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ATOT Homeowners: Who's your mortgage lender?

DingDingDao

DingDingDao

Diamond Member
I'm wrapping up the purchase of a new construction and I got a loan offer from the builder's mortgage lender for a 30-yr fixed at 4.875% and no points. Doesn't seem too shabby, but I'm going to shop around for a competitive loan.

Who'd you guys end up getting a mortgage with? I'll probably check with Wells Fargo and perhaps Chase as well. Anybody use Lending Tree? Any comments or suggestions are appreciated.
 
For my 1st house builder have 5.25 while the market rate was 6.5+ at that time, builder was also paying the closing cost so didn't worry about points.

Second house I got 4.5 from the Realtor (REmax) affiliated local lender, no points. I shopped around, with some complicated math of points and APR i could have gotten a litter better deal but it was not worth the hassle, the local lender helped me close in less than 2 weeks and the time was important to me and seller. The seller probably accepted my offer coz my Realtor told him and this closing will me done in less than 2 weeks.
 
Harris Bank.. good bank, but my rate is high because I bought this house before I sold my old one, then when my old one finally sold, I had to pay at the closing, and since then values have dropped about 20%.
 
1st mortgage originated with ABN-AMRO
2nd originated with Citi
Citi then sold the 2nd to Webster Bank
Citi then bought ABN-AMRO and acquired our first loan

2nd will be paid off by early 2012
 
Got the mortgage through the builder in 2008 at 5.5%. Market rate at the time was more like 6% or a little higher, and they paid all closing costs and points. They sold the loan to Wells Fargo before our first payment was even due.

OP, you might be able to get them to pay the points to get you to 4.5% (or whatever's considered a good deal right now). And then you get to claim all that money on your taxes.
 
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i'm with wells fargo who bought the note after I closed with pnc.

3.75 5/1 fha arm.

go to fatwallet and talk to "mortgageman" in their finance forum. He's a good guy to deal with and can probably beat what you have.
 
BurnItDwn said:
Harris Bank.. good bank, but my rate is high because I bought this house before I sold my old one, then when my old one finally sold, I had to pay at the closing, and since then values have dropped about 20%.
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I'm probably gonna be in a similar situation as this soon...we have our second child on the way and we're gonna need more room. We're holding off the move until after he's born and everything is under control. Our current rate is adjustable, tied to LIBOR, and only 2.75% for another year (it's adjusted down the past 2 years). Mortgage is with Aurora. What's the best way to handle buying before selling when your down payment is tied up in the current house?
 
DingDingDao said:
I'm wrapping up the purchase of a new construction and I got a loan offer from the builder's mortgage lender for a 30-yr fixed at 4.875% and no points. Doesn't seem too shabby, but I'm going to shop around for a competitive loan.

Who'd you guys end up getting a mortgage with? I'll probably check with Wells Fargo and perhaps Chase as well. Anybody use Lending Tree? Any comments or suggestions are appreciated.
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This is one of those things that helped lead the market into sub-prime derivatives and the fiasco that followed. If the builder cannot find homebuyers that can bring their own money to the table through traditional lending, the red flag should be flying somewhere.

This isn't about the builders trying to make money on the backend, but rather the builders unable to sell homes and make a profit on the front end. If the builder's homes were of such valued and in high demand, little reason for the builder to get into the mortgage lending business exists.

Unfortunately, during the 1998-2008 time period, many builders mortgaged buyers that have questionable credit histories, household incomes, and usually living above their means. Enter the No Doc loans--just state your income and bear the 10% interest rate and we'll lend you the money.

How about this, ask the builder to pay points on a mortgage from a traditional lender and see what they say. Do not think that the initial mortgage is going to stay in the same hands as it will get sold to someone else in short-term.

This happened with my first mortgage, and my refi. Buyer beware.
 
mjquilly said:
I'm probably gonna be in a similar situation as this soon...we have our second child on the way and we're gonna need more room. We're holding off the move until after he's born and everything is under control. Our current rate is adjustable, tied to LIBOR, and only 2.75% for another year (it's adjusted down the past 2 years). Mortgage is with Aurora. What's the best way to handle buying before selling when your down payment is tied up in the current house?
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I was able to finance 2 mortgages, one traditional at 80%, and then another at 20%... It was very expensive, but, given where I used to live and where I live now, for me, it was worth it. I dunno if I would do it again though if I was in the same situation... would really rather sell first....
 
BarkingGhostar said:
This is one of those things that helped lead the market into sub-prime derivatives and the fiasco that followed. If the builder cannot find homebuyers that can bring their own money to the table through traditional lending, the red flag should be flying somewhere.

This isn't about the builders trying to make money on the backend, but rather the builders unable to sell homes and make a profit on the front end. If the builder's homes were of such valued and in high demand, little reason for the builder to get into the mortgage lending business exists.

Unfortunately, during the 1998-2008 time period, many builders mortgaged buyers that have questionable credit histories, household incomes, and usually living above their means. Enter the No Doc loans--just state your income and bear the 10% interest rate and we'll lend you the money.

How about this, ask the builder to pay points on a mortgage from a traditional lender and see what they say. Do not think that the initial mortgage is going to stay in the same hands as it will get sold to someone else in short-term.

This happened with my first mortgage, and my refi. Buyer beware.
Click to expand...

Not sure how you read my post and arrived at the conclusion that I have a questionable credit history (I don't), household income (more than enough), or that I am not bringing my own money to the table (I won't need mortgage insurance, and let's just leave it at that).

The offer is not for some shitty 0-down mortgage at 15 percent with 10 points. You're ranting up the wrong tree.
 
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