While we are talking about Mortgages...

[novadude]

Does anyone have any recommendations / warnings about any particular lenders? What is the best way to shop for a mortgage?

My wife and I are looking to buy a house this year in PA, and I am trying to figure out how to go about getting the best rate on a 30-yr fixed mortgage with minimal downpayment (we do not have a lot saved, but I want to act now before rates / prices go up).

Seems like some of you may have some input, based on the length of the other mortgage thread.

 

[XS650]

Stay away from the short fat guy who keeps getting beat by Ditech. He look like a real looser

 

[The_Jeff]

Try a broker.

Don't pay upfront for any appraisals or junk. You should get prequalified for X dollars based on what your salary and credit score are. Once you're prequalified you can just tell realtors you're paying cash when you're looking at prospective properties; they'll take you more seriously.

You might have the option to pay a few hundred bucks to lock in an interest rate for around a month. That could be worth it for peace of mind.

 

[pooter WS6]

I close on my house this friday. I went with Gaurdian Savings Bank as their closing cost was 250.00. THat is all we are paying to close. I also went with a 2.99 arm which lowers payments a bit and I can put more a month towards the principal and knock the principal down quickly which in tern will lower your future payments a lot as your intrest is built off of the existing balance of the loan. All I can say is shop around and get as much information as possible. Good luck

mike

 

[Pick]

Just bought a new house in May down here in Florida. Went with ERA Mortgage, got a rate under 5% on a 15 year mortgage. Same ERA as the real estate company we bought the house through.

 

[like a rock]

Do not go with gmac mortgage aka Ditech.com. Try to go with a smaller bank, they are the least likely to sell your mortgage to a secondary market. If you are looking to go with a 30 year fixed-better hurry.

Look not only at who offers the lowest fixed rate but also ask the bank to see their financial statement of assests and liabilities. If they are strong you are more likely to get a better rate.

 

[JHZR2]

whats the matter with a company selling your mortgage to another? So long as the rate is guaranteed, and the terms remain, whats the problem?

Thanks,

JMH

 

[kenw]

quote:

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Originally posted by JHZR2:
whats the matter with a company selling your mortgage to another? So long as the rate is guaranteed, and the terms remain, whats the problem?

Thanks,

JMH

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EVERYONE is likely to sell your note. it's no big deal. if this bothers you, try to get a note that can't be sold....good luck...it's part of the industry and gets YOU a lower/better rate.