Zillow Advice: Mortgage Rates - Need advice on how to best research mortgage rates

May be to late but http://www.ffiec.gov/ratespread/newcalc.aspx link ...

Tue, 06 Oct 2009 15:03:00 GMT

May be to late but http://www.ffiec.gov/ratespread/newcalc.aspx
link shows the average rate for freddie mac for fixed rates and if your rate is close to this it is fair.

Not that this will matter ...

Tue, 06 Oct 2009 02:42:00 GMT

Not that this will matter after 4 months, but I advise dg8375 not to contact anyone that is using someone else's identity ( re agent ) and claims to be a loan specialist. One who has not been checked out by Zillow, and who has never quoted 1 loan on Zillow.

better yet..Rich check out ...

Tue, 06 Oct 2009 01:37:00 GMT

better yet..Rich check out the SE thread and see that he pretends to be his wife offering his services.

Vincent...Anyone today can provide 4.75%. What is behind your guarantee. Reminds me of a saying by old Tom Callahan.

It is possible, to spend ...

Fri, 29 May 2009 00:05:00 GMT

It is possible, to spend thousands of dollars worth of time, shopping mortgage rates, and end up saving hundreds of dollars, on the costs of your loan. If you talk to more than 5 sources, you are probably getting a marginal return, on your time.

Today's discussions should revolve around best rate, for least out of pocket. If you have cash, keep it. You may not even want to waste your time talking to non FHA lenders. There's at least a 60% chance that will be your optimal product. All my humble opinion.

Next statement is fact.

The best, and simplist way to get multiple quotes, is to go to the ZMM page and request quotes. They will be quick and numerous, but will require some clarifying and verifying.

When doing research on rates ...

Thu, 28 May 2009 23:45:00 GMT

When doing research on rates it is important to look at the whole picture to make sure you are comparing apples to apples. Two lenders may have similar rates but one may be charging additional points or fee's to give you the same deal. When it comes to rates there are no magic lenders out there and we pretty much all drink from the same well. I would say it is more important to go with the mortgage professional you feel most comfortable with then just the person who tells you the lowest rate. I also want to address your question about "paying a mortgage broker to find the best rate." It doesn't necessarily cost you any more or any less to use a broker. A broker may call their fee a broker fee, a banker may call their fee an origination fee. Same fee, different name. You should be able to get pre-approved or ask any questions you like with no upfront cost or obligation. If someone tries to charge you upfront, I personally would go elsewhere. Regarding your last question about big bank or small bank. This is just a matter of where you send your payment and receive customer service. If you are concerned with a smaller bank going out of business, I can assure you someone else would pick up the servicing of the loan and the only immediate change you would notice would be where you mail the check each month. Hope this helps!

Brad,Smaller brokers do not ...

Thu, 28 May 2009 23:15:00 GMT

Brad,
Smaller brokers do not have access to lower rates they have access to the exact same rates, they may or may not be able to work on a thinner margin.

Smaller brokers usually have ...

Thu, 28 May 2009 22:50:00 GMT

Smaller brokers usually have access to better rates than the big guys, who have more overhead. Under 5% was very possible for a long time, but as of Weds 5/27, rates went way up unexpectedly. Hopefully they will eventually come back down.

If I needed a loan in NY ...

Thu, 28 May 2009 22:48:00 GMT

If I needed a loan in NY he is one of the Lo's I would call.

dg, call and talk to ...

Thu, 28 May 2009 22:40:00 GMT

dg, call and talk to this lender:

http://www.zillow.com/profile/Chris-Corica/

You may very well end your search with him.

Don't shop for a rate shop ...

Thu, 28 May 2009 21:26:00 GMT

Don't shop for a rate shop for a loan officer. If you find a good loan officer you will get the best avaialable rate at the time you decide to lock. Shopping any other way will add a ton of stress to an already stressfull process.

Banker/broker we are all getting the money from the exact same sources. Be careful of working with someone that is working on too thin a margin. They may have lower over head, but they also have fewer folks behind them to make sure loans close smoothly. Broker, Banker, big lender, small lender all can provide you great service and deliver the best avaialable rate as long as you choose the right loan officer. Rule out anyone that tells you one is always better than the other....that's spin that is being used to steer you to one channel over another.