Any advice on best Home Mortgage Rates in San Antonio area.... (Howe: mortgage broker, credit score)

[dave72]

admittedly im being very lazy, but for anyone who has done the comparison shopping already, who did you decide to go with?

im partial to usaa, but am open to somewhere else if the rates are lower

[HillCountryHotRodMan]

Originally Posted by dave72

im partial to usaa, but am open to somewhere else if the rates are lower

What are they offering?

I'm looking for a land rate but they are always higher than the home mortgage rate... I'm told it's due to the risk.

It looks like the mortgage rates are edging up a tad....

[dsteffey]

Originally Posted by dave72

admittedly im being very lazy, but for anyone who has done the comparison shopping already, who did you decide to go with?

im partial to usaa, but am open to somewhere else if the rates are lower

Dave,

Rates all depend on a number of factors, such as: credit scores, loan amount, type of loan, and terms just to mention a few criteria. But, before discussing rates, it's always best to understand your objectives and your goals, as this may be one of your largest investments ever taken. Knowing this will help to identify the best strategies to meet your objectives in home financing.

USAA is a good company, having worked their for ten years of my business career. There are other mortgage companies that will be able to provide you better rates and service.

Good luck to you,

Dianne

[TexasRedneck]

Well, RBFCU is @ 7.5% on 15 yr land notes, an' about 5.3 on 30-yr home mortgages.

[sshurgot]

Originally Posted by TexasRedneck

Well, RBFCU is @ 7.5% on 15 yr land notes, an' about 5.3 on 30-yr home mortgages.

The credit score is really what's going to determine the rate. There's a difference between 30-year vs. 15-year loans, etc. But there will be a BIG difference in interest rate between someone who has a 620 and someone who has an 800 credit score.

Also keep in mind that places like RBFCU or USAA are in business for themselves and won't shop that loan around for you to get you the best rates. My personal preference is to get with a mortgage broker who can look at rates offered by different lenders and find me the best deal.

[Hedgehog_Mom]

I've been a USAA customer for 15 years, but I used a mortgage broker because I wanted a FHA loan and USAA doesn't do them. My credit score was around 630 last year when I bought my house, and I ended up with a rate of 5%. My sister has great credit and a higher interest rate on her mortgage and says life isn't fair.

[skeet09]

We used a mortgage broker for our home purchase, they shop around for the best deal for your situation. I could give you the name and number of the person we used. She was great to work with!

[kevcrawford]

For house rates, those vary day to day. It's hard to say "x" is offering the best rate, because it changes constantly.

For land, I've sold quite a bit recently and RBFCU has been the only one really willing to step out and do loans for a decent rate/down payment. They're still asking for 20%, but most are asking for WAY more. Banks took a huge hit on lots the last few years, so most are a little gun shy.

[doss1]

We went with Capital Farm Credit last year for some land in the hill country and had to put down 20%. However, the 30yr interest was around 4%!

I just checked the appraisal for the land and it's already 30k over what we bought for.

[sa dave]

Originally Posted by kevcrawford

Banks took a huge hit on lots the last few years, so most are a little gun shy.

That explains why I've seen many desirable lots, near lakes or in the hill country, being sold on craigslist of all places.