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Starting to house hunt - I'm curious to get an unscientific poll of where users picked up their mortgage?

Local big bank? CU? Local broker? Online?

Just looking for a competitive rate with a reliable provider that's reachable.

Thanks!

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For a couple of years, zillow's mortgage market had the best deals for me. It can be worth being a little more conservative for a purchase loan - there are strict deadlines.

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Online. I used the Zillow Mortgage tool to find the lenders and ultimately went with Sebonic Financial. The loan was sold to Fannie Mae and is serviced by Cardinal Financial. Easy process and a great rate. Before that I used a local guy at Wells Fargo. I feel like I had more hand holding from a single person with WF but the online companies have lower rates.

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Broker I had worked with in the past. They financed the loan themselves initially, sold it off to Chase within a week after the closing.

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Local credit union for current loan (purchase almost 10 years ago). Going online for the next one to get a better rate and/or lender credit and hopefully no origination charge. I have a offer out now, so I will hopefully have to start applying in the next couple of days.  Not 100% sold on using Zillow mortgage, but I will contact one or two of them when it comes time to start applying.

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cestmoi123 said:   Broker I had worked with in the past. They financed the loan themselves initially, sold it off to Chase within a week after the closing.
Ditto this.  Make a friend in the business.  I've gotten four or five loans through the same guy, even as he switched companies.  Each time, the resulting lender has been a different bank, some large, some small.  

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Online, I used to have a broker but I really felt uncomfortable that he knew my full financial info and also was friends (and knew my friends).

I used boxhomeloans if it helps.

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dcwilbur said:   
cestmoi123 said:   Broker I had worked with in the past. They financed the loan themselves initially, sold it off to Chase within a week after the closing.
Ditto this.  Make a friend in the business.  I've gotten four or five loans through the same guy, even as he switched companies.  Each time, the resulting lender has been a different bank, some large, some small.  

  
Did you both feel confident after comparison shopping that the broker was giving you a good enough rate/terms?

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DigiornosHunter said:   
dcwilbur said:   
cestmoi123 said:   Broker I had worked with in the past. They financed the loan themselves initially, sold it off to Chase within a week after the closing.
Ditto this.  Make a friend in the business.  I've gotten four or five loans through the same guy, even as he switched companies.  Each time, the resulting lender has been a different bank, some large, some small.  

  
Did you both feel confident after comparison shopping that the broker was giving you a good enough rate/terms?

Yes.  Each time, I comparison shopped on my own to confirm that I was getting very competitive terms.  

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I heard quickenloans gives some really low rates. I've always used a family member in the business, so I have gotten the actual buy rate from whichever lender. I think I am either 3.5 or 3.25 on a 30 year

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CalHFA through ChaseChase sold the loan back to CalHFA after five years or so.  I was not eligible for a bailout.  I was finally able to refinance with NFCU who just sold the loan to Freddie Mac.  Now I am eligible for a bailout.

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Broker. You will want two things, both very close to each other in terms of priority:

1) Reliability to close
2) Best rate (including any credits).

Found my broker via a referral, and he beat all quotes I could find. Not only that, he put a credit on top of it all which made it even sweeter. I'd suggest looking for a broker close to your location so they can do underwriting once (typically) and submit your package to multiple funding sources to get the best deal. They could also serve as backups in case one of the sources backs out for whatever reason.

Like others, my broker sold the loan immediately after closing.

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dcwilbur said:   
cestmoi123 said:   Broker I had worked with in the past. They financed the loan themselves initially, sold it off to Chase within a week after the closing.
Ditto this.  Make a friend in the business.  I've gotten four or five loans through the same guy, even as he switched companies.  Each time, the resulting lender has been a different bank, some large, some small.  

  
Same for me.
 

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Neighborhood Lender.

Kept hearing their commercials about no closing costs, no origination fees, nothing rolled into your loan, etc. Figured it was worth getting a quote. They gave me a quote on my refinance that was $3,500 cheaper than Quicken and Loan Depot.* I don't even remember what the noncompetitive quote was from Wells Fargo (who had my mortgage at the time). When I sent the good faith estimate to the guy at Loan Depot (he said send me your other offer, maybe I can beat it), he told me that Neighborhood Lender was doing a bait and switch and there is no way that I would get what they promised at the closing table. He also claimed that they weren't legit and sent me a screen shot from some NMLS website where it showed that Neighborhood Lender only had 6 MLOs while Loan Depot had 1,405 MLOs. Apparently having 1,399 more MLOs means you can't compete with the little guy, because nothing changed at closing and I ended up with a no fee refinance. Never even had to leave my home. A notary came to my house and I signed everything electronically. New York Community Bank bought the mortgage.

