What's new
Fantasy Football - Footballguys Forums

Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.

Online Mortgage loans (1 Viewer)

snellman

snellman

Footballguy
The Mrs is getting the itch to buy a different house.  We have lived in our house for 14 years, she bought it before we were married, and our financial position has changed for the better over the last 3 years.  We are looking at a brand new house that will be completely finished in the next month. She fell in love with the location and layout, and it was built by a relative so I know the quality is good.

When she purchased our current house she went through USDA because at the time she was a single parent with little to no money to put down. We will be putting the difference between what we sell our house for and what is owed on it to put down on the new home. We will not be putting it all down however because we will need/want to put a deck on the back along with a patio off the walk out basement. 

Has anyone had experience with the online lenders (rocket mortgage, guaranteed rate, etc.)?  Was it a good or bad experience?  Any other lenders we should look at.  Our credit scores are good, but not great (slightly under 700). 

 
We applied for a loan through Rocket Mortgage. The broker was great, gave us great rate quotes for several options, answered all our questions. We ended up going with somebody else but I have nothing but good things to say about them.

 
I'm a loan officer so I may have a different opinion than others. First, unless you know what you're doing and understand the different ways mortgages can be structured, get some recommendations. Some lenders are notorious for offering low rates by buying down the rate which increases your closing costs. This may or may not be the right move depending on your plans with the house. Others have exorbitant fees and may sell the servicing of your loan to companies like LoanCare or Ocwen who have a reputation for being difficult to work with. If you know what you're doing though and are refinancing, go with the best combination of rate and fees.

Buying a house is an entirely different story. If you don't have a preferred lender get recommendations from your agent, friends and family. The most crucial aspect of buying a house is going with a lender that can meet our exceed your closing date. You may end up with 1/8% higher rate, but could save more by not having to renegotiate with the seller to get an extension, pay storage fees, etc.

Feel free to PM me with any questions.

 
CR69 said:
I'm a loan officer so I may have a different opinion than others. First, unless you know what you're doing and understand the different ways mortgages can be structured, get some recommendations. Some lenders are notorious for offering low rates by buying down the rate which increases your closing costs. This may or may not be the right move depending on your plans with the house. Others have exorbitant fees and may sell the servicing of your loan to companies like LoanCare or Ocwen who have a reputation for being difficult to work with. If you know what you're doing though and are refinancing, go with the best combination of rate and fees.

Buying a house is an entirely different story. If you don't have a preferred lender get recommendations from your agent, friends and family. The most crucial aspect of buying a house is going with a lender that can meet our exceed your closing date. You may end up with 1/8% higher rate, but could save more by not having to renegotiate with the seller to get an extension, pay storage fees, etc.

Feel free to PM me with any questions.
Click to expand...
I've seen major closing delays by out-of-state lenders when they need an appraiser to do a re-inspect of an inspection item.  Have also heard stories close to closing coming up with fees that weren't fully disclosed up front or just not giving a final approval after you have given the underwriter everything. 

The biggest thing to me as an agent is they are just too ####### slow and have no sense of urgency along with not fully understanding your local market.  Them and local banks are disasters IMO.  Just go with a local mortgage professional that will work their ### off for you and close on time.

 
Last edited by a moderator:
Getzlaf15 said:
I've seen major closing delays by out-of-state lenders when they need an appraiser to do a re-inspect of an inspection item.  Have also heard stories close to closing coming up with fees that weren't fully disclosed up front or just not giving a final approval after you have given the underwriter everything. 

The biggest thing to me as an agent is they are just too ####### slow and have no sense of urgency along with not fully understanding your local market.  Them and local banks are disasters IMO.  Just go with a local mortgage professional that will work their ### off for you and close on time.
Click to expand...
Completely agree. I left a big bank over a year ago because things kept getting worse for mortgage originators. Pretty sure they don't really want to be in the business, at least on the conforming side. People should also stay away from Veteran's United, their rate and fees are terrible. I had a client who was "pre-approved" through them recently that didn't even have a COE on file with the VA. The hell?!

