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Old 04-24-2019, 02:31 PM   #51 (permalink)
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Good timing on the bump, we are looking to buy and trying to process all the info at once can be a little daunting.
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Old 04-24-2019, 02:41 PM   #52 (permalink)
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Good timing on the bump, we are looking to buy and trying to process all the info at once can be a little daunting.

Plain and simple it comes down to someone you trust. Don't just walk in the door of bofa and expect to get quality service. Don't go to a quicken loan or rocket mortgage for your purchase - Great for refi- But for a purchase loan the timeline is very specific and you have a whole lot more on the line.

Rates are great right now. Low 4%. Depending on type of loan or credit.
Don't be scared to find a local Broker that can help you navigate through the process. We are all a wealth of knowledge and connections.

Ask me any questions you have! I'm happy to help~
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Old 04-24-2019, 02:44 PM   #53 (permalink)
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***Old thread alert***

I've got mortgage questions along the lines of what was already discussed in this thread, so i figured i'd just add to it....

Looking at purchasing our next home, but i'm no sure who to go to for financing and why. I see a lot of people saying they went through x, y, or z for financing, but I want to know why.

Financing options as I see them:
-Big bank (my current mortgage is owned or serviced by Wells Fargo)
-Local bank or credit union
-Local mortgage company
-Nationwide mortgage company (like Quicken loans or Rocket mortgage)
-Broker

So why go with one over an other?
since im the OP i guess ill update my experience

since we had no experience or someone we knew, we just asked our realtor. he set us up with a broker and off we went. i did this for two reason - i trusted my realtor (old friend) and in a game were there are more moving pieces than i care to manage, using parties that work together often make the process essentially painless. broker was great, answered my questions, and didnt try to sell me on a loan i didnt want.

purchased our house in mar 2014, 30yr loan 4.75% interest rate 15% down, PMI

the same realtor gave me a recommendation for another broker and i should close on our refi this week. since i was conventional i just needed to order an appraisal to drop the PMI, but figured id check to see what kind of rate i could get since my financial position was significantly better then the original loan. 20yr loan, 3.825%, dropped the PMI, 5yrs off the loan, and save $15 or so a month on the payment. cost me about $5k, which was rolled into the loan.
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Old 04-24-2019, 02:51 PM   #54 (permalink)
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Plain and simple it comes down to someone you trust. Don't just walk in the door of bofa and expect to get quality service. Don't go to a quicken loan or rocket mortgage for your purchase - Great for refi- But for a purchase loan the timeline is very specific and you have a whole lot more on the line.

Rates are great right now. Low 4%. Depending on type of loan or credit.
Don't be scared to find a local Broker that can help you navigate through the process. We are all a wealth of knowledge and connections.

Ask me any questions you have! I'm happy to help~
Brenden
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Problem is that we are moving to a new state, so everyone is unknown. We were pre-approved through a broker at 4.25% but honestly I think we jumped the gun since we won't be able to move till probably late summer.

I'm a member of the operating engineers credit union, we got a great rate on our truck loan and I was thinking about just going through them. They advertise 4.5% on thier 30 year fixed loans though.
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Old 04-24-2019, 04:50 PM   #55 (permalink)
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since we had no experience or someone we knew, we just asked our realtor. he set us up with a broker and off we went.
Heh. We really didn't know anybody in the area when we bought. The RE agent was (and I assume, still is,) trustworthy, but the mortgage broker she suggested turned out to be pond scum. At the time, he was an agent for Country Wide, and just about fell all over himself when he saw credit scores. Local bank just plain beat him on everything, though, and was upfront that they would sell the loan as soon as the ink was dry. Back to the mortgage broker.... apparently he thought it'd be a good idea to add me to an email list where he'd forward cutesy crap he'd just discovered on the Intardnet (most of which was 10+ years old.) "Take me off your list. No, really, stop." All the way to "NEVER CONTACT ME AGAIN." I ran across the RE agent in town on a regular basis, and finally had to tell her about his antics. Nobody had ever come back with a behavior report. He'd started an office with a couple of his cronies, and I'm not sure that the RE agent ever recommended him again.

TL;DR. Trust your instincts when it comes to who you're dealing with. I almost walked out of the Country Wide office as soon as he opened his mouth just because of the bad vibes I got from him.
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Old 04-24-2019, 06:10 PM   #56 (permalink)
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We had a realtor we were recommended to by my wife's 85 year old great uncle. Guy is an electrician and does the realtor thing on the side. He seemed really cool and honest the first day. The 2nd day he calls in the morning and out of nowhere goes into this long pitch about cbd oil and cream...... Then says that there is a meeting later that day and that it's only $50 to join and we could start selling and making money Oh fuck you, you're try to get your clients into a pyramid scheme? He then kept dropping hints that he needed to generate some money, so he couldn't show us a house at whatever time. Later he starts getting really pushy about us making an offer on a house that we liked. (we later ran the numbers and realized we didn't want to spend that much)

