Best places for mortgage

We're shopping around for a mortgage right now & are undecided between DH's union's company & Bank of America or any other options.

What do you suggest?

When do you get a print out of ALL fees involved?

Re: Best places for mortgage

I think the Unions offer the best packages, some of them even provide a lawyer for you at closing.
I would check into that also.
As far as the fees - the only one I found out about upfront, was the application fee. The rest came on the good faith estimate, which you get once you are approved.

What are the % differences between the union and BOA?

Re: Best places for mortgage

The union is 6.75 & they do include a lawyer & a whole package. I personally want to go w/ them, but DH is shopping around.

BofA was 6.906 I believe. 30 yr fixed

He's looking into different types of mortgages now...

Re: Best places for mortgage

Honestly-- I went to at leat 10 different places and searched endlessly on the web for the "best deal". What I found is that basically, no matter where you go, the costs are going to be the same or at least quite similar. If closing costs are really low, you are probably paying for it in your rate. If your rate is really low, you are probably paying for it in your closing costs. My lawyer also said that a good faith estimate is a load of bs because the bulk of the costs are determined by your lawyer, not the mortgage company. They just estimate the costs, but the lawyer is the one that sets you up with a title search comapny who gives you the cost of the title insurance and so on. My advice is to find a company that you are comfortable with and a rate that is fair. Some places do have really high rates. Right now, the average is 6.625. If it is a lot higher than that, keep looking. I found the rates of brokers to be much better than those of some banks, although Wachovia and WaMu have decent rates, especially if you or DH are teachers. I am using Custom Home Mortgage in Westbury. They offer very competitive rates. If you want more info, Fm me. Good luck!

Re: Best places for mortgage

Check Greenpoint Mortgage - we went with them and at the time they were one of the most competetive around. It didn't hurt that we also banked with them - made closing a breeze (minimal paperwork and we were in and out within an hour!).

Re: Best places for mortgage

We went with Washington Mutual & love them. We got a great interest rate (2005) but they are so convient for paying the mortgage too

Re: Best places for mortgage

Thanks so much everyone.....we'll definitely look into Washington Mutual, but I was basically fine w/ going thru the union place that handles the lawyer & title insurance & all else. We'll see what DH says.

Re: Best places for mortgage

We got the best rates through CountryWide - we found them better than the NYSUT union program for teachers. FM me if you want our loan officer information.

Did you find a house Cindy?

Re: Best places for mortgage

Re: Best places for mortgage

We went with Citibank and they have been great thus far.