 
Last edited by a moderator:
CR69 said:
Completely agree. I left a big bank over a year ago because things kept getting worse for mortgage originators. Pretty sure they don't really want to be in the business, at least on the conforming side. People should also stay away from Veteran's United, their rate and fees are terrible. I also had a client who was "pre-approved" through them recently that didn't even have a COE on file with the VA. The hell?!
Click to expand...
A lot of weird #### like this where you go WTF?

 
CR69 said:
I'm a loan officer so I may have a different opinion than others. First, unless you know what you're doing and understand the different ways mortgages can be structured, get some recommendations. Some lenders are notorious for offering low rates by buying down the rate which increases your closing costs. This may or may not be the right move depending on your plans with the house. Others have exorbitant fees and may sell the servicing of your loan to companies like LoanCare or Ocwen who have a reputation for being difficult to work with. If you know what you're doing though and are refinancing, go with the best combination of rate and fees.

Buying a house is an entirely different story. If you don't have a preferred lender get recommendations from your agent, friends and family. The most crucial aspect of buying a house is going with a lender that can meet our exceed your closing date. You may end up with 1/8% higher rate, but could save more by not having to renegotiate with the seller to get an extension, pay storage fees, etc.

Feel free to PM me with any questions.
Click to expand...
Bought my first house 6 months ago, and no experience with online mortgage companies, but I couldn't have imagined going through the process without a good local loan officer. I'm self employed working 70 hour weeks and it was an FHA loan. We closed in 28 days. I never saw her office. Everything was either done in the restaurant while I worked or on the phone after hours.

This lady busted her ### to get me in this house. I don't know if I could have gotten a better rate elsewhere, but I really don't care.

 
pollardsvision said:
Bought my first house 6 months ago, and no experience with online mortgage companies, but I couldn't have imagined going through the process without a good local loan officer. I'm self employed working 70 hour weeks and it was an FHA loan. We closed in 28 days. I never saw her office. Everything was either done in the restaurant while I worked or on the phone after hours.

This lady busted her ### to get me in this house. I don't know if I could have gotten a better rate elsewhere, but I really don't care.
Click to expand...
I'm happy to hear that you found a hardworking loan officer. It's not an easy job and depending on how long appraisals are running in your area, a 28 day close is pretty darn impressive. Congratulations on your new home!

 
Arizona Ron said:
Why not just go through your bank?  
Click to expand...
Depending on your situation that might not be a good idea. Banks are often very conservative and depending on the market, good originators rarely stay at banks for long. The exception to this seems to be if you're in a high cost of living area or they offer a niche product (portfolio, construction, etc) that is highly sought after.

 
CR69 said:
Depending on your situation that might not be a good idea. Banks are often very conservative and depending on the market, good originators rarely stay at banks for long. The exception to this seems to be if you're in a high cost of living area or they offer a niche product (portfolio, construction, etc) that is highly sought after.
Click to expand...
But doesn't a local mortgage company just middle man for a bank (serious question, I really don't know much about it as I used my bank for two mortgages).

 
Arizona Ron said:
But doesn't a local mortgage company just middle man for a bank (serious question, I really don't know much about it as I used my bank for two mortgages).
Click to expand...
Not always and in fact it can be the opposite. The company I work for is privately owned but we sell direct to Fannie and Freddie. We also service almost all of our loans and have in house underwriting. There is a smaller community bank in town that wholesales our loans. 

Whichever route you go make sure they are a direct lender, have local processing and delegated underwriting. These combined with a good loan officer will make for a much smoother process.

 
Last edited by a moderator:
CR69 said:
Not always and in fact it can be the opposite. The company I work for is privately owned but we sell direct to Fannie and Freddie. We also service almost all of our loans and have in house underwriting. There is a smaller community bank in town that wholesales our loans. 

Whichever route you go make sure they are a direct lender, have local processing and delegated underwriting. These combined with a good loan officer will make for a much smoother process.
Click to expand...
Good stuff, what's "Local processing" mean?

