Profile picture for Hastings1958

I want the best loan possible without buying down points.Where can I get the best rate?

  • February 10 2010 - Colorado Springs
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Answers (4)

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Things are always changing.

And don't just look online...personally, I think having a lender with a local presense is huge.  Local credit unions are doing a nice job these days, so walk in those too!

Best, Tommy
  • February 11 2010
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Profile picture for David Widlund
I generally disagree with the local bank idea since they have very high overhead, and only have one source for their loans. A good correspondent lender has anywhere from 2 - 20 different servicers he/she can sell to, each of which is competing with each other. I find that a correspondent lender can usually beat a big bank even if he/she is reselling to the same bank. The correspondent gets wholesale pricing and adds his markup. The bank has retail pricing, and more overhead so a higher markup, generally. I know several bank loan officers who refer deals to correspondent lenders when they are unable to meet the pricing needs of the borrower. You can make some calls to trusted lenders, get a ballpark number for costs and rate without going through the application process, and then do an application with the three you feel most comfortable with. If the only thing that matters is price, I think you can use an automated service online (not giving any website names for promotion). But the service generally sucks, and they do not actually help you meet your goals, just close the deal. Working with a trusted advisor can end up saving you thousands more in the long run. Find someone you trust. The rest will take care of itself.

Good Luck!
  • February 10 2010
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Post a Zillow Mortgage loan request and under notes indicate you want quotes with zero points.... remember the lowest rate may or may not be best lender to go with.  Consider cost, able to meet closing date, competence of loan officer, ease of application, comfort level with local vs out of area lender, loan officers ability and experience to deal with any "out of the box" issue etc etc.....
  • February 10 2010
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I would first try your local bank. Usually the one you have your personal bank account with. They might give you better rates and they might buy it down some if you have your mortgage payments withdrawn directly from your account.
  • February 10 2010
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