When you purchased your new home, did you shop for mortgage lenders/rates? Who did you go with?
Shopping Mortgage Lenders
- Thread starter UGASpike
- Start date
I got cross-shopped rates from Costco lenders. Then I found someone local who promised to (and did) put me in a loan within 0.125% and $500 closing/doc costs of what I could find online. I coulda theoretically saved a bit by staying online, but I wanted to work with someone I could actually see and who would actually come to closing.
Its been a while but yes, you want to shop the brokers if you can find any. They did much better than the banks both times I did it. You can also play them off each other - to cover closing or buy down a rate. But I think a lot of those guys have gone under.
Shop them all. If its new construction ask your builders agent - thats where I found my last one.
https://www.bankrate.com/mortgages/largest-mortgage-lenders/
Shop them all. If its new construction ask your builders agent - thats where I found my last one.
https://www.bankrate.com/mortgages/largest-mortgage-lenders/
Avoid Lending Tree or others who outsource your info like the plague. The amount of spam I got was unreal.
We shopped and shopped and shopped every low rate mortgage that we could find, just three years ago, heck, Bank of America even sent us the paperwork to sign. However, we ended up going with the new home builders own mortgage company.
The Home builderincentives were just too great and they matched at the time a slightly better rate that we had from someone else, plus they threw in thousands worth of closing costs and whatever else. That in addition, it’s certainly simplifies the process. We also used their attorney.
Pretty much builders mortgage companies sell your mortgage and they let you know typically within 30 to 60 days after closing and that’s fine.
I personally do not like mortgage brokers, I fully understand the mortgage industry. I have moved 10s of millions worth of real estate in the very late 90s into the mid 2000s
I find the published rates are very elusive of what you can actually get.
I’m not saying they are all bad, but understand what their fee will be. Many people think the points they are paying are lowering the mortgage rate, but it’s a shady way of a mortgage broker collecting their fee. Not saying they all the same only expressing the couple I knew in the New York marketplace.
So who did I find most upfront about all fees and rates? Bank of America hands-down.
I also was approved with Rocket Mortgage as well as others. I think I talked to a total of five who tried extensively to get my business however what looked super great upfront I felt was a bit too obscure and not being fully disclosed affecting in what I would ultimately pay. Rocket mortgage people are super friendly, but I lost trust in them. Things really started getting shady for me with rocket mortgage.
Another great aspect of Bank of America.
Their rates are fully disclosed in black-and-white every single day on their website. You put in your ZIP Code and there is the rate.
I think that builds a lot of credibility without all the come on stuff in the industry is disgusting at times.
You see right away the advertised rate knowing you can get that rate and will be locked in when you apply for the mortgage. Other companies force you to call based on an advertisement or on a website. They want to hook you.
Bank of America lists everything upfront.
I don’t know anybody who works for them. I’m just saying it’s a really good resource to use to compare to other brokers by far being a national company.
All I know is they checked all the boxes for us, but ultimately the builders lender got our business.
I found Bank of America by far the easiest way to get instant rate quotes without all the BS right upfront right on their website. I never needed to talk to anybody to get their rates until I was ready to apply. Right over the phone everything we did was electronically and then they sent us a loan package in the mail to sign if we were gong to go with them.
Here are their rates for any ZIP Code that you enter.
https://www.bankofamerica.com/mortgage/mortgage-rates/
The Home builderincentives were just too great and they matched at the time a slightly better rate that we had from someone else, plus they threw in thousands worth of closing costs and whatever else. That in addition, it’s certainly simplifies the process. We also used their attorney.
Pretty much builders mortgage companies sell your mortgage and they let you know typically within 30 to 60 days after closing and that’s fine.
I personally do not like mortgage brokers, I fully understand the mortgage industry. I have moved 10s of millions worth of real estate in the very late 90s into the mid 2000s
I find the published rates are very elusive of what you can actually get.
I’m not saying they are all bad, but understand what their fee will be. Many people think the points they are paying are lowering the mortgage rate, but it’s a shady way of a mortgage broker collecting their fee. Not saying they all the same only expressing the couple I knew in the New York marketplace.
So who did I find most upfront about all fees and rates? Bank of America hands-down.
I also was approved with Rocket Mortgage as well as others. I think I talked to a total of five who tried extensively to get my business however what looked super great upfront I felt was a bit too obscure and not being fully disclosed affecting in what I would ultimately pay. Rocket mortgage people are super friendly, but I lost trust in them. Things really started getting shady for me with rocket mortgage.
Another great aspect of Bank of America.
Their rates are fully disclosed in black-and-white every single day on their website. You put in your ZIP Code and there is the rate.
I think that builds a lot of credibility without all the come on stuff in the industry is disgusting at times.
You see right away the advertised rate knowing you can get that rate and will be locked in when you apply for the mortgage. Other companies force you to call based on an advertisement or on a website. They want to hook you.
Bank of America lists everything upfront.
I don’t know anybody who works for them. I’m just saying it’s a really good resource to use to compare to other brokers by far being a national company.
All I know is they checked all the boxes for us, but ultimately the builders lender got our business.
I found Bank of America by far the easiest way to get instant rate quotes without all the BS right upfront right on their website. I never needed to talk to anybody to get their rates until I was ready to apply. Right over the phone everything we did was electronically and then they sent us a loan package in the mail to sign if we were gong to go with them.
Here are their rates for any ZIP Code that you enter.
https://www.bankofamerica.com/mortgage/mortgage-rates/
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