 
Arizona Ron said:
Good stuff, what's "Local processing" mean?
Click to expand...
Processors are the people who get the file ready for underwriting and let the loan officer know what conditions are needed for approval. Depending on the company they may contact the borrower directly for those conditions, order the appraisal, preliminary title report, etc. We actually have two dedicated processors for just or team due to the sheer number of loans we originate (324 in 2017).

Local processing means they work in the same office as the loan officer. This is important due to the relationship that is built. I can go ask our processor questions, request a rush or that a certain file gets priority over another. This is much more difficult with centralized processing really due to the fact that you have sometimes dozens of loan officers with several processors and everyone has different goals.

 
Can anyone point me to the best online 0% down rate/mortgage lender?

I have an option through my credit union for a 5 year ARM at 4.875%, is there anything better than that?

 
Worm said:
Can anyone point me to the best online 0% down rate/mortgage lender?

I have an option through my credit union for a 5 year ARM at 4.875%, is there anything better than that?
Click to expand...
Hard to say if that's a good rate without knowing your credit score. That's with a 0% down payment or are you referring to a no points lender?

 
Worm said:
Can anyone point me to the best online 0% down rate/mortgage lender?

I have an option through my credit union for a 5 year ARM at 4.875%, is there anything better than that?
Click to expand...
That seems like a high rate for an ARM?  

eta - Don't do ARMs.

 
Last edited by a moderator:
Used Amerisave years ago.  Great rates, no hiccups. I see they're still around, but have no idea if they're still good.

 
CR69 said:
Hard to say if that's a good rate without knowing your credit score. That's with a 0% down payment or are you referring to a no points lender?
Click to expand...
I have great credit. That is a zero % down loan. $1500 origination fee. No mortgage insurance.

For certain reasons I am cash poor right now, but have plenty of monthly to cover the mortgage and home ownership. And in my situation greatly prefer buying vs. renting right now. I may refinance in a couple years to a fixed rate.

Just checking to see if there are better options for my situation.

 
snellman said:
The Mrs is getting the itch to buy a different house.  We have lived in our house for 14 years, she bought it before we were married, and our financial position has changed for the better over the last 3 years.  We are looking at a brand new house that will be completely finished in the next month. She fell in love with the location and layout, and it was built by a relative so I know the quality is good.

When she purchased our current house she went through USDA because at the time she was a single parent with little to no money to put down. We will be putting the difference between what we sell our house for and what is owed on it to put down on the new home. We will not be putting it all down however because we will need/want to put a deck on the back along with a patio off the walk out basement. 

Has anyone had experience with the online lenders (rocket mortgage, guaranteed rate, etc.)?  Was it a good or bad experience?  Any other lenders we should look at.  Our credit scores are good, but not great (slightly under 700). 
Click to expand...
Based on your picture, are you in MN or WI?  I have a local broker I've used for 15 or so years; two purchases, three re-fi's.  I've always been happy with his service.  I can give you his contact info.

I've never been to his office.  His application is an online form.  The closing will happen at a local title company.  I am not sure exactly what you're hoping for with an online lender, but this would have the convenience of an online lender but with a name and face to contact.  Let me know and I can PM you his details.

 
Worm said:
I have great credit. That is a zero % down loan. $1500 origination fee. No mortgage insurance.

For certain reasons I am cash poor right now, but have plenty of monthly to cover the mortgage and home ownership. And in my situation greatly prefer buying vs. renting right now. I may refinance in a couple years to a fixed rate.

Just checking to see if there are better options for my situation.
Click to expand...
That's interesting. Is it utilizing a down payment assistance or grant program? I don't know of any (other than VA) 0% down programs with no MI. 

 
Bull Dozier said:
Based on your picture, are you in MN or WI?  I have a local broker I've used for 15 or so years; two purchases, three re-fi's.  I've always been happy with his service.  I can give you his contact info.

I've never been to his office.  His application is an online form.  The closing will happen at a local title company.  I am not sure exactly what you're hoping for with an online lender, but this would have the convenience of an online lender but with a name and face to contact.  Let me know and I can PM you his details.
Click to expand...
Same thing with a local lender we used. We applied online and for closing, they came to us. They worked their butts off helping us get into our home and worked all hours of the night. I would investigate this route.

