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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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mortgage rates
Anyone know who is giving the best mortgage rate
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Posted 8/28/13 4:08 PM  |
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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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Re: mortgage rates
Teachers federal credit union is usually the lowest (you can view the rate on their site after entering your loan specifics) but you have to pay points if you want to lock in your rate earlier than 7 business days prior to closing date. They are also known to not be on the slow side. They told me that it is usually 45 days from application to commitment.
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| Posted 8/28/13 6:41 PM |
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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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mortgage rates
Thanks I will take a look
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| Posted 8/29/13 1:56 PM |
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trebambini
LIF Infant
Member since 6/11 103 total posts
Name:
J
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Re: mortgage rates
Also Teacher's. They had the best rates but boy were they slow, tedious, and threw in a few last minute surprises. In the end it all worked out just fine...
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| Posted 8/29/13 2:00 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: mortgage rates
If teachers makes you buy points to get their rate, then technically it isn't the best "deal".
You should be looking for the banks that advertise the lowest APRs since the APR rate factors in any points you need to pay.
The bank with the lowest APR today may not be the lowest next week. You have to shop it around. Go on bankrate.com to get the latest deals.
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| Posted 8/30/13 9:25 AM |
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Re: mortgage rates
I agree that the APR is a good indicator to look at. It really factors in the total cost of the loan to the buyer, so interest rate, as well as closing costs charged by the bank (things like loan origination fees and pmi).
Honestly, rates should not vary that much from bank to bank. They do vary significantly by type of loan (15 year is lower than 30 year, FHA is lower than conventional). Also, individual qualifications matter. Often, a bank's lowest advertised rate may be something like a SONYMA loan, that you may not qualify for or want.
I always advise clients to make sure they are comparing apples to apples and that they understand all "fine print" and all loan terms. As the pp poster said, you have to look at the cost of paying points to secure a lower rate, versus a slightly higher rate where you don't pay points.
Same thing with closing costs --- I had one buyer get quoted VERY low closing costs by a credit union, only to find out the quoted costs only included lender fees and not things like prepayment of taxes and insurance, which account for the biggest bulk of closing costs in most cases.
And there are pros and cons to any lender. Credit unions are generally slower, because they are not as heavily staffed. But they are also very conservative on title issues, C/Os, so minor things can become a big hassle. If you know a house you are interested in is missing a C/O for a deck or a half bath or something minor, know that it will be an issue for a credit union.
Rates are important, but again, the rates are pretty much the rates. So I would always go with a reputable lender that you know others have had good experiences with, and that have good customer service, good communication, fast processing times, etc.
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| Posted 8/30/13 11:24 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: mortgage rates
Posted by Century 21 Dallow - Christine Braun
And there are pros and cons to any lender. Credit unions are generally slower, because they are not as heavily staffed. But they are also very conservative on title issues, C/Os, so minor things can become a big hassle. If you know a house you are interested in is missing a C/O for a deck or a half bath or something minor, know that it will be an issue for a credit union.
What lenders have you found that give the most leniency (don't care) attitude towards COs?
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| Posted 8/30/13 11:30 AM |
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JackiePags
They're the love of my life
Member since 8/10 1299 total posts
Name:
Jackie
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Re: mortgage rates
Posted by ave1024
Posted by Century 21 Dallow - Christine Braun
And there are pros and cons to any lender. Credit unions are generally slower, because they are not as heavily staffed. But they are also very conservative on title issues, C/Os, so minor things can become a big hassle. If you know a house you are interested in is missing a C/O for a deck or a half bath or something minor, know that it will be an issue for a credit union.
What lenders have you found that give the most leniency (don't care) attitude towards COs?
Continental in my case...
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| Posted 8/30/13 2:02 PM |
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mrsgee625
LIF Infant
Member since 9/11 164 total posts
Name:
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mortgage rates
I heard continental is good but teachers I also heard takes forever
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| Posted 8/30/13 2:31 PM |
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Re: mortgage rates
Posted by ave1024
Posted by Century 21 Dallow - Christine Braun
And there are pros and cons to any lender. Credit unions are generally slower, because they are not as heavily staffed. But they are also very conservative on title issues, C/Os, so minor things can become a big hassle. If you know a house you are interested in is missing a C/O for a deck or a half bath or something minor, know that it will be an issue for a credit union.
What lenders have you found that give the most leniency (don't care) attitude towards COs?
Specialty mortgage banks (with a local presence) are more lenient about C/O issues. Examples of these would be Continental, U.S. Mortgage, Academy Mortgage. Credit unions are generally sticklers on this and large commercial banks (e.g., Bank of America, Chase, etc.) can be difficult to deal with as well. I recommend a lot of mortgage banks, because the customer service is usually better (of course, it depends on who you work with there, but generally speaking), and they tend to be quicker and easier to deal with. Also, the personnel is generally more knowledgeable about the ins and outs of mortgages than say someone at a larger bank where mortgages are a small, and now, not a very lucrative or large piece of the overall business.
With C/Os, though, I am talking about minor things like an outside structure (shed, deck, above ground pool) or something like a half bath or even a garage conversion or 2nd kitchen. In many cases, the mortgage banks will overlook these things without much ado. But if it's a dormer or a large extension, any lender is going to have a problem if C/Os aren't in place.
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| Posted 8/31/13 10:35 AM |
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