So ya, don't alway ls trust your first impression.
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Old 04-24-2019, 07:03 PM   #57 (permalink)
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Before I chose the credit union I use for mortgages now, I went to 7 different places including national banks, Local banks, mortgage broker, and credit union. The guys saying go with someone you can trust give good advice. A good lender makes the buying process so much easier. I still check a couple other places when I get a new mortgage, but the credit union has been able to meet or beat others rates and are a real pleasure to work with. Best of luck!
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Old 04-25-2019, 06:17 AM   #58 (permalink)
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Before I chose the credit union I use for mortgages now, I went to 7 different places including national banks, Local banks, mortgage broker, and credit union. The guys saying go with someone you can trust give good advice. A good lender makes the buying process so much easier. I still check a couple other places when I get a new mortgage, but the credit union has been able to meet or beat others rates and are a real pleasure to work with. Best of luck!
For those of you that went around and checked out multiple outlets, how does that process work? Do you have to fork over financial info and pull credit scores at each place?
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Old 04-25-2019, 08:45 AM   #59 (permalink)
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Trust your instincts when it comes to who you're dealing with. I almost walked out of the Country Wide office as soon as he opened his mouth just because of the bad vibes I got from him.
correct. when we first talked, i told him im doing a traditional, 30yr, fixed rate and this is what i expect to pay for a monthly payment. if we cant make that work then, im out later on when he offered to sell me points, i responded with if the bank is offering me something to save me money, chances are they are making more, ill pass. he response was "thats generally a good approach". at no point did he try to push something on me. given my credit history, income to debt ratio, the wife having almost no work history i wasnt overly concerned about getting the best deal since i knew refinancing was simple and easy later when things were better. if buying a house didnt fit in my 'financial box' then id stay renting. that is where most people get into trouble because theyre taught/lead that mortgage ownership like its going to make them rich overnight.
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Old 04-25-2019, 09:41 AM   #60 (permalink)
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For those of you that went around and checked out multiple outlets, how does that process work? Do you have to fork over financial info and pull credit scores at each place?
You definitely will have to provide financial info. The credit pulls done when I was going through the process were soft pulls from my recollection. I also ganged up all of my meetings in a 3 day period to minimize the effects on my credit score. I was advised that if you are going to shop rates do it all at once because there are algorithms the credit bureaus use to recognize that you are shopping and will have minimal affect on your credit score. This way, even if they hard pull, it shouldn't really be too detrimental.
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Old 04-25-2019, 11:03 AM   #61 (permalink)
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Just an FYI when shopping around for rates payments etc from multiple places. You can print your credit scores off for the 3 and take them with you for the general fact finding mission. Any place who won't deal with you without FIRST running a credit check is no place you need to deal with. Your credit history is your's and it is free to you.

First you should know you debt to income ratio, your credit score, credit history length before you walk in any way. The only information you need at first is APR, total months of loan, payment per month and any requirements they need from you like insurance, inspection obligations etc.

I tell them up front, if the first thing you need to do is process my social security number we have nothing to discuss. Once you agree to their terms, then of course you have to have your credit ran to actually finalize anything and get the ball rolling.

Edit to ad: depending on your debt to income ratio, credit score, etc. The mortgage place has two ways they have to go with your loan. A they keep it themselves. B they bundle and it with others and sell to banks. That's the real reason they want to run your credit right off the bat, to figure out are you an A or B. Little places are doing 100% re bundling and selling them. Actual banks or larger places may keep your mortgage. Got an 800+ credit score less than 50% DICR and a 7 year long credit history without a single missed payment. You're an A and should shop any place you would want to make a payment to for 30 years. Anything less than that and you may end up B graded and you don't know or have a choice in who ends up owning your debt.
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Old 04-25-2019, 12:29 PM   #62 (permalink)
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since im the OP i guess ill update my experience

since we had no experience or someone we knew, we just asked our realtor. he set us up with a broker and off we went. i did this for two reason - i trusted my realtor (old friend) and in a game were there are more moving pieces than i care to manage, using parties that work together often make the process essentially painless. broker was great, answered my questions, and didnt try to sell me on a loan i didnt want.

purchased our house in mar 2014, 30yr loan 4.75% interest rate 15% down, PMI

the same realtor gave me a recommendation for another broker and i should close on our refi this week. since i was conventional i just needed to order an appraisal to drop the PMI, but figured id check to see what kind of rate i could get since my financial position was significantly better then the original loan. 20yr loan, 3.825%, dropped the PMI, 5yrs off the loan, and save $15 or so a month on the payment. cost me about $5k, which was rolled into the loan.
This is almost EXACTLY what we wound up doing. Refi'd 4 years into it down to a 20 at 3.625%. After I got the Escrow refund, the whole thing cost me $1000 out of pocket and knocked 6 years off the loan. Went through the same broker and attorney when we bought the house. Hardest thing was getting all the paperwork together. From there, the broker and attorney did it all.
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Old 04-25-2019, 06:26 PM   #63 (permalink)
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Just thought I'd add an update that I'm still pleased with quicken (they've changed their name to Rocket Loans now). They give periodic calls to refinance when rates drop if you so desire. The website is still easy and all your documentation is easily accessed there. I'm not a person that is easily impressed but when I get good service from a company, I feel it it should be known.
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