 
Bull Dozier said:
Based on your picture, are you in MN or WI?  I have a local broker I've used for 15 or so years; two purchases, three re-fi's.  I've always been happy with his service.  I can give you his contact info.

I've never been to his office.  His application is an online form.  The closing will happen at a local title company.  I am not sure exactly what you're hoping for with an online lender, but this would have the convenience of an online lender but with a name and face to contact.  Let me know and I can PM you his details.
Click to expand...
I am actually in IA.  I will be going to my local bank as well, I am just starting to do the groundwork.

 
snellman said:
I am actually in IA.  I will be going to my local bank as well, I am just starting to do the groundwork.
Click to expand...
There is a difference between a local bank and a broker though.  The broker will shop and get you the best deal.  The local bank is just going to offer you their product.

Looking online, my broker has offices in Ames and Cedar Rapids, but obviously my guy is not there so I can't really vouch for the service you'd get.

 
Bull Dozier said:
There is a difference between a local bank and a broker though.  The broker will shop and get you the best deal.  The local bank is just going to offer you their product.

Looking online, my broker has offices in Ames and Cedar Rapids, but obviously my guy is not there so I can't really vouch for the service you'd get.
Click to expand...
A broker may be able to find better terms, but may also have higher fees. They also don't typically underwrite their own loans. You can find good brokers of course but I've heard plenty of horror stories with delays because you're subject to the whims of an underwriter from ABC mortgage company seven states away. Not having delegated underwriting is a pretty big deal in a purchase transaction, it's why we won't use some of the jumbo investors we have available in our company.

 
CR69 said:
A broker may be able to find better terms, but may also have higher fees. They also don't typically underwrite their own loans. You can find good brokers of course but I've heard plenty of horror stories with delays because you're subject to the whims of an underwriter from ABC mortgage company seven states away. Not having delegated underwriting is a pretty big deal in a purchase transaction, it's why we won't use some of the jumbo investors we have available in our company.
Click to expand...
I'm sure those situations exist.  The reason I am posting in this thread is because I've completed five transactions (two purchases, 3 re-fi's) with this guy and it has been aces everytime.

 
Bull Dozier said:
I'm sure those situations exist.  The reason I am posting in this thread is because I've completed five transactions (two purchases, 3 re-fi's) with this guy and it has been aces everytime.
Click to expand...
That's awesome that you found a good broker. But telling someone in another state (that your broker probably isn't licensed in) to try to do the same without a solid recommendation on a specific originator that you have experience with is something else entirely.

 
CR69 said:
That's awesome that you found a good broker. But telling someone in another state (that your broker probably isn't licensed in) to try to do the same without a solid recommendation on a specific originator that you have experience with is something else entirely.
Click to expand...
And making blanket statements on worst possible scenarios with brokers, when the OP is looking for specific recomendations isn't helpful either.

And to be clear, my broker's company is licensed in his state, but not my specific broker, which I was very clear about in my posts.

 
Bull Dozier said:
And making blanket statements on worst possible scenarios with brokers, when the OP is looking for specific recomendations isn't helpful either.

And to be clear, my broker's company is licensed in his state, but not my specific broker, which I was very clear about in my posts.
Click to expand...
Read my post again, I didn't make blanket statements. It is possible to find a good broker and have a smooth experience, but you need to know the right questions to ask. Especially in a purchase transaction.

We were the highest producing team out of any company in our state last year and are in the top 200 (113 in 2017 to be exact) in the nation. I have a lot of experience with brokers, brokered products and delegated underwriting. It is crucial to get recommendations from people who know what they're doing and have experience in your market when you're buying a home. 

 
CR69 said:
Read my post again, I didn't make blanket statements. It is possible to find a good broker and have a smooth experience, but you need to know the right questions to ask. Especially in a purchase transaction.