If Neighborhood Lender is licensed in your state, it can't hurt to reach out to them for a quote.

*Meaning same exact rate, same loan amount, same term but $3,500 less due at closing. All that was due at closing was $900 to fund escrow.

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NFCU was priced higher than others. I got some quotes from others and showed them to NFCU and NFCU matched. Getting the mortgage through NFCU wasn't the easiest experience, though.

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It's been a few years since my last refi, but at the time boxhomeloans.com and provident.com were a couple of the best. Their "no cost" loans had better rates than Wells Fargo and BofA's loans that had closing costs. They were also cheaper than my credit union. I'd recommend comparing "no cost" loans online since it'll be easy to figure out who has the best rate. (if the rate and APR are equal, it's no cost)

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I don't have a mortgage but I have lots of friends who do. It always amazes me how they will shop for months for the right drill, car, or couch, but will only spend a few hours shopping around for a mortgage.

Fatwalleters have it right!

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Chase at least for jumbo loans - $1MM for 3.875% with ($3500).

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NFCU but life riznick said, not the easiest to work with. They seem to be familiarized with certain processes but not lower NYS. Then again, we have the most ass backwards real estate transactions known to man.

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I have a jumbo loan and got it through Nationwide. Yes the insurance company. They have a bank division.

https://www.nationwide.com/bank-mortgage.jsp

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boxhomeloans here for my purchase and both refinances (same loan officer.. requested/started the refis through her directly, she was great). When I was looking I think they were most competitive for smaller loan sizes. (Ex: ~160k loan for me they were ~$1000+ better than anyone else I saw, but if I instead punched in $500k loan then they were not). No idea if their rates are still the best, last refi was 8 months ago.

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A purchase and multiple refinances with aimloan.com. they were fantastic to work with each time.

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US Bank. Great rate and I never have any issues with them.

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meade18 said:   *Meaning same exact rate, same loan amount, same term but $3,500 less due at closing. All that was due at closing was $900 to fund escrow.

It does sound like a good deal (and I've gotten the 'that's too good to be true, you'll be sorry' bs more than once too). But I'm always skeptical about vague references to closing costs - especially since you seem to specifically be factoring in escrow.

Escrow amounts have varied a lot for me from different lenders, and you do need access to all of that cash up-front. But I don't consider it a cost of the loan at all. It's prepayment of costs that are unrelated to the loan. If your tax or insurance costs change over that time, the escrow balance will last longer or shorter. But it's basically a fixed expense that you'd be paying one way or another within a year or so. And I'm always going to try to remove the escrow entirely as soon as the ultimate lender allows. That's almost always worked - last time I got the escrow balance back via check about two months after the closing.

Other closing costs do vary by lender (and rate), but I believe the escrow and interest parts of closing costs are irrelevant when comparing loans. Maybe you do too, but that's not how I read your post.

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Zillow mortgage search ---> Northpointe Bank, they are still servicing the loan

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Original and 2x refi both through Wells Fargo. All 3 local agents were great to work with in person. The rate were competitive with what's listed on bankrate.com.

Of course, YMMV.

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Discount broker found through bankrate.com. They were a pain in the rear to work with, but got it done eventually. The loan was through Quicken Loans, but half a point lower the rate QL quoted me directly. I've been really happy with QL as a lender/servicer. The broker went out of business a year later.

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Better.com (very satisfied, super convenient, beat EVERYONE when I refi'd most recently).

Have used Zillow, Costco, local broker, and credit union in the past. Shop around, definitely varies each time as to who was cheaper.

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Wells Fargo back when I was working a traditional job and was easy to finance --they sold to Sallie Mae but service it. More recently through a local bank for a portfolio loan when I was contracting. Crappier, but fixed rate -- even with good income the big guys don't like contracts.

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DigiornosHunter said:   Starting to house hunt - I'm curious to get an unscientific poll of where users picked up their mortgage?

Local big bank? CU? Local broker? Online?

Just looking for a competitive rate with a reliable provider that's reachable.

Thanks!

  
Went with our local WinTrust. They ended up beating the big guys on fees and rate. Also, when rates fell, we were able to do a refi with minimal costs. They ended up keeping the loan. 

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I recently closed a refinance with Third Federal. They advertise a lot on Zillow and also sent me letters every other month offering a $100 Home Depot GC on one of their $295 refinances. Other than an appraiser going inside my house and photographing every room, which was a bit invasive, especially for a refinance of 40% LTV, the company did as promised and the closing process was smooth. The rates are good and are the same should you choose to cash out (they'll wire you the difference) or just refinance the balance, up to 85% LTV. For buyers, you can also get preapproved up to a certain amount.

