Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can anyone recommend any mortgage lenders in the Raleigh area for first-time buyers? What did you especially like about your experience?
We've been told by a close friend in the industry in another state to try to look for a mortgage "banker" if possible. We're not sure where to begin "shopping around". Thanks!
Can anyone recommend any mortgage lenders in the Raleigh area for first-time buyers? What did you especially like about your experience?
We've been told by a close friend in the industry in another state to try to look for a mortgage "banker" if possible. We're not sure where to begin "shopping around". Thanks!
Actually you want a mortgage "broker", not a "banker". The broker can access products from many different banks and get you the lowest possible rate. The banker can only access products at the bank that he/she works for, which may not be competitive. The banker's products are also priced at retail (both the rate and the fees) whereas the broker's products are wholesale, plus a commission that pays the broker for his services. The rate+fees you get from a broker usually can often end up less than you would get lending from the bank directly.
When you are shopping around, make sure you compare the rate AND fees.
Moderator cut: No direct links to brokers, please
Last edited by Green Irish Eyes; 08-20-2010 at 06:19 AM..
Depending on the area that you live in a 100% financing USDA rural housing loan may
be a great option for you; it doesn't require a down payment and there is no monthly mortgage
insurance.
Moderator cut: No direct links to brokers, please.
Last edited by Green Irish Eyes; 08-20-2010 at 06:19 AM..
Check out BB&T's CHIP Loan which does not require you to pay PMI. Also look into Pentagon Federal Credit Union. I just refi'd with them and it was a breeze. Plus their rates are very low.
Thanks for all the suggestions so far! Keep 'em coming!
Quote:
Originally Posted by wjsluvskaz
Depending on the area that you live in a 100% financing USDA rural housing loan may
be a great option for you; it doesn't require a down payment and there is no monthly mortgage
insurance. Moderator cut: No direct links to brokers, please.
I am somewhat familiar with USDA offerings because I work for a USDA agency. We are actually hoping to find a house in our price range near downtown Raleigh, so the rural housing loans will not work for us.
Also, we will have 20% to put down within our price range. From what I understand, as long as we can do this we will not have to pay much or any PMI. Is that correct?
One more item I forgot to mention is that my fiance is a veteran and has already received his qualification letter for a VA loan, but the letter was kind of confusing. We need to look into that a bit more for clarification and to weigh the pros and cons of a VA loan considering that we have a decent down payment.
Last edited by Green Irish Eyes; 08-20-2010 at 06:20 AM..
Reason: Edited quoted text
Sounds like you checked out the VA where your husband works, another idea would be to look where you work. Some companies, esp. larger ones, have re-location services.
When we moved I was able to use the corporate services (mortgage broker, realtor, moving company) at the discounted company rate.
Ours was a voluntary move, not corporate required, so they didn't pay for anything, but we still got the discounts & perks they had negotiated w/the companies.
Do a search on bankrate. Also, try a few times changing the city and a few loan details. For some reason different lenders show up in slightly different searches. You can also try zillow lender marketplace. Call up a couple of the brokers - they can almost always beat what they advertise if you have good credit. I contacted a broker who quoted 4.375% on bankrate, but after speaking to them and providing documentation they came back with options of either 4% 30yr fixed with no points or 4.125% with a half point off the commission.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
