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Best way to handle new mortgage

I have gone through mortgage brokers and dealt directly with banks, but not sure which is the best way to obtain a mortgage for a situation.  I am looking at purchasing a 2nd residence in OKC because I am unable to find suitable rental property.  I recently (last 90 days) refinanced my primary residence in TX (3.06% rate for 15 yrs).  I have also recently financed a vehicle (immediately after refinancing).  I have another mortgage from a prior marriage in my name, but being paid by ex.  Even including the pmortgage the ex is supposed to pay, my expenses are still below 20% of my income. 

Given the my recent obtaining of credit, should I use a mortgage broker or will a normal lender not have heartache over the recent credit activity?
  • November 05 2013 - Oklahoma City
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Answers (4)

I would have to agree with Michael that a Bank is usually the best way to go with a Mortgage; however, any lending institution you speak with should provide 1) a Good Faith Estimate and 2) a Truth in Lending form for review before making any final mortgage decision.

I would love the opportunity to talk with you, and understand your situation a bit more in detial. More than likely I can help you make your Oklahoma purchase your primary residence.

  • December 30 2013
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It will be a slight headache either way. If you were happy with your refinance, why not use the same lender/broker?
  • December 24 2013
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In my opinion a mortgage banker is the best way to get a home loan.  Mortgage bankers and correspondent lenders typically will have the lowest interest rates available.  

I would love to see how I can help you.
  • December 24 2013
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Recent credit inquiry and/or acquisition is not going to impact your ability to purchase a new home, as long as your income and credit qualify for the existing debt and the new loan.  One thing that may affect any new financing is how your declared occupancy on your recent refinance.  If you declared owner occupied status it is highly unlikely that a lender will approve the same status on a new purchase.

I am not sure a banker or a broker would be your best choice...but I recommend that you work with someone with sufficient experience and knowledge.

All my best,

Deborah
NMLS #279125
WJ Bradley

"We Listen.  We Care. We Deliver."
  • November 05 2013
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