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Was recommended a broker in the stickied FW mortgage thread for my area - great experience.

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DigiornosHunter said:   Local big bank? CU? Local broker? Online?

Just looking for a competitive rate with a reliable provider that's reachable.
Here's my order of competitiveness from worst to best based on a few years of monitoring rates:
- big banks
- local banks and CUs
- local broker you contact directly
- a lender or broker you find online (they may end up being local, but it doesn't matter)

In my experience having a local lender has little advantage -- everything is submitted online and you can reach them by phone or email. You may have to be mindful of the timezone difference. If you're willing to pay someone a point or a few thousand bucks to be slightly more reachable, that's your choice.

I've done multiple purchases and refis, all with different lenders found online (FWF recommendations, then bankrate, and most recently zillow mortgage marketplace), most of them weren't anywhere near me, but all closed on time and were responsive to calls and emails.

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I got a phenomenal (3.25% 30 year fixed jumbo) rate from wells fargo. I had significant assets with them- at least some of the regular banks can discount loans (especially jumbo interestingly enough) if you have large accounts with them. It was significantly less than advertised and I only got it once I was directly talking to them and discussed my assets that were at wells fargo.

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Penfed! They should rename themselves to FWbank after their threads on here. They aren't as competitive as they once were, but it shows how important it is to keep your ears open to potential short-lived deals. I still can't believe I paid zero closing costs (in NY!) and am rocking a 2.6% rate for at least 10 years.

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SlimTim said:   
meade18 said:   *Meaning same exact rate, same loan amount, same term but $3,500 less due at closing. All that was due at closing was $900 to fund escrow.

It does sound like a good deal (and I've gotten the 'that's too good to be true, you'll be sorry' bs more than once too). But I'm always skeptical about vague references to closing costs - especially since you seem to specifically be factoring in escrow.

Escrow amounts have varied a lot for me from different lenders, and you do need access to all of that cash up-front. But I don't consider it a cost of the loan at all. It's prepayment of costs that are unrelated to the loan. If your tax or insurance costs change over that time, the escrow balance will last longer or shorter. But it's basically a fixed expense that you'd be paying one way or another within a year or so. And I'm always going to try to remove the escrow entirely as soon as the ultimate lender allows. That's almost always worked - last time I got the escrow balance back via check about two months after the closing.

Other closing costs do vary by lender (and rate), but I believe the escrow and interest parts of closing costs are irrelevant when comparing loans. Maybe you do too, but that's not how I read your post.

  
I also agree that the escrow is irrelevant since its still my money. And the escrow amounts between the lenders were the same as well, so I wasn't really "factoring in" escrow. I just wanted to point out that I did have to show up to the table with some money. So for those ads that say, "Nothing due at closing," it's more like, "Nothing due at closing except your escrow (which is still your money anyway)."

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I have shopped around myself and gotten a good idea of rates and then gone to a mortgage broker I have used multiple times. All but one time (6 out of 7 times), he was able to get me a lower rate than I was able to find myself.

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DigiornosHunter said:   
dcwilbur said:   
cestmoi123 said:   Broker I had worked with in the past. They financed the loan themselves initially, sold it off to Chase within a week after the closing.
Ditto this.  Make a friend in the business.  I've gotten four or five loans through the same guy, even as he switched companies.  Each time, the resulting lender has been a different bank, some large, some small.  

  
Did you both feel confident after comparison shopping that the broker was giving you a good enough rate/terms?

  Yup, shopped around.  Both loans were on co-ops, so a bit of an unusual beast.  

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PenFed 5/5 ARM @ 2.75%. So glad we did this. No costs to refi. No fees. No closing costs. Currently about 2 or 2.5 years into the loan so far, we're probably scheduled to pay off the loan before they even have a chance to adjust the rate if we stay in this home (very likely).

That was down from the 5.00% FHA that the loan originated from since my SO decided to own a home early in her life.

Skipping 17 Messages...
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I used Justice Federal Credit Union (you can join with a donation to the Sheriff's association) for a 5/5 ARM. I was originally planning to go PenFed, but JFCU beat out their rate on the 5/5 (it's currently at 3%). My realtor also had me talk to her mortgage broker and he couldn't come close to 5/5. His closing fees were also much higher. My last house I had Wells Fargo, refi with them once and paid outrageous closing fees, then refi again with the local credit union for $300 in closing fees.

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