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Answers (10)
- Wolf Leonard, "Loan_Wolf"
- Contributions:1
Rates differ because different Lenders are each looking for different returns on their investment. Their overhead costs and cost of borrowing funds will differ and contribute to bottom line rate differences. Their perceptions of risk, of both the Borrower and the mortgage and housing markets, are also factored into rate quotes. Putting aside service considerations, ultimately each Lender has to minimize these factors to initially be competitive on the basis of rates.
- Nida Makein, "Nida M"
- Contributions:310
- Clay Branch, "Georgia Loans"
- Contributions:7348
- Clay Branch, "Georgia Loans"
- Contributions:7348
One more point on AHC, when you log on their home page, they list the FHA rate at 4.75% with an APR of 5.022. The only way to get to that APR is to not only have NO fees going into APR but to be giving a credit of $2800. I really doubt that.
I have no problem giving several scenarios of buying the rate down, then Par, then a no point loan, then a no closing cost option and dont need a website to do it. It usually comes down to either wanting the lowest rate or lowest/no fees so 12 quotes are usually not needed.
Just so you know this, there is no monitoring agency that checks to see if an " Upfront Lender " is operating " upfront" and within some code, it simply means they passed a test and paid a bunch of money to get the designation. You can feel comforted by it but since there is no one regulating them according to the designation, it really has no value other than some buzz words on a website designed to attract people.
145 BBB complaints is a flag. If you believe it is insignificant to their overall production, I would suggest checking a few much larger lenders with much more production who have either no complaints or only a few.
I have no problem giving several scenarios of buying the rate down, then Par, then a no point loan, then a no closing cost option and dont need a website to do it. It usually comes down to either wanting the lowest rate or lowest/no fees so 12 quotes are usually not needed.
Just so you know this, there is no monitoring agency that checks to see if an " Upfront Lender " is operating " upfront" and within some code, it simply means they passed a test and paid a bunch of money to get the designation. You can feel comforted by it but since there is no one regulating them according to the designation, it really has no value other than some buzz words on a website designed to attract people.
145 BBB complaints is a flag. If you believe it is insignificant to their overall production, I would suggest checking a few much larger lenders with much more production who have either no complaints or only a few.
- STINAIKAR
- Contributions:83
I agree. If they are attempting to conceal fees, then that is dishonest. But smallprint is not necessarily dishonest in today's times. Kinda like when a lender mutters the application fee and doesn't tell you it is non-refundable. When I priced it for Florida, there were no smallprints. So it is possible that this is a Georgia-specific situation.
145 BBB complaints out of how many closed transactions? If they are dealing in thousands, then 145 is bloody good. I saw their net overall BBB rating is A which is slightly less than perfect. I would go with that.
That code that the upfront lenders promise to abide by is very very important to me because I am able to observe how they are pricing various scenarios. Do you give your clients at least 10-12 scenarios for each mortgage type? and without grumbling about it? BoA didn't. Suntrust didn't. That's what these guys do and I value that. As I said, I am not saying that these guys are the best. There may be other lenders but when stick to a code, then they are being consistent about it and clients value that.
145 BBB complaints out of how many closed transactions? If they are dealing in thousands, then 145 is bloody good. I saw their net overall BBB rating is A which is slightly less than perfect. I would go with that.
That code that the upfront lenders promise to abide by is very very important to me because I am able to observe how they are pricing various scenarios. Do you give your clients at least 10-12 scenarios for each mortgage type? and without grumbling about it? BoA didn't. Suntrust didn't. That's what these guys do and I value that. As I said, I am not saying that these guys are the best. There may be other lenders but when stick to a code, then they are being consistent about it and clients value that.
- Clay Branch, "Georgia Loans"
- Contributions:7348
" If the fine print says no intangible taxes will be paid, then the consumer should be smart enough to realize that govt. taxes is an irrelevant cost for the purposes of comparison. "
That's where you are missing the point, the intangible tax is a relevant closing cost so when it is excluded, then anyone getting a " No Closing Cost " loan from them is not getting a No Closing Cost Loan, period. It is no different than holding out an origination fee or a lender fee.
" Relying on reviews is silly". I didnt say anything about " reviews ", and ignoring 145 BBB compalints is foolish.
The common thread between these lenders you list is they are all Upfront Mortgage Lenders, which does not mean squat. It is simply a code they promise to abide by, they then pay a bunch of money and get the designation.
I just went on the other website, AHC and priced a loan for $300K, 75% LTV, 740 score. They are overpriced on buying the rate down, 1.75 discount points at 4.625% compared to my price of .500 today. PAR and a no closing cost loan were also too high. I can think of 8 Brokers and Lenders in Georgia that would beat any of their offers.
