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Just because it's a big bank doesn't mean it will be bad. Our best mortgage rate was from Wells Fargo and I couldn't believe how low it was. Beat the local credit unions. Our Wells Fargo agent was quick and super responsive and even now, all questions are answered quickly.
And I didn't say they were bad because they're big. They're bad because they have a track record of fraud, deception and class action lawsuits.
Better rates and lower fees than the average lender. Wells Fargo mortgage and Wells Fargo bank are two different things FYI. Also who gives a crap? When I get something im paying money on every month for years I want the best deal I can get. If it's Wells Fargo then so be it. All these big banks were involved with some crap during the mid 2000's writing mortgages for people that shouldn't have had them. They all have done shady stuff. Getting your mortgage sold is really annoying and Wells keeps almost all of them. Another plus in my book.
Why does it have to be in the Raleigh area? We had first mortgage with BOA and the loan officer was in MD. We had a quote from Wells Fargo too and BOA total cost was better. We had some special circumstances back then which prevented me from shopping around more.
Later I refinanced with a random company I found online. They sold the mortgage to someone else but it’s just a small change (I pay through online banking).
Both times never visited any office in person. I’d just go with the best total cost, no matter where the company is.
When you get in a multiple offer situation having a local lender will be a positive. Out of state lender will be a negative. Being able to meet with the loan officer in person is a positive, especially if you need clarification or have an issue.
When you get in a multiple offer situation having a local lender will be a positive. Out of state lender will be a negative. Being able to meet with the loan officer in person is a positive, especially if you need clarification or have an issue.
And, local processing and UW are also big plusses.
I used a local broker and everything went very smoothly and I received excellent personal service. I used American dream Residential. The rate I got was very competitive.
When you get in a multiple offer situation having a local lender will be a positive. Out of state lender will be a negative. Being able to meet with the loan officer in person is a positive, especially if you need clarification or have an issue.
this, and as MikeJ said - local processing/underwriting.
If you've got a straight vanilla loan need (W2 employee, money has been siting in the Bank, easily-identified needs, house easy to appraise for contract price, plenty of due diligence time and no need for rushing to closing/occupancy) - then Wells or BofA are perfectly acceptable. You're just looking for the lowest rate/closing expenses.
The problem is so very few people wind up being that straight vanilla.
As to recommendations, your highly-capable Realtor will have at least 2 different people that they work with. People that provide value to the end-goal, with reasonable rates/fees. And those lenders will work hard to smooth over any issues, because they understand that Realtors are their best source of business. They don't pay us anything, and we wouldn't say they're good when they're not.
And I didn't say they were bad because they're big. They're bad because they have a track record of fraud, deception and class action lawsuits.
And what big bank doesn’t? Do I or someone else care about that? No.
I got the best rate with WF Mortgage, agent was top class, loan was approved quickly and I have very easy online access to all mortgage issues and stats thanks to big bank online access portals. All questions answered right away whenever needed. Too much news these days - Who the hell cares about all that other stuff. This is my money and WF Mortgage helped me.
And what big bank doesn’t? Do I or someone else care about that? No.
Actually, lots of other banks make mortgage loans without committing fraud. No need to get in bed with criminals. But hey, if it works for you, more power to you.
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