We were the highest producing team out of any company in our state last year and are in the top 200 (113 in 2017 to be exact) in the nation. I have a lot of experience with brokers, brokered products and delegated underwriting. It is crucial to get recommendations from people who know what they're doing and have experience in your market when you're buying a home. 
Click to expand...
OK

 
CR69 said:
That's interesting. Is it utilizing a down payment assistance or grant program? I don't know of any (other than VA) 0% down programs with no MI. 
Click to expand...
State employees credit union.

 
Worm said:
State employees credit union.
Click to expand...
That's a pretty cool program. I've run across some stuff that is available to federal employees but not state. Nobody is going to be able to touch that unless you qualify for USDA which would have mortgage insurance but would be a fixed rate. Planning on refinancing is quite risky though, especially if rates are 1-2% higher in the next few years. I typically only recommend variable rate loans to clients that are savvy, rich or are pretty certain that they won't be in the home by the time the loan adjusts.

 
Looking to get pre approved for a mortgage and curious about what the best steps to take would be. Excellent credit. Online (LendingTree, QuickenLoans, etc)? Local? 

 
ffweasel said:
Looking to get pre approved for a mortgage and curious about what the best steps to take would be. Excellent credit. Online (LendingTree, QuickenLoans, etc)? Local? 
Click to expand...
A purchase with an online lender can go well but it's risky. You need someone that can hit your closing deadline or it can end up costing you money. I would suggest getting some recommendations from friends, family and your realtor. Meet with 2-3 places to compare rates, fees and see who you feel comfortable with. The relationship and advice is important in a purchase transaction because of the money involved and time frame. 

Regardless, do not go with quicken. Their rates and fees are awful. Easily the worst in the industry.

 
CR69 said:
A purchase with an online lender can go well but it's risky. You need someone that can hit your closing deadline or it can end up costing you money. I would suggest getting some recommendations from friends, family and your realtor. Meet with 2-3 places to compare rates, fees and see who you feel comfortable with. The relationship and advice is important in a purchase transaction because of the money involved and time frame. 

Regardless, do not go with quicken. Their rates and fees are awful. Easily the worst in the industry.
Click to expand...
Thank you. I’m relocating to a new State (Texas) and do not yet have a realtor. It’s going to be difficult to meet 2-3 places as my wife leaves this weekend and I’ll be with a toddler alone for 3-4 weeks while trying to get things ready for the move. I thought LendingTree could provide multiple options to possibly select from. We could go with the company provided option, but would have nothing to compare it to. 

 
ffweasel said:
Thank you. I’m relocating to a new State (Texas) and do not yet have a realtor. It’s going to be difficult to meet 2-3 places as my wife leaves this weekend and I’ll be with a toddler alone for 3-4 weeks while trying to get things ready for the move. I thought LendingTree could provide multiple options to possibly select from. We could go with the company provided option, but would have nothing to compare it to. 
Click to expand...


Yes, that will be very tough in that situation. You can always chat with them over the phone to try and get a feel for them and their personality to see if it's a good fit. Once you settle on a lender they can hook you up with a good agent. Lending Tree is just going to give you the absolute cheapest option which doesn't mean they actually know what they're doing. Your best option probably isn't the cheapest but they may save you thousands without realizing it by preventing you from wasting money on inspections and appraisals when you or the house don't qualify, not to mention losing seller concessions if they're not able to close on time. 

That's not even going into the actual advice part of mortgage when it comes to down payment, program, paying off debts and using your equity strategically down the road.

I do know of a great loan officer in Texas if you want her info. She works for the same company I do, shoot me a pm if you're interested.

 
You must log in or register to reply here.

Similar threads

Anarchy99
At a loss for words . . . the vacation that never happened (apparently)
2
Replies
77
Views
2K
ghostguy123
ghostguy123
Ministry of Pain
Surprise visit from my son and tickets to the Miami-NYJ game at Hard Rock
Replies
7
Views
398
tommyGunZ
tommyGunZ
Blinky the Three Eyed Fish
How Often Are People You Meet Online Legit / Real People
2 3
Replies
139
Views
4K
Chemical X
Chemical X

Users who are viewing this thread

Total: 2 (members: 0, guests: 2)
Top