That's where you are missing the point, the intangible tax is a relevant closing cost so when it is excluded, then anyone getting a " No Closing Cost " loan from them is not getting a No Closing Cost Loan, period. It is no different than holding out an origination fee or a lender fee.
" Relying on reviews is silly". I didnt say anything about " reviews ", and ignoring 145 BBB compalints is foolish.
The common thread between these lenders you list is they are all Upfront Mortgage Lenders, which does not mean squat. It is simply a code they promise to abide by, they then pay a bunch of money and get the designation.
I just went on the other website, AHC and priced a loan for $300K, 75% LTV, 740 score. They are overpriced on buying the rate down, 1.75 discount points at 4.625% compared to my price of .500 today. PAR and a no closing cost loan were also too high. I can think of 8 Brokers and Lenders in Georgia that would beat any of their offers.
- STINAIKAR
- Contributions:83
I never said I was fascinated by aimloan. I am sure there are many many many lenders out there who can give me better deals. But my time is limited. I cannot go through all the lenders in the world before I find the right one. I looked at lending tree, BoA, Suntrust, Zillow quotes, aimloan, NML, amerisave and AHC. And I chose aimloan because they gave me the best rate-closing cost combination. If your two lenders offered better rates - good for them. They have to make themselves more visible if they operate at such low costs.
I wasn't too impressed with Amerisave either but for different reasons. Relying on reviews is silly. People are different with different levels of sophistication and different people value different attributes of loan servicing. Online lending is not for the uninformed consumer. The information is out there and you have to make sense of it. If the fine print says no intangible taxes will be paid, then the consumer should be smart enough to realize that govt. taxes is an irrelevant cost for the purposes of comparison. Calculate only the variable closing costs, not the fixed ones.
I wasn't too impressed with Amerisave either but for different reasons. Relying on reviews is silly. People are different with different levels of sophistication and different people value different attributes of loan servicing. Online lending is not for the uninformed consumer. The information is out there and you have to make sense of it. If the fine print says no intangible taxes will be paid, then the consumer should be smart enough to realize that govt. taxes is an irrelevant cost for the purposes of comparison. Calculate only the variable closing costs, not the fixed ones.
- Clay Branch, "Georgia Loans"
- Contributions:7348
Article on Amerisavestinaikar, I think everyone here knows you are fascinated with Aimloan and their website. If I remember correctly, when you locked your loan they were paying aprx 1.8% in premium to pay closing costs. It was a good deal but not the best as I had 2 lenders paying over 2 points for the same rate/term that day. Recommending lenders you have no 1st hand experience with is not reliable and I direct you to the link that points out Amerisave has had 145 BBB complaints in the last 36 months. I also noticed on the National Mortgage Alliance website a " True " No Closing Cost loan is offered but the small print says State Intangible taxes in Georgia are not paid in the offer. That would make their True NO CC loan an UNTRUE No CC loan since it is definitely a closing cost and a big part of the fees.
- STINAIKAR
- Contributions:83
Kathy, when you are comparing apples to apples, also make sure your closing costs (i.e. lender fees, appraisal fees, title fees, escrow fees etc.) are comparable across lenders. Many lenders will charge you a lower rate and have high closing costs. You don't have to include govt. fees and taxes, prepaid interest or escrowed prop. taxes etc when you are calculating closing costs coz they won't change across lenders.
A good way to compare is choose zero points, zero closing costs and and then see what rate they are willing to offer on these terms. Don't know if many lenders will give you the various rate-closing cost combinations. Some lenders do give you opportunities for comparing scenarios. Check out Aimloan, National Mortgage Alliance, Amerisave, AHC lending if you want a wide choice of rate-closing cost combinations. You don't need to put in personal info and can lock within minutes if you like the deal.
A good way to compare is choose zero points, zero closing costs and and then see what rate they are willing to offer on these terms. Don't know if many lenders will give you the various rate-closing cost combinations. Some lenders do give you opportunities for comparing scenarios. Check out Aimloan, National Mortgage Alliance, Amerisave, AHC lending if you want a wide choice of rate-closing cost combinations. You don't need to put in personal info and can lock within minutes if you like the deal.
- Clay Branch, "Georgia Loans"
- Contributions:7348
Mortgage.com rates vs Zillow rates
For example today zillow has 4.9% and mortgage.com has Bank of America at 5.25% and Citimortgage at 5.375%.
I understand the apr will differ depending on credit score and pmi etc but was hoping to compare apples to apples.
Thanks,
Kathy
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