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Who here is a mortgage expert?

rudder

rudder

Lifer
I am trying to decide the advantages of using a bank versus a mortgage company when buying a house. I know the mortgage company typically acts like a broker and does not really loan you the money per se, but "arranges" financing. Once a bank makes a loan do they not sell it as well? Anyone done any research on the advantages of one over the other?
 
My advice...

Doesn't matter if you go through a bank or mortgage broker. Get the best rate with the best terms you can qualify for. It won't matter who owns the loan because whoever owns it has to honor the original conditions of the loan.

Just keep records of all your payments so there is never a question.
 
for me, bank was not a mortgage option--the rates were much higher :disgust: i got a much better rate thru a mortgage company. even though i have good credit, every bank i talked to wanted 20% down. mortgage company was just better suited to me.
 
The last time a bought a house, the bank was a much better deal because they had just as good interest rate and gave me a sweet deal on a bridge loan because I owned two houses for about three months.

Once before I used a broker and got an excellent rate but it turned into a complete hassle. The guy was so lame my attorney and I ended up doing all the financial paperwork.

Get the best rate you can with someone you trust.

 
As stated above, the best terms are what matters, not the source. In all likelihood your mortgage will be sold a few times during its life anyway.
 
Just a personal recommendation that Wells Fargo has treated us very nicely throughout the process. We closed last month and everything was timely and professionally handled. We've already paid our first mortgage online.

Very professional service with good numbers to back them up.
 
Oh, for the current rate and term offerings in your area, check out Bankrate.com.

They have a pretty comprehensive list and should provide you with enough info to help bargain with lenders.
 
One last tip that I should at least mention. They have done some news stories here in Minnesota and they have found "hidden charges" (as much as $20,000) so just be aware of what you are signing for. Read everything!

Wolfie
 
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