Did you shop around for a mortgage company?

We were just gonna go with the guy our agent recommends...but then I wonder, should we be shopping around? What did you do? I wouldn't know where to begin!! I'm not even sure there would be a huge difference. He did give us a low rate. And if we do shop around, where would you reccommend?

My brother in law mentioned last night that since I'm a teacher I should look into what benefits I might get since I'm a member of a union - possibly not having to pay for closing costs, etc....has anyone ever heard of such a thing?

Oh and one more thing- we're going into contract on a townhouse that was already inspected by the seller's relocation company. It was inspected in early November. Our agent said it's up to us if we feel we need an inspection. I may just ask our lawyer if he feels we should. Wondering about your opinions on this as well....

Thanks!

Message edited 12/9/2007 10:02:28 PM.

Re: Did you shop around for a mortgage company?

Definetely shop around...I would advise against using one that your REA recommends OR that is housed in the same office as your REA. Go to banks, brokers and explore all of your options

Good Luck

Re: Did you shop around for a mortgage company?

Always shop around. If you already have a Good Faith Estimate in writing, you can use that to compare products. You have nothing to lose except time.

I'm not sure if they have special incentives, but what about Teachers Federal Credit Union? We went to BOA and checked out Wamu too before we had our broker look around for us. Our product was very specific though and our options were limited. I was told also that Wells Fargo had a good product for us but it was too late in the game to switch by that point.

Also, I would NEVER use someone else's inspection. I would also not use an inspector unless they came highly recommended by someone I knew and trusted. I used my sister's inspector who had already done multiple inspections for her.

There's a thread here somewhere of inspector reccos. Good luck with the process! We're here for you.

Re: Did you shop around for a mortgage company?

You should shop around...we didn't & I regret not doing it, although I felt we got a semi good deal (but it could have been better)

Re: Did you shop around for a mortgage company?

definitely shop around. you will be able to find a better deal, or if not, just more options

Re: Did you shop around for a mortgage company?

Definitely shop around! We got estimates from at least 3 different people - both banks and brokers.

Since you're a teacher, are you a memeber of Teachers Federal Credit Union? If so, I would say to definietly go check them out (and if not I would join!). We are members of a Credit Union too and we got the best deal, by far, from them.

I have also heard about programs for teachers where you don't pay closing costs and such. Most times they have many strings attached including how many years you must stay in your house and how much you can pay off in the first few years (or something like that).

Re: Did you shop around for a mortgage company?

Thanks everyone!

So shopping around requires visiting banks huh? Oh man this is gonna be tough- we're starting the attorney review period by Wednesday most likely and hoping to wrap it all up by Friday.

AAAHHH!!

Re: Did you shop around for a mortgage company?

We did all our shopping around by phone. We didn't step foot in a bank! If you have all your information ready (SSN's, employer info, bank information, etc.) it shouldn't be that bad. I think I spent an initial 15 minutes on one call, and then the rest was done by email.

Re: Did you shop around for a mortgage company?

Posted by TaraHutched

Thanks everyone!

So shopping around requires visiting banks huh? Oh man this is gonna be tough- we're starting the attorney review period by Wednesday most likely and hoping to wrap it all up by Friday.

AAAHHH!!

Re: Did you shop around for a mortgage company?

Re: Did you shop around for a mortgage company?

We went to three banks and decided on HSBC.

Re: Did you shop around for a mortgage company?

Definitely shop around - we went to a broker and a bank and the broker was a much better deal in our situation.

I would get it re-inspected, it's better to be safe than sorry!

Re: Did you shop around for a mortgage company?

Shop around

We had a broker do all the leg work for us

Re: Did you shop around for a mortgage company?

Shop around for sure...look at bankrate.com daily and it will give you the most up to date rates for the day (check the date to be sure) and definitely check with NEFCU...we are getting ours there and have been really good..oh, and don't go with anything REA suggests...their motives are not with you! This went for inspectors, mortgages, basically anything..haha..HTH and GL!