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Jenn79
One more?
Member since 2/12 2410 total posts
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What's better to get a mortgage from?
Is there a difference from going to say Bank of America verse going to someplace like continential home mortgages? Are all the rates the same either way? Or can continential get a better rate because they deal with more than one bank?
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Posted 8/20/15 1:51 PM  |
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JWG421
Our miracle is here
Member since 12/12 2507 total posts
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Re: What's better to get a mortgage from?
We just closed w BAC and had no issues
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| Posted 8/20/15 3:10 PM |
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MK2010
LIF Toddler
Member since 7/10 401 total posts
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Re: What's better to get a mortgage from?
We went with the place that offered the best rate. Check out bankrate.com for some choices. I work for a bank and even with the discount they offer, it was more than other places. Some places have much better service - but honestly, if you are going to be paying off a loan for the next 30 years - I think the lower rate which brings huge savings is way more important than good customer service. Also, from what I hear for friends and family - the mortgage process is never simple and it always involves a ton of paperwork.
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| Posted 8/20/15 3:10 PM |
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Jenn79
One more?
Member since 2/12 2410 total posts
Name:
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Re: What's better to get a mortgage from?
Okay thanks that's what I thought. I figured shopping around was better, but someone was telling me it didn't matter.
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| Posted 8/20/15 8:09 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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What's better to get a mortgage from?
Credit Union all the way. Better rates, cheaper closing costs every single time.
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| Posted 8/20/15 9:20 PM |
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MrsMango
LIF Infant
Member since 8/14 231 total posts
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Re: What's better to get a mortgage from?
Posted by VickiC
Credit Union all the way. Better rates, cheaper closing costs every single time.
THIS! We just closedin May on our home & used Bethpage Federal Credit Union. I have a great contact if you need.
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| Posted 8/21/15 10:52 AM |
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cets1290
LIF Adult
Member since 6/14 1051 total posts
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What's better to get a mortgage from?
credit unions are a good choice, but if you are a first time home buyer, you should look into HSBC and a few other banks. We signed up for the first home club through HSBC and got $7500 towards our down payment as a result. Limitations are that you have to buy in the tri-state, you have to stay in the house for 5 years, and your gross income can't be higher than a certain amount
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| Posted 8/21/15 11:35 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Re: What's better to get a mortgage from?
Posted by cets1290
credit unions are a good choice, but if you are a first time home buyer, you should look into HSBC and a few other banks. We signed up for the first home club through HSBC and got $7500 towards our down payment as a result. Limitations are that you have to buy in the tri-state, you have to stay in the house for 5 years, and your gross income can't be higher than a certain amount
Agreed!! We did this through M&T bank! We are going to contract on our house within the next week! Worth it!
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| Posted 8/22/15 9:01 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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What's better to get a mortgage from?
I used Continental and cannot say enough good things about them. From offer to close was 6 weeks. Our rate was comparable to the banks.
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| Posted 8/22/15 1:04 PM |
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Re: What's better to get a mortgage from?
Posted by LuckyStar
I used Continental and cannot say enough good things about them. From offer to close was 6 weeks. Our rate was comparable to the banks.
Continental is a bank... it's a direct lender that funds its own loans. It's not a mortgage broker that places the loan with a lender. But Continental is a specialty mortgage bank as opposed to a large commercial bank (like Bank of America or Chase).
Personally, I think specialty mortgage banks are the way to go. Banks like Continental and U.S. Mortgage Corp. Those types of lenders generally have competitive rates/fees and excellent customer service. All they do is mortgages, so they are specialists.
In contrast, I find the large commercial banks don't put a lot of resources behind their mortgage departments... they are not really profit centers. So the level of knowledge and service is sometimes lacking.
Someone mentioned credit unions, and while they often have the best rates, they only take the cream of the crop (in terms of qualified borrowers), and they are VERY slow (lacking in staff and customer service) and very conservative (about things like C/O issues that often crop up on LI). So you want to consider that.
I've said it before on here, but in reality, the rates are the rates. People with the best qualifications (credit, etc.) qualify for the best rates, but the best rates shouldn't vary widely from lender to lender. If someone offers you a much lower rate than anyone else, I'd be looking at the fine print and making sure there aren't points or hidden fees or higher closing costs. Definitely compare APR to APR when shopping around, not just "the rate" itself.
I would not use a mortgage broker, as they will cost you a bit more than a direct lender, and a broker often doesn't have the visibility into a bank's requirements the way a loan officer who works for the bank can interact with the underwriters and assist with the process.
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| Posted 8/23/15 8:15 PM |
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adn16
LIF Adult
Member since 5/10 917 total posts
Name:
A
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Re: What's better to get a mortgage from?
We used Continental and they had the paperwork all ready to close in 6 weeks, just like they promised us. They offered us the best rate from the few places we did check out.
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| Posted 8/24/15 7:01 AM |
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