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We're about to build, and I'm talking to several banks re: construction to perm loans. Capital bank, BB&T, Suntrust. Anyone with any advice or personal experiences? I have excellent credit, so I'm looking for a mixture of the the best rates, and overall program.
I work with First Horizon Home loans a lot. I work with a particular loan officer for a reason, but I don't think we are allowed to say in this forum too much about it as it is sending business to someone and that isn't allowed. Need to think not only about rates but service and reliability... which is why I like the above mentioned company.
We're about to build, and I'm talking to several banks re: construction to perm loans. Capital bank, BB&T, Suntrust. Anyone with any advice or personal experiences? I have excellent credit, so I'm looking for a mixture of the the best rates, and overall program.
I have only one piece of advice. DO NOT get anything other than a fixed rate mortgage. You never know what the future may hold, so always stick with a fixed rate. People may give you all kinds of reasons why some sort of adjustable is good................these are the same people losing their homes now.
I used First Horizon for the purchase of my first home a condo. They where the builders recommended mortgage company. I DO NOT recommend them. They don't care about their borrowers. I admit I was very naive at the purchase of my first place and they tricked me into a interest only 5 year ARM with a 80/20 loan. The interest on the 20% loan was ridiculous. I began to get educated on this stuff (After using them) and refinanced the 20% loan (From 13% to 8%). First Horizon immediately sold the 80% loan to another company and it got sold over and over again. Making it hard to keep up with Escrow I ended up getting married and sold the condo a year ago. Thank god! I now have a house and happy with Bank of America that still holds my mortgage. BOA was fair, charge no closing cost and very easy to deal with.
Please take my recommendation Stay far away from First Horizon, Far far away!!!!!!!!!
Like I said earlier.. you can't mention particular people.. but the loan officer has a lot to do with it... and a buyer should have a buyer's agent to point out these things to a 1st time home buyer. Sorry wrxsti04 had a bad experience. It's not the company, it is the person who didn't care a thing about your situation or care to explain to you about mortgages. (All they cared about was their commission in your instance).
any "no name" mortgage companies and the brokers that shop your mortgages. I have had a few clients go with companies they found on Lending Tree and ALL of them had problems with switched rates, hidden costs, etc. The way things are now this is even more important. Always get at least three quotes, one from your own bank, one from a credit union and one from an established mortgage company, preferably one that is a division of a large bank. There are small companies that are wonderful, but it is very hard to know that ahead of time. Ask at least for APR and closing costs. Credit unions do exist for those other than certain employee groups, you just have to pay a small membership fee, usually less than $50. Keep in mind that they are often slower than banks. Give yourself plenty of time! Most mortgage companies do sell their mortgages, though. That is a fact of life, especially now. I tell my clients to be flattered that they are so "desirable".
I just became familiar with a philosoply---strategy which is used in Australia commonly that just makes sence for paying off mortgages very quickly and saving people bundles in interest,
Don't let the mortgage Company bleed you to death on interest
I have only one piece of advice. DO NOT get anything other than a fixed rate mortgage. You never know what the future may hold, so always stick with a fixed rate. People may give you all kinds of reasons why some sort of adjustable is good................these are the same people losing their homes now.
Hmmm. I have an 7 year arm I got two years ago and my rate is 5%. We knew we'd be moving within 5 years so a 30 year fixed would be wasting money.
I'm not losing my house and I'm saving money. The people losing houses are more likely those with interest only loans.
People need to do their own research, blanket statements like yours are not true in many cases.
Hmmm. I have an 7 year arm I got two years ago and my rate is 5%. We knew we'd be moving within 5 years so a 30 year fixed would be wasting money.
I hope things work out as planned for you. Your adjustable rate is 5%, but one can get a fixed at 5.5% and rest easy.
My point about not knowing what the future holds, is that people can have plans and they don't work out. What then for a person that had a variable rate? They may plan on selling in 3, 5, 7, or 10 years, but what if they don't? What if then, interest rates have risen dramtically and what if their equity did not turn out as planned. I will always stay with a fixed, as I will never be surprised, especially as I never sold when I thought I would in the beginning. I sell when the market dictates.
I hope things work out as planned for you. Your adjustable rate is 5%, but one can get a fixed at 5.5% and rest easy.
My point about not knowing what the future holds, is that people can have plans and they don't work out. What then for a person that had a variable rate? They may plan on selling in 3, 5, 7, or 10 years, but what if they don't? What if then, interest rates have risen dramtically and what if their equity did not turn out as planned. I will always stay with a fixed, as I will never be surprised, especially as I never sold when I thought I would in the beginning. I sell when the market dictates.
Best of luck to you, though.
Two years ago you couldn't get 5.5 and I'd refinance now if we weren't moving in a year.
We could afford triple our mortgage rate right now as we have very little debt so if it went up we'd just refinance. If you are someone who lives paycheck to paycheck an adjustable probably wouldn't be a good idea. To pass it off as a bad idea for every situation is wrong.
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First Horizon !!!!!!!!!!!
Please be careful about...
