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Replies (9)
- Le Green Schubert, "Le Green Schubert"
- Contributions:8
That's good information you are putting out there. A home buyer may think that because they are a loyal customer of a bank, that their bank will want to treat them well when they go to the bank for a loan.
But that is not necessarily even remotely true.
Caring about you as a bank customer depends on the type of bank, and is more likely at small and local banks. At large national banks, the mortgage department is it's own kingdom.
Mortgage comanpanies with local underwriters and usually awesome, in my experience.
But that is not necessarily even remotely true.
Caring about you as a bank customer depends on the type of bank, and is more likely at small and local banks. At large national banks, the mortgage department is it's own kingdom.
Mortgage comanpanies with local underwriters and usually awesome, in my experience.
- Gene Clements, "Gene Clements"
- Contributions:6
I find mortgage brokers with in house underwriting typically are the best. The reason I prefer them over small local banks are they tend to offer more programs. Small banks and local credit unions tend to have excellent customer service and truly value their clients. Either way these are the best to choices. The large banks can be tuff to work with since they typically underwrite their loans out of state and tend to take longer to close deals.
- Jerrod Prather, "jerrodricerealestate"
- Contributions:5
A key thing to remember is not to go shopping around and running credit checks on every bank or mortgage company you go to. Doing so will decrease and hurt your beacon score. I also prefer a good mortgage company. Call around and find out the different options (loan types) and current interest rates. Find a mortgage company whom you can speak to and breaks down the information in a way that you understand. You do not want to be at the closing table and find out that you misunderstood something and your payments or interest rate is not what you expected it to be in 5 years. A mortgage company runs your credit one time and finds you the best loan program that fits your needs. They deal with multiple banks and lenders. As opposed to a bank whom will run your credit one time however they are limited to what they only have to offer. Ask questions before you decide to run your credit and chose a lender.
- Joe Pusheck, "Go with Joe"
- Contributions:20
A Mortgage Broker is undoubtedly the way to go since thy can shop for the best rates and available funds. Also a good local bank can be good a resource for loans. Although all banks are under heavy scrutiny the smaller banks that remain liquid have money to loan at reasonable rates.
- Reema Sharma, "ReemaSharma"
- Contributions:927
Great info. Don't feel obligated to one bank, shop around
- Joe Pusheck, "Go with Joe"
- Contributions:20
Thanks Jarrod. Thanks Gene. Thanks Reema Sharma.
- John Conklin, "203K Alternative"
- Contributions:130
A Mortgage Banker would be the way to go. Depository banks are not flexible but have control over the transaction. Mortgage brokers have more options in terms of shopping interest rates but have no control over the transaction. A Mortgage Banker has control of the transaction and has flexibility to deliver very competitive interest rates. I hope that helps!
- Archibald Cruishank, "ABMinDC"
- Contributions:19
use a bank.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
@ Jerrod
My understanding was that you had a "window" of time to apply and rate shop for a mortgatge, and ONLY the first credit pull in that time frame counted against you.
www.myfico.com says this about rate shopping: http://www.myfico.com/CreditEducation/CreditInquiries.aspx
I see a lot of agents weighing in, I would be curious what lenders have to say on this issue.
My understanding was that you had a "window" of time to apply and rate shop for a mortgatge, and ONLY the first credit pull in that time frame counted against you.
www.myfico.com says this about rate shopping: http://www.myfico.com/CreditEducation/CreditInquiries.aspx
I see a lot of agents weighing in, I would be curious what lenders have to say on this issue.
Home Loans? To use a Mortgage Broker or my Bank?
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- 5.0/5.0
- (2 reviews)
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