what Mortgage company and Why?

Just wondering 2 things:
1. What bank do you have your mortgage with
2. What "advantage" is there with having your mortgage with them / why are you with them.

Ignoring the "They have the best rates", I'm talking about "perks".
Do they refund you 1% every year...or maybe they wash your car, lol.
What benefit is there by going with them.

We are looking to get a mortgage, and my wife says "We have accounts with Chase, so lets go with them, all companies are the same"

I told her, there must be something that seperates some companies from another, whether its cash back, or better customer service, or whatever.

Thanks

Re: what Mortgage company and Why?

We started out with bethpage federal credit union and refinanced with teachers credit union. We went with both solely on interest rates.

what Mortgage company and Why?

perks? i wish! i always found that banks always had the highest rates. i would look up bankrate.com, you plug in your zip , the loan amount, and it comes up with a listing of mortgages rates with different mortgage companies. i had ended up using a person that was referred to me. he was very thorough and he price matched. i had found another company that had smaller fees etc, and they matched everything.

what Mortgage company and Why?

There must be "perks" or else, why would anyone use Citibank or Chase or another big bank? (like you said, they have the highest rates)

For example, savings accounts.
Citibank's interest rate is so low that its almost like getting no interest. But my local bank has .5% interest, but the "perk" of Citibank is that there's locations ALL over the place, and I can skip the long line and use a special accounts line (which is shorter)

Thanks all!

Re: what Mortgage company and Why?

we are using chase - DH works for them

we get like $1000 towards closing costs
but they also do 1% cash back on your mortgage payment when you set up automatic payments

what Mortgage company and Why?

Cool...is the $1,000 towards closing costs a normal perk, or is it only because DH works for them?

I assume 1% is a normal benefit.

Thanks

Re: what Mortgage company and Why?

I'm using a mortgage broker, Justin Schiatta, not a bank. I'm still in the process but so far I'm very happy with Justin. I have a very complex case and he has worked so hard to get me a house. He's worked with me at 11pm at night and even on a sunday. he fights for his clients. i see that as a perk. he's always available to me, always answers a text or email. and i don't have to worry during this process.

Re: what Mortgage company and Why?

My husband works for Wells Fargo. They sell AND service their loans if that matters. They also have very aggressive rates. All brokers sell their loans on the secondary market.

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?

what Mortgage company and Why?

I go with whoever gives me the lowest rate and minimal to zero closing costs.

what Mortgage company and Why?

We used a broker who found us a company with lower rates. It ended up being sold to another company before our first payment was due. Just something to think about.

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?

what Mortgage company and Why?

Chase gives you cash back that you can take in check form or apply towards your principle (their website will explain further i'm sure but they are not known for best rates). Capital One is offering $1K at closing toward closing costs but I heard they are very slow and will take forever to close. Astoria (what we went with) has a first time home buyer program that offers *one free float down* if the rates drop btw the time you lock and about 7 days before you close. Astoria had the best rate either way, and a possibility of a lower rate in an unstable market seemed like our best bet! Let me know if you want our consultants' info.

what Mortgage company and Why?

We went with Wells Fargo because they offer the Union Plus program. It gave us $500 on a giftcard after we closed and offers hardship assistance in the event of a strike, lock-out, disability, or the reduction of salary greater than half of our mortgage papyment. I will say that the guy we worked with, Randy Ascher, was really amazing as well. He got our mortgage approved so quickly, was incredibly thorough, and made himself available anytime. Having that whole process be as stress free as it was was definitely a huge perk for us.

Re: what Mortgage company and Why?

Just a few general comments (these may be obvious, but in my experience, some buyers are not aware of these issues):

1. When comparing rates -- Make sure you look at the APR as well as the actual rate. Some lenders will give you a low rate, but build a lot of extra costs/fees into the loan. So the APR gives you a "rate" that factors in all costs of the loan to the borrower, not just the interest rate on the loan itself. So a bank may quote you a 4.1% rate, when most banks are quoting 4.5%, but the APR may be 5.75% when the other lenders' APR is 5.25%. That doesn't mean that you necessarily take a higher rate for a lower APR, but it's good to factor in all info.

2. Make sure the rate you are being quoted is for the type of loan you want to take and can qualify for. A lot of lenders will advertise a rate that is only for a specific type of loan (SONYMA, or a 15 year v. 30 year) that you may want or be able to get.

3. Compare apples to apples re: closing costs. I've had clients get quoted much lower closing costs than they actually had to pay, because the loan officer was only giving him the bank costs, and not the prepayments of taxes, insurance, etc. that will need to be paid at closing (and make up the bulk of the closing costs). So don't take the numbers at face value - find out exactly what the quoted costs are covering.

4. Keep in mind, certain lenders are more conservative than others, when it comes to C/O and title issues. So, for example, if you are interested in a house that has a garage conversion and you know the seller has no C/O, you may want to go to a local mortgage bank rather than a larger commercial bank or credit union, as the local mortgage banks tend to be less strict about these type of issues.

Truthfully, banks have to make their money somewhere, so if the rate they are offering is far below other lenders, than I think you are usually paying for it elsewhere.

what Mortgage company and Why?

Thanks for all the info everyone.

One question about rates....
when applying for a mortgage they do a credit check (which lowers your score).

But a lot of places won't tell you the "real rate you get" unless they pre-approve you (you go through the process)

So how do you know what rate they are going to offer you, without taking a hit on your score?

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?

My mom just went with chase bc she has all her accts there... I kept trying to tell her... Your loyalty means nothing to them... Shop for best rates and/or recs from family/friends... As for perks.. There really aren't any that I'm aware of...

Eta: a comparison of good faith estimates will tell you where one bank is recouping $ over another. Take that into acct when looking at interest rates

Message edited 11/14/2013 11:45:40 AM.

Re: what Mortgage company and Why?

Re: what Mortgage company and Why?