I need to finalize my mortgage (75/25) no later than Monday. I've been working with one broker throughout the process, and decided to do some last minute shopping around. I found someone who could drop the monthly payment by about $14 on the second loan. My original broker looked over the estimate, but couldn't match their interest rate on that second loan. However, he did point out several items making up the closing costs in their estimate that he thought was inaccurate. This is such a pain in the ass. How much shopping around did you do?
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How much shopping around did you do for your mortgage?
- Thread starter Mears
- Start date
shortspanishguy
Banned
My best friend is my LO. So not much.
PhoenixOrion
Diamond Member
i remember 5 places:
1. one with bank with current checking account.
2. one with bank with spouse's checking account.
3. one with lender through company-sponsored employee program
4. one with credit union
5. one with lender 'preferred' by builder/contractor
i didn't use the internet but should have also looked at lendingtree.com, etc.
1. one with bank with current checking account.
2. one with bank with spouse's checking account.
3. one with lender through company-sponsored employee program
4. one with credit union
5. one with lender 'preferred' by builder/contractor
i didn't use the internet but should have also looked at lendingtree.com, etc.
HomeAppraiser
Platinum Member
No brokers! Go with direct lenders only GMAC/DiTech, CountryWide, Cendant, and others (can't think of em all right now). A broker just charges you 2% of the mortgage amount to "sell" the loan to a direct lender anyway.
And remember to tip your appraiser. J/K
And remember to tip your appraiser. J/K
shortspanishguy
Banned
hmmm I close loans and I see your fees. You guys make some good dough.
dainthomas
Lifer
6.25% ftw
I didn't do that much. I checked with the bank that I use (Wachovia) and my stock brocker's mortgage center (Schwab). I did a Lending Tree application, but felt more comfortable using companies that I knew.
I went with Schwab because I really liked their customer service. I have a direct number to a loan officer who was great to work with.
Why? Often brokers have access to multiple programs and are offered rates lower than you would receive otherwise, so their commission does not really cost you anything. Not only that, but a good one will switch you to a different bank if rates move down during your lock period.
Of course, the trick is to find a GOOD broker.
brtspears2
Diamond Member
I spent 2 months. I first started out with a large bank, and right when I was ready to sign, suddenly all the terms changed. I went to a broker I found on bankrate, he worked hard for me for a week then stopped returning my calls. Then I found a local broker. He worked hard for me until closing, and still contacts me every other month to make sure everything is ok. The last broker I used got me rates that would not be available directly from the lender, or the program that I got.
PhoenixOrion
Diamond Member
:thumbsdown:
Tax shelter FTW!
PhoenixOrion
Diamond Member
If someone have that much in cash to pay for a house, let's just say that they can make a whole lot more money if they have invested it somewhere else instead of dumping it on a house and take advantage of the situation when there are so many low-rate mortgages out there.