Profile picture for rflow

HomePath Mortgage - Which lender has the best rates?

I have good credit (mid 700s) and no debt. I'm looking at a HomePath mortgage for a purchase price of 165k. My first quote through Century 21 had a 5.97% interest rate. That's pretty high considering the average for my area is 5.0%. None of the lenders have advertised rates and want to give custom quotes. Instead of going through each one blindly, I'm asking the Zillow community instead. Which one of the following HomePath lenders can give me a 5% interest rate with no points? Who should I pursue? Any I should stear clear of?

Champion Mortgage
CMG Mortgage
Coldwell Banker Home Loans
Colonial National Mortgage
ERA Home Loans
First California Mortgage
First Place Bank
Flagstar Bank
Metrocities Mortgage
PHH Mortgage
Reunion Mortgage
Weichert Financial Services

  • March 18 2009 - Ridgecrest
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Answers (9)

Profile picture for nc hoosier
Great question.  I would be interested in information too.  I called PHH and they told me it would take days before anyone could even return my phone call.....I would be interested in which of the above are good service providers as well as any difference in rates.
  • April 16 2009
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You'll never get an answer to this question.  Each lender offers about the same rates.  It depends on the person with whom you speak at each lender.  One might charge higher rates, one might charge lower rate, one might charge high fees, one might charge low fees.  Every company has it's own policies and it's own personel working there.
  • April 16 2009
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There is little or maybe a small difference in loan fees and rates. Competion makes it that way. Tell your chosen lender you are comparing rates and they will give you their best deal. Then compare 2 or 3 and then move forward. At $165,000 your talking peanuts when the real deal is in getting the home.
  • December 29 2009
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Profile picture for Mike Politzer
Why are you going Homepath? I've had some recent experience with a purchase at only 5% down and the rates were way over conventional at that low DP. The only really good reason to do it this way is if you're worried about the appraisal (HP doesn't require one) or don't want MI (the benefit of which could be diluted by higher rates than conventional).
  • December 29 2009
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Profile picture for Justin Kennedy
any mortgage broker that is approved with Flagstar bank can qoute you a fannie mae Homepath rate; do not just settle for the coined answer we will get back to you, if you hear that upfornt you will that on the approval, docs, funding, etc.


Thier are many broker/bankers willing to give you over the top service.
  • December 30 2009
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Rates with Homepath can very drastically depending on the down payment. If you are purchasing a Homepath property and putting the traditional 20% down interest rates will be comparable to conventioal and FHA loan programs.

What are you putting down on the home?
  • June 17 2010
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Profile picture for user74431283
Does it negatively affect your credit to ask several banks for quotes if they are all going to run your credit to give you an answer? Is that something I should think about or is the difference negligible?
  • September 21
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HomePath is a good loan product if you are worried about the appraisal or there is some condition issue.  You also don't have to pay for an appraisal or pay the Mortgage Insurance.  However, it is not always the best choice for you if you have other options.  The interest rate will be about .25 to .50% higher than a regular 5% conventional loan program.  Depending on the particulars of the deal, I have done side by side comparisons with 5% down with a conventional rate with MI with HomePath and without MI.  For my each of my clients that ended up using HomePath, the HomePath option ended up being the lower costing option by about $75 to $100 per month.  I have had very good luck with Prospect Mortgage - they are a direct lender.  If you contact me privately, I can refer you to someone I have used in the past.  And yes, if you keep pulling your credit with these different lenders, it will negatively effect your FICO score.  They can give you a quote without it if you know what your FICOs, and what your monthly debt adds up to.  Good luck to you.
  • September 21
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Profile picture for gator70
Wells Fargo was the cheapest for me
  • September 22
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