Am planning to close my house by Nov 1st week, any suggestions on the Mortgage Lenders and rates. Looking for a 30 year fixed 20% down with 60 to 45 day lock i could wait for 30 day lock but not sure of the trend if rates go up or down. Any suggestions are greatly appreciated.
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It's like anything - shop around. Check your bank and if you have access to a credit union check them as well. Ask friends if they have used a good broker recently and search around on-line as well. Once you get the best rate ask the others if they'll beat it. In addition to the rate, get detailed cost estimates for closing. Try to find a loan that doesn't charge you an origination fee.
Friday's rates were the best in about 3-4 months. Still good, but on a worsening trend. I'd recommend finding someone local that you trust, or at least know how to track down if you need to yell at him/her. Lenders get their money from the exact same sources so there really shouldn't be a big difference when you weigh out the rates vs. fees. The only time you'll see a big difference is if you are simply getting hosed. Most mortgage bankers or brokers do not spend much time 'shopping for the best rates for their homes'. They know what rates should be and use someone they trust to get it done right. Instead spend your time shopping for insurance. Those rates vary drastically.
redwing99 said:It's like anything - shop around. Check your bank and if you have access to a credit union check them as well. Ask friends if they have used a good broker recently and search around on-line as well. Once you get the best rate ask the others if they'll beat it. In addition to the rate, get detailed cost estimates for closing. Try to find a loan that doesn't charge you an origination fee.
Origination fee doesn't mean worse loan. It is a function of pricing the interest rate. If my customer is concerned about costs to close, then they pay no origination or discount points, but then they get a higher rate. If they want to pay a point and get closer to a market rate that is fine, but completely up to the customer. Don't ignore estimates from people that show an origination fee. If you don't want to pay it, tell the loan officer and they will take it off and increase the rate by .25-.375%. A 1% fee to buy down the rate usually pays for itself in 4-5 years.
Considering this is your first house, are you really sure you need a 30-year?
If you could go with a 5/1 ARM or 7/1 ARM, I would highly recommend INGDirect. I will whore for them anytime they ask me to, because they were the least expensive, least troublesome mortgage company I've ever worked with. Currently, their 5/1 mortgage is a stunning 4.25%. Their application and closing costs are very, very good. Check them out.
cjspangler said:Considering this is your first house, are you really sure you need a 30-year?
If you could go with a 5/1 ARM or 7/1 ARM, I would highly recommend INGDirect. I will whore for them anytime they ask me to, because they were the least expensive, least troublesome mortgage company I've ever worked with. Currently, their 5/1 mortgage is a stunning 4.25%. Their application and closing costs are very, very good. Check them out.
--Chris
ING is great, especially for jumbo loans! The downside is that I believe every state is a minimum 25% down payment. Customers can work directly with them on their own loan, but everytime I've compared ING Direct vs ING Wholesale, a broker can go through them, do all the work for you, and offer a better deal.
cjspangler said:Considering this is your first house, are you really sure you need a 30-year? If you could go with a 5/1 ARM or 7/1 ARM, I would highly recommend INGDirect...Hmmm...what does recent history tell us about people getting adjustable rate loans with the expectation that they'll be able to refinance or sell in the desired time frame?
I'm in the same boat, I'm just got my offer accepted and looking into for lenders. As of now Wells Fargo have a pretty good fixed rate at 5.125 (5.25APR). I'm not quite sure what exact does the APR means..(all the fees include maybe?) I haven't try looking into ING but since I'm a first time buyer I would prefer some personal interface. Unless you guys think its pretty easy to do things over online.. any suggestions on inspections/home insurance..?
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