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Best place to get a new mortgage?

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Scarpozzi

Scarpozzi

Lifer
I just sold my house and am looking for a new one. I'm wanting to get either a 15 year or 30 year mortgage. What's the best mortgage broker site out there?

Any experience with good ones....or ones to stay away from?

My last mortgage was through my credit union and all was done in-house. It made things nice because the money was taken out of my checking account every month without me having to do anything. I didn't have to worry about the loan being sold to a new company either... If I shop for the best rate, is it worth the hassel and additional fees?
 
Shop around. Get Good Faith Estimates from a couple different places. The best rates are generally going to be with a Broker. However, walking into a bank/credit union is going to give you less risk of getting a shady loan officer/broker. There are trade-offs with both, so do some looking around and decide what is best.
 
USAA FTW, I got pretty awesome service from them, and a very competitive rate.

Must be eligible though 😉
 
My wife and I went with BofA on our first mortgage ... I'm not entirely satisfied with the communication, but everything else seems good.

Just a note, the home buying process blows monkey ass, jesus they need so much stuff.
 
Originally posted by: dougp
My wife and I went with BofA on our first mortgage ... I'm not entirely satisfied with the communication, but everything else seems good.

Just a note, the home buying process blows monkey ass, jesus they need so much stuff.
Click to expand...
I know...it's been 5 years since I've done it...but luckily, I'm coming to the table with some equity this time so I can start over with the same payments and get more house. I'm just in a weird place because my wife's looking for her first job and she's bringing debt to the table from school. She'll make double what I make within a few years...it almost makes me want to rent until we can afford what we want. That just seems like a way to toss away a few years of income.
 
Originally posted by: Scarpozzi
Originally posted by: dougp
My wife and I went with BofA on our first mortgage ... I'm not entirely satisfied with the communication, but everything else seems good.

Just a note, the home buying process blows monkey ass, jesus they need so much stuff.
Click to expand...
I know...it's been 5 years since I've done it...but luckily, I'm coming to the table with some equity this time so I can start over with the same payments and get more house. I'm just in a weird place because my wife's looking for her first job and she's bringing debt to the table from school. She'll make double what I make within a few years...it almost makes me want to rent until we can afford what we want. That just seems like a way to toss away a few years of income.
Click to expand...

If you aren't buying what you want now, it increases your chances of moving again soon. The transaction costs are so high if you do end up doing that, it may actually be wiser to rent a while.
 
Originally posted by: Scarpozzi
I didn't have to worry about the loan being sold to a new company either...?
Click to expand...

Why would you worry about that?

Edit: if you are eligible, check out hartwest.com
 
When I was quoted for a BofA loan GFE was like this about 3 weeks ago:

origination fee: 1%
discount fee: 1%
Rate: 5%

I didn't put 20% down however so maybe if you do they will remove the origination fee.

They will give you a GFE for free, but if you don't have a property in mind the GFE is only for 30 days and they will do a hard credit pull. They pulled mine like 10x in matter of three months (I kept renewing it and changing from FHA/ARM/30-year fixed). Credit score is 760/760/780. It was 767 when the first pull started.

I noticed that the website had higher rates than what the GFE stated. I did eventually lock in a rate with BofA that was even lower than my GFE, so don't go by websites.

Also I went went Redfin.com for my realtor. I got $3,470 back towards my closing on a $299,000 property. They keep $5,500 and the rest is yours.
 
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