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I am plannning to buy a house for the first time. Which bank or mortgage lender gives the best rate

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I am looking for a house and was wondering where to go for my mortgage? Â Is it better through a bank?

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March 22 - Near North

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Melissa Godwin, "MelissaGodwin"
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Melissa Godwin, "MelissaGodwin"

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I I think going to the banker that you have a relationship with is a good idea. But twww.he most important thing is to know you credit score before you go. GO to www.Freecreditreport.com Also ask local realtors that you know. Ask around at church for realtors or mortgage brokers.
I personally have a agent in the office that has been closing a few refinances with Wells Fargo and they have had great rates... some under 5%. Credit scores mean everything. Also look for Yield Spread and ask upfront if the mortgage broker is getting a Yield spread ...If he is then think about it before you commit. A credit score of under 620 will not get a loan today. Look for owner financing if you have a low credit score. If you buy a short sale then you will need to prequalify before hand or have proof of cash to close

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August 28

Hamp Yonce
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Hamp Yonce

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Federal Credit Unions operate for profits. They just share the profits with the members. The fallacy that Banks charge less fees, is so old and tired. And false.

It is usually spewed by people who are Lenders, or who have never been, either a Lender or a Broker.

Mortgage Brokers have the utmost fee flexibility. Brokers have the utmost product flexibility. Brokers don't have shareholders to profit for. I wouldn't do a mortgage loan without talking to at least one Mortgage Broker. I may do a loan with out ever speaking to a bank. But, I know all of these industries from experience. Call at least one of each.If not you haven't shopped. You have been sold.

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May 29

Tommy Little, "Do Rite Realty"
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Tommy Little, "Do Rite Realty"

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In my humble opinion, you should call your bank first: they know a bit about you already and offer competitive loan rates and usually charge less fees: also your local credit union can be a great source: they are not for profit businesses and almost always have the best rates and lowest fees... good luck!

Tommy Little
Broker/Owner
Do-Rite-Realty
California Broker
doriterealty@yahoo.com

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May 29

sara bonert, "Sara Bonert"
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sara bonert, "Sara Bonert"

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Lots of great advice here. You can also start by trying the Zillow Mortgage Marketplace. See the Mortgage tab in the top bar. You can annonymously put your information in and get custom quotes back in minutes. Then you decide who, if anyone, you want to reach out and work with further.

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May 29

Bob Brandt, "Bob Brandt"
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Bob Brandt, "Bob Brandt"

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I suggest asking the Realtor you are working with for the 3 that he might call if he needed a mortgage. They will try to take good care of their Realtors clients.

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May 20

David Hanna, "dave_hanna"
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David Hanna, "dave_hanna"

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Lots of great advice here already. The success of your purchase is about many things, but first and foremost in getting into that firstr home is finding good people to help you. The loan rate you should care about is the one you get the day you lock iit in , not the quote, not what you find online.
What you buy, where you buy it, how much money you put down, how long you have had your job, what you do, how you get paid, and a host of other factors all will determine your rate. No one can give you the exact number with an online application or a short phone interview.
You can do homework online, and learn a great deal at site like Zillow.
When you think you are ready to enter the market, find a good Realtor via a referral from someone you respect and trust. Get their guidance and advice on good lenders to see, and do this the right way.

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May 20

Laura Bock, "bockproperties"
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Laura Bock, "bockproperties"

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I usually recommend a bank. With some mortgage brokers, you will pay a lot of fees that a bank won't charge you.
The biggest thing is to make sure you understand all the terms being presented to you. Sometimes the loans are sugarcoated so you only see a few good points covering up a lot of higher fees and possibly a variable interest rate.
Ask and keep asking until you are satisfied. Also, a good realtor can help you weigh your options adn make sure you are not being taken advantage of.

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March 24

David Cruickshank, "Ardain2008"
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David Cruickshank, "Ardain2008"

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You need to shop around and talk to banks and brokers about costs, rates etc. No rate is fixed until it is locked so a broker or bank will quote you what they can get you that day based on market conditions which may be higher or lower than what you will get when you get a contract on the house and the rate is locked. Please read my article The Truth About Rate Shopping (http://www.trulia.com/blog/david_cruickshank/2009/03/the_truth_about_rate_sho)

I am a broker and I tell people to shop around but I know I what I stand by and what my pricing is so I am confident people will choose me. When you look at rates on websites like Bankrate they are usually 30 or 45 days behind as they take rates that are based on loans that closed and average them. At a closing the rate that is recorded was generally locked 30-45 days ago.

Hope that helps. Happy shopping!!

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March 22

sunnyview
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It can be due more expensive to use a broker to the fees that a broker might charge above loan points and origination fee, but they may get you a lower rate than a bank also. You have to weigh not only the rate that they offer, but the total loan cost. Shop around and ask for the good faith estimate of fees from both brokers and banks. You need someone who seems straightforward, knowledgeable and honest whether they are a bank or a broker. They will be easier to work with. If they seem shady or make you feel ucky run. I generally view rates for my location here atÂ moneycentralÂ or here atÂ bankrate. They will give you a breakdown by points, fees and rate. There are a lot more banks out there especially if you use a broker, but hopefully the sites will give you a start in comparing your options.

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March 22

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