under no obligation to use that lender.
With new construction, any incentives usually tie you to their lender. I always have my clients get a GFE from that lender and then give it to one of the lenders that I use. My lenders will review it and if they can beat it, they will. Its just a free service to me and to my clients.
I also have "in house" lenders that I use from time to time but I feel that I get better service for my clients from other lenders that want my business. They'll frequently give better rates and less closing costs to my clients just because they want the repeat business. And NONE OF THEM HAVE EVER KEPT US FROM CLOSING ON TIME! NEVER!!!
Vicki
Last edited by VickiR; 06-18-2007 at 08:45 AM..
Reason: Oh yhea...from what lenders tell me, alot of lenders that are not in NC CANNOT do NC loans so make sure your lender can.
wow, thanks that is all good advice, I guess we will "shop around". I guess it would be better to go with a mortgage company in the NC area? Anyone have any recommendations as to where to start?
Shop around for a rate. It can't hurt. I personally like my clients to use our in house lender because I can get a prequal for them when putting in an offer any time of day or night. They also are available to me day or night throughout the whole process. I also like it because I have someone right there in my office that I can "see", and I am informed every moment of how things are progressing. I think it makes the transaction go smoother. Also, if there are any unforseen things that come up last minute regarding negotiations due to repairs not made or whatever, the lender and I are together in the same place and it saves valuable time rather than making phone calls or e-mails trying to get things done.
I am always open and receptive to whichever lender my clients may choose. In the end, it's their purchase and the biggest that they will ever make.
When shopping for a rate, I've found that some of the discounts that some lenders offer are actually in the loan somewhere. The saying you don't get anythings for free is usually true. So read carefully.
Emme, yes, you will need to find a lender that services the state in which you are buying. There are a lot of large banks that serve NC (Bank of America, Wachovia, etc.) as well as smaller, regional or local banks, and even banks that work specifically on mortgage loans. And with the new banking rules that came into affect a few years back, even some insurance companies have opened their own banks & now offer mortgage loans (State Farm, for one).
As for us, we got our mortgage through our credit union. We have a strong relationship with them, they're convenient for us, and they gave us the best deal.
We dont have a credit union, but I have heard of people having great dealings with them, My mom uses hers for everything, car loans etc. I do agree though about the prequal. I know you get preaproved for a particular amount, and then when you put in a bid for a house, dont they adjust the prequal for that particular amount? That way I guess you have the ability to go back and forth on price without them knowing what the amount you are preaprovved for and using that in that bargaining.
Definitely shop around! The company dh works for had 4 companies they used that would
Quote:
Following are some of the attractive features these lenders offer:
* Easy application process
* A variety of mortgage products specially designed for relocating employees
* Quick approval process
* Lenient qualification requirements
* The advantage of direct billing of closing costs to the Relocation Center for your reimbursable home purchase expenses.
However, we still used our own bank..why? Beause we were able to borrow 100% at a rate better than any of the four they had on their list. But had we not checked, we would not had